Abstract: | A sequence {Xn, n≥1} of independent and identically distributed random variables with absolutely continuous (with respect to Lebesque measure) cumulative distribution function F(x) is considered. Xj is a record value of this sequence if Xj>max(X1,…,Xj?1), j>1. Let {XL(n), n≥0} with L(o)=1 be the sequence of such record values and Zn,n?1=XL(n)–XL(n?1). Some properties of Zn,n?1 are studied and characterizations of the exponential distribution are discussed in terms of the expectation and the hazard rate of zn,n?1. |