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.
Semi-Markov Risk Models for Finance, Insurance and Reliability
Author:
Janssen , Jacques , Manca, Raimondo
By:
Springer
ISBN10:
1441943579
ISBN13:
9780387707297
