What does the "^" represent in the statement below? It definitely doesn't mean to the power of as that makes no sense in this context. Thanks for the help!
Since X(t) is a pure death process with constant death rate , Y(t) can be viewed as a truncated Poisson process below N, namely, Y(t) has the same distribution as Z(t) ^ N where Z(t) is a Poisson process with parameter theta.