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Author: Pablo Koch-Medina
Publisher: Springer Nature
ISBN: 3030397246
Category : Mathematics
Languages : en
Pages : 448
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Book Description
Arbitrage Theory provides the foundation for the pricing of financial derivatives and has become indispensable in both financial theory and financial practice. This textbook offers a rigorous and comprehensive introduction to the mathematics of arbitrage pricing in a discrete-time, finite-state economy in which a finite number of securities are traded. In a first step, various versions of the Fundamental Theorem of Asset Pricing, i.e., characterizations of when a market does not admit arbitrage opportunities, are proved. The book then focuses on incomplete markets where the main concern is to obtain a precise description of the set of “market-consistent” prices for nontraded financial contracts, i.e. the set of prices at which such contracts could be transacted between rational agents. Both European-type and American-type contracts are considered. A distinguishing feature of this book is its emphasis on market-consistent prices and a systematic description of pricing rules, also at intermediate dates. The benefits of this approach are most evident in the treatment of American options, which is novel in terms of both the presentation and the scope, while also presenting new results. The focus on discrete-time, finite-state models makes it possible to cover all relevant topics while requiring only a moderate mathematical background on the part of the reader. The book will appeal to mathematical finance and financial economics students seeking an elementary but rigorous introduction to the subject; mathematics and physics students looking for an opportunity to get acquainted with a modern applied topic; and mathematicians, physicists and quantitatively inclined economists working or planning to work in the financial industry.
Author: Pablo Koch-Medina
Publisher: Springer Nature
ISBN: 3030397246
Category : Mathematics
Languages : en
Pages : 448
Get Book Here
Book Description
Arbitrage Theory provides the foundation for the pricing of financial derivatives and has become indispensable in both financial theory and financial practice. This textbook offers a rigorous and comprehensive introduction to the mathematics of arbitrage pricing in a discrete-time, finite-state economy in which a finite number of securities are traded. In a first step, various versions of the Fundamental Theorem of Asset Pricing, i.e., characterizations of when a market does not admit arbitrage opportunities, are proved. The book then focuses on incomplete markets where the main concern is to obtain a precise description of the set of “market-consistent” prices for nontraded financial contracts, i.e. the set of prices at which such contracts could be transacted between rational agents. Both European-type and American-type contracts are considered. A distinguishing feature of this book is its emphasis on market-consistent prices and a systematic description of pricing rules, also at intermediate dates. The benefits of this approach are most evident in the treatment of American options, which is novel in terms of both the presentation and the scope, while also presenting new results. The focus on discrete-time, finite-state models makes it possible to cover all relevant topics while requiring only a moderate mathematical background on the part of the reader. The book will appeal to mathematical finance and financial economics students seeking an elementary but rigorous introduction to the subject; mathematics and physics students looking for an opportunity to get acquainted with a modern applied topic; and mathematicians, physicists and quantitatively inclined economists working or planning to work in the financial industry.
Author: Runhuan Feng
Publisher: CRC Press
ISBN: 1498742181
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
The quantitative modeling of complex systems of interacting risks is a fairly recent development in the financial and insurance industries. Over the past decades, there has been tremendous innovation and development in the actuarial field. In addition to undertaking mortality and longevity risks in traditional life and annuity products, insurers face unprecedented financial risks since the introduction of equity-linking insurance in 1960s. As the industry moves into the new territory of managing many intertwined financial and insurance risks, non-traditional problems and challenges arise, presenting great opportunities for technology development. Today's computational power and technology make it possible for the life insurance industry to develop highly sophisticated models, which were impossible just a decade ago. Nonetheless, as more industrial practices and regulations move towards dependence on stochastic models, the demand for computational power continues to grow. While the industry continues to rely heavily on hardware innovations, trying to make brute force methods faster and more palatable, we are approaching a crossroads about how to proceed. An Introduction to Computational Risk Management of Equity-Linked Insurance provides a resource for students and entry-level professionals to understand the fundamentals of industrial modeling practice, but also to give a glimpse of software methodologies for modeling and computational efficiency. Features Provides a comprehensive and self-contained introduction to quantitative risk management of equity-linked insurance with exercises and programming samples Includes a collection of mathematical formulations of risk management problems presenting opportunities and challenges to applied mathematicians Summarizes state-of-arts computational techniques for risk management professionals Bridges the gap between the latest developments in finance and actuarial literature and the practice of risk management for investment-combined life insurance Gives a comprehensive review of both Monte Carlo simulation methods and non-simulation numerical methods Runhuan Feng is an Associate Professor of Mathematics and the Director of Actuarial Science at the University of Illinois at Urbana-Champaign. He is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst. He is a Helen Corley Petit Professorial Scholar and the State Farm Companies Foundation Scholar in Actuarial Science. Runhuan received a Ph.D. degree in Actuarial Science from the University of Waterloo, Canada. Prior to joining Illinois, he held a tenure-track position at the University of Wisconsin-Milwaukee, where he was named a Research Fellow. Runhuan received numerous grants and research contracts from the Actuarial Foundation and the Society of Actuaries in the past. He has published a series of papers on top-tier actuarial and applied probability journals on stochastic analytic approaches in risk theory and quantitative risk management of equity-linked insurance. Over the recent years, he has dedicated his efforts to developing computational methods for managing market innovations in areas of investment combined insurance and retirement planning.
Author: C. Mackenzie Brown
Publisher: SUNY Press
ISBN: 9780791403648
Category : Religion
Languages : en
Pages : 352
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Book Description
The authors of the Devī-Bhāgavata Purāna endeavored to demonstrate the superiority of the Devī over competing masculine deities, and to articulate in new ways the manifold nature of the Goddess. Brown's book sets out to examine how the Purana pursues these ends. The Devī-Bhāgavata employs many ancient myths and motifs from older masculine theologies, incorporating them into a thoroughly "feminized" theological framework. The text also seeks to supplant older "masculine" canonical authorities. Part I of Brown's study explores these strategies by focusing on the Purana's self-conscious endeavor to supersede the famous VaisBhagavata Purana. The Devī-Bhāgavata also re-envisions older mythological traditions about the Goddess, especially those in the first great Sanskritic glorification of the Goddess, the Devi-Mahatmya. Brown shows in Part II how this re-envisioning process transforms the
Devī from a primarily martial and erotic goddess into the World-Mother of infinite compassion. Part III examines the Devi Gita, the philosophical climax of the Purana modeled upon the Bhagavad Gita. The Devi Gita, while affirming that ultimate reality is the divine Mother, avows that her highest form as consciousness encompasses all gender, thereby suggesting the final triumph of the Goddess. It is not simply that She is superior to the male gods, but rather that She transcends Her own sexuality without denying it.
Author: E. Pap
Publisher: Elsevier
ISBN: 0080533094
Category : Mathematics
Languages : en
Pages : 1633
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Book Description
The main goal of this Handbook isto survey measure theory with its many different branches and itsrelations with other areas of mathematics. Mostly aggregating many classical branches of measure theory the aim of the Handbook is also to cover new fields, approaches and applications whichsupport the idea of "measure" in a wider sense, e.g. the ninth part of the Handbook. Although chapters are written of surveys in the variousareas they contain many special topics and challengingproblems valuable for experts and rich sources of inspiration.Mathematicians from other areas as well as physicists, computerscientists, engineers and econometrists will find useful results andpowerful methods for their research. The reader may find in theHandbook many close relations to other mathematical areas: realanalysis, probability theory, statistics, ergodic theory,functional analysis, potential theory, topology, set theory,geometry, differential equations, optimization, variationalanalysis, decision making and others. The Handbook is a richsource of relevant references to articles, books and lecturenotes and it contains for the reader's convenience an extensivesubject and author index.
Author: Claudia Tanja Mierke
Publisher: Springer Nature
ISBN: 3030585328
Category : Science
Languages : en
Pages : 919
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Book Description
This book focuses on the mechanical properties of cells, discussing the basic concepts and processes in the fields of immunology, biology, and biochemistry. It introduces and explains state-of-the-art biophysical methods and examines the role of mechanical properties in the cell/protein interaction with the connective tissue microenvironment. The book presents a unique perspective on cellular mechanics and biophysics by combining the mechanical, biological, physical, biochemical, medical, and immunological views, highlighting the importance of the mechanical properties of cells and biophysical measurement methods. The book guides readers through the complex and growing field of cellular mechanics and biophysics, connecting and discussing research findings from different fields such as biology, cell biology, immunology, physics, and medicine. Featuring suggestions for further reading throughout and addressing a wide selection of biophysical topics, this book is an indispensable guide for graduate and advanced undergraduate students in the fields of cellular mechanics and biophysics.
Author:
Publisher:
ISBN:
Category : Alcoholics
Languages : en
Pages : 752
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Book Description
Author: Pablo Koch Medina
Publisher: Birkhäuser
ISBN: 3034880413
Category : Mathematics
Languages : en
Pages : 326
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Book Description
This self-contained book presents the theory underlying the valuation of derivative financial instruments, which is becoming a standard part of the professional toolbox in the financial industry. It provides great insight into the underlying economic ideas in a very readable form, putting the reader in an excellent position to proceed to the more general continuous-time theory.
Author: Vicenc Torra
Publisher: Springer
ISBN: 3642225896
Category : Computers
Languages : en
Pages : 270
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Book Description
This book constitutes the proceedings of the 8th International Conference on Modeling Decisions for Artificial Intelligence, MDAI 2011, held in Changsha, China, in July 2011. The 25 papers presented were carefully reviewed and selected from 43 submissions. The volume also contains extended abstracts of the three invited papers. The topics covered are aggregation operators and decision making; clustering and similarity; computational intelligence; and data privacy.
Author: Barbara Pernici
Publisher: Springer Science & Business Media
ISBN: 3642130933
Category : Computers
Languages : en
Pages : 562
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Book Description
This book constitutes the proceedings of the 22nd International Conference on Advanced Information Systems Engineering, CAiSE 2010, held im Hammamet, Tunisia, in June 2010. The 39 papers presented were carefully reviewed and selected from 299 submissions. The topics covered are business process modeling, information systems quality, service modelling, security management, matching and mining, case studies and experiences, conceptual modelling, adaptation, requirements, and process analysis. In addition this volume contains two keynote papers and the abstract of a panel discussion.
Author:
Publisher: ScholarlyEditions
ISBN: 1464991014
Category : Science
Languages : en
Pages : 1116
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Book Description
Epithelial Cells—Advances in Research and Application: 2012 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Epithelial Cells. The editors have built Epithelial Cells—Advances in Research and Application: 2012 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Epithelial Cells in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Epithelial Cells—Advances in Research and Application: 2012 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
