Jacques Janssen, Raimondo Manca - Semi-Markov Risk Models for Finance, Insurance and Reliability
Published: 2007-03-26 | ISBN: 0387707298, 1441943579, 0387707301 | PDF | 430 pages | 3 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.