Semi-Markov Risk Models for Finance, Insurance and Reliability

By Jacques Janssen, Raimondo Manca,

Publisher: Springer
Number Of Pages: 430
Publication Date: 2007-02
Sales Rank: 1532867
ISBN / ASIN: 0387707298
EAN: 9780387707297
Binding: Hardcover
Manufacturer: Springer
Studio: Springer

Book Description:

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 freeduan.com 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.