Author | : Jacques Janssen |
Publisher | : Springer Science & Business Media |
Release Date | : 15 May 2007 |
ISBN | : 9780387707303 |
Pages | : 430 pages |
Rating | : /5 ( users) |
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Everyone working in related fields from applied mathematicians to statisticians to actuaries and operations researchers will find this a brilliantly useful practical text. The book presents applications of semi-Markov processes in finance, insurance and reliability, using real-life problems as examples. After a presentation of the main probabilistic tools necessary for understanding of the book, the authors show how to apply semi-Markov processes in finance, starting from the axiomatic definition and continuing eventually to the most advanced financial tools.