From the text: This special issue consists of 15 articles presented at the International Conference “Modern Stochastics: Theory and Applications III” held on September 10–14, 2012 at Taras Shevchenko National University of Kyiv, Ukraine. The conference was dedicated to anniversaries of the prominent mathematicians: 100th anniversary of Boris Vladimirovich Gnedenko (1912–1995) and 80th anniversary of Mikhail Iosifovich Yadrenko (1932–2004), who contributed significantly to the establishment and development of Ukrainian school of probability and statistics and whose scientific achievements gained worldwide recognition.