Semi-Markov Risk Models for Finance, Insurance and Reliability
Jacques Janssen, "Semi-Markov Risk Models for Finance, Insurance and Reliability"
English | ISBN: 0387707298 | 2007 | 430 pages | PDF | 4 MB
English | ISBN: 0387707298 | 2007 | 430 pages | PDF | 4 MB
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.