Probability for Finance

Business & Finance, Economics, Statistics, Nonfiction, Science & Nature, Mathematics
Cover of the book Probability for Finance by Ekkehard Kopp, Jan Malczak, Tomasz Zastawniak, Cambridge University Press
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Author: Ekkehard Kopp, Jan Malczak, Tomasz Zastawniak ISBN: 9781107702431
Publisher: Cambridge University Press Publication: November 21, 2013
Imprint: Cambridge University Press Language: English
Author: Ekkehard Kopp, Jan Malczak, Tomasz Zastawniak
ISBN: 9781107702431
Publisher: Cambridge University Press
Publication: November 21, 2013
Imprint: Cambridge University Press
Language: English

Students and instructors alike will benefit from this rigorous, unfussy text, which keeps a clear focus on the basic probabilistic concepts required for an understanding of financial market models, including independence and conditioning. Assuming only some calculus and linear algebra, the text develops key results of measure and integration, which are applied to probability spaces and random variables, culminating in central limit theory. Consequently it provides essential prerequisites to graduate-level study of modern finance and, more generally, to the study of stochastic processes. Results are proved carefully and the key concepts are motivated by concrete examples drawn from financial market models. Students can test their understanding through the large number of exercises and worked examples that are integral to the text.

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Students and instructors alike will benefit from this rigorous, unfussy text, which keeps a clear focus on the basic probabilistic concepts required for an understanding of financial market models, including independence and conditioning. Assuming only some calculus and linear algebra, the text develops key results of measure and integration, which are applied to probability spaces and random variables, culminating in central limit theory. Consequently it provides essential prerequisites to graduate-level study of modern finance and, more generally, to the study of stochastic processes. Results are proved carefully and the key concepts are motivated by concrete examples drawn from financial market models. Students can test their understanding through the large number of exercises and worked examples that are integral to the text.

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