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Probability And Stochastic Modeling: The Mathematics Of Insurance, Second Editon,Used
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Probability and Stochastic Modeling not only covers all the topics found in a traditional introductory probability course, but also emphasizes stochastic modeling, including Markov chains, birthdeath processes, and reliability models. Unlike most undergraduatelevel probability texts, the book also focuses on increasingly important areas, such as martingales, classification of dependency structures, and risk evaluation. Numerous examples, exercises, and models using realworld data demonstrate the practical possibilities and restrictions of different approaches and help students grasp general concepts and theoretical results. The text is suitable for majors in mathematics and statistics as well as majors in computer science, economics, finance, and physics. The author offers two explicit options to teaching the material, which is reflected in 'routes' designated by special 'roadside' markers. The first route contains basic, selfcontained material for a onesemester course. The second provides a more complete exposition for a twosemester course or selfstudy.
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