The 16th conference on Stochastic processes and their applications was held at Stanford University between August 17 and 21 1987. The conference was attended by 169 researchers. There were 19 invited papers and several sessions of contributed papers. Ample time was allowed for interactions. Keywords Shape Inequalities Network simulation Travelling waves Finite particles Boundary value problems Random walks Gaussian processes Estimation Statistical inference Queueing networks Deviation Martingales Economic models Optimization Reliability.