About this book
This 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, particularly in insurance and in risk-and-ruin theories. Also considered are reliability problems that interact with credit risk theory in finance. The unique approach of this book is to solve finance and insurance problems with semi-Markov models in a complete way and furthermore present real-life applications of semi-Markov processes.
This book is intended for applied mathematicians, statisticians, financial intermediaries, actuaries, engineers, operations researchers.
- DOI https://doi.org/10.1007/0-387-70730-1
- Copyright Information Springer Science+Business Media, LLC 2007
- Publisher Name Springer, Boston, MA
- eBook Packages Mathematics and Statistics
- Print ISBN 978-0-387-70729-7
- Online ISBN 978-0-387-70730-3
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