On a stochastic version of Lanchester's model of combat

Lanchester's model of combat has certain deficiencies in its standard form arising from the neglect of the influence of random fluctuations. Several approaches to rectify this have been proposed and various results are scattered throughout the literature. Here, a discrete-time stochastic version, which is amenable to exact solution, is revisited with the aim of deriving key results within one setting. The exposition simplifies and provides refinements to earlier derivations and analysis.