NEW INEQUALITIES OF HERMITE–HADAMARD TYPE FOR n-POLYNOMIAL s-TYPE CONVEX STOCHASTIC PROCESSES

Abstract

The purpose of this paper is to introduce a more generalized class of convex stochastic processes and explore some of their algebraic properties. This new class of stochastic processes is called the [Formula: see text]-polynomial [Formula: see text]-type convex stochastic process. We demonstrate that this new class of stochastic processes leads to the discovery of novel Hermite–Hadamard type inequalities. These inequalities provide upper bounds on the integral of a convex function over an interval in terms of the moments of the stochastic process and the convexity parameter [Formula: see text]. To compare the effectiveness of the newly discovered Hermite–Hadamard type inequalities, we also consider other commonly used integral inequalities, such as Hölder, Hölder–Ïşcan, and power-mean, as well as improved power-mean integral inequalities. We show that the Hölder–Ïşcan and improved power-mean integral inequalities provide a better approach for the [Formula: see text]-polynomial [Formula: see text]-type convex stochastic process than the other integral inequalities. Finally, we provide some applications of the Hermite–Hadamard type inequalities to special means of real numbers. Our findings provide a useful tool for the analysis of stochastic processes in various fields, including finance, economics, and engineering.