{"product_id":"9781461376699","title":"Applied Stochastic Models and Control for Finance and Insurance","description":"\u003ch1\u003eApplied Stochastic Models and Control for Finance and Insurance\u003c\/h1\u003e \u003ch2\u003eTapiero, Charles S.\u003c\/h2\u003e \u003cp\u003e\u003cem\u003eApplied Stochastic Models and Control for Finance and  Insurance\u003c\/em\u003e presents at an introductory level some essential  stochastic models applied in economics, finance and insurance. Markov  chains, random walks, stochastic differential equations and other  stochastic processes are used throughout the book and systematically  applied to economic and financial applications. In addition, a dynamic  programming framework is used to deal with some basic optimization  problems. \u003cbr\u003e  The book begins by introducing problems of economics, finance and  insurance which involve time, uncertainty and risk. A number of cases  are treated in detail, spanning risk management, volatility, memory,  the time structure of preferences, interest rates and yields, etc. The  second and third chapters provide an introduction to stochastic models  and their application. Stochastic differential equations and  stochastic calculus are presented in an intuitive manner, and numerous  applications and exercises are used to facilitate their understanding  and their use in Chapter 3. A number of other processes which are  increasingly used in finance and insurance are introduced in Chapter  4. In the fifth chapter, ARCH and GARCH models are presented and their  application to modeling volatility is emphasized. An outline of  decision-making procedures is presented in Chapter 6. Furthermore, we  also introduce the essentials of stochastic dynamic programming and  control, and provide first steps for the student who seeks to apply  these techniques. Finally, in Chapter 7, numerical techniques and  approximations to stochastic processes are examined. \u003cbr\u003e  This book can be used in business, economics, financial engineering  and decision sciences schools for second year Master's students, as  well as in a number of courses widely given in departments of  statistics, systems and decision sciences.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer\u003c\/p\u003e \u003cp\u003ePublication Date: 2012-11-07\u003c\/p\u003e \u003cp\u003eFormat: Paperback\u003c\/p\u003e \u003cp\u003e ISBN-10: 9781461376699\u003c\/p\u003e \u003cp\u003eISBN-13: 9781461376699\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-1-4615-5823-1\u003c\/p\u003e \u003cp\u003eDimensions: 235cm x155cm\u003c\/p\u003e \u003cp\u003ePages: 341\u003c\/p\u003e ","brand":"Springer","offers":[{"title":"Default Title","offer_id":44358763610252,"sku":"9781461376699","price":153.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9781461376699.jpg?v=1755113676","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9781461376699","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}