by Matthew J. Hassett and Donald G. Stewart

Cover type: PaperbackEdition: 2ND 13

Copyright: 2013

Publisher: Actex Publications

Published: 2013

International: No

Condition: Very Good
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This unique text differs from most intermediate probability texts in that it focuses the theory directly on applications in the general field of financial risk management, including insurance, economics and finance. It will be appropriate for a first course in probability for students having two semesters of calculus.

It was designed for several audiences, including students of actuarial science, mathematical economics, finance and risk management.

It will serve as an excellent background text for the more advanced probability material included on the Exam M of the SOA and Exam 3 of the CAS.

It will provide an interesting and appropriate preparation for mathematically gifted students in finance and economics. It is not abstract or prooforiented. Rather, it shows the student how to use probability theory to solve realworld problems.

This text is listed on the Course of Reading for the Exam P of the Society of Actuaries and the Exam 1 of the Casualty Actuarial Society.

The second edition contains the following changes from the first edition:

- All footnotes and references have been updated to reflect new editions of other texts.
- Data from statistical reports have been updated.
- There have been a number of section rewordings for difficult topics.
- Additional past exam problems have been added that cover each topic in the exercise section.
- The following new subsections have been added:
- Percentiles of the normal distribution
- Continuity correction
- Multinomial distribution distribution
- Minimum and maximum of any two independent random variables
- Bivariate normal
- Joint moment generating functions

Chapter 1. Probability. A Tool for Risk Management

Chapter 2. Counting for Probability

Chapter 3. Elements of Probability

Chapter 4. Discrete Random Variables

Chapter 5. Commonly Used Discrete Distributions

Chapter 6. Applications for Discrete Random Variables

Chapter 7. Continuous Random Variables

Chapter 8. Commonly Used Continuous Distributions

Chapter 9. Applications for Continuous Random Variables

Chapter 10. Multivariate Distributions

Chapter 11. Applying Multivariate Distributions

Chapter 12. Stochastic Processes

Appendix A

Appendix B

Answers to Exercises

Bibliography

Index

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Summary

This unique text differs from most intermediate probability texts in that it focuses the theory directly on applications in the general field of financial risk management, including insurance, economics and finance. It will be appropriate for a first course in probability for students having two semesters of calculus.

It was designed for several audiences, including students of actuarial science, mathematical economics, finance and risk management.

It will serve as an excellent background text for the more advanced probability material included on the Exam M of the SOA and Exam 3 of the CAS.

It will provide an interesting and appropriate preparation for mathematically gifted students in finance and economics. It is not abstract or prooforiented. Rather, it shows the student how to use probability theory to solve realworld problems.

This text is listed on the Course of Reading for the Exam P of the Society of Actuaries and the Exam 1 of the Casualty Actuarial Society.

The second edition contains the following changes from the first edition:

- All footnotes and references have been updated to reflect new editions of other texts.
- Data from statistical reports have been updated.
- There have been a number of section rewordings for difficult topics.
- Additional past exam problems have been added that cover each topic in the exercise section.
- The following new subsections have been added:
- Percentiles of the normal distribution
- Continuity correction
- Multinomial distribution distribution
- Minimum and maximum of any two independent random variables
- Bivariate normal
- Joint moment generating functions

Table of Contents

Chapter 1. Probability. A Tool for Risk Management

Chapter 2. Counting for Probability

Chapter 3. Elements of Probability

Chapter 4. Discrete Random Variables

Chapter 5. Commonly Used Discrete Distributions

Chapter 6. Applications for Discrete Random Variables

Chapter 7. Continuous Random Variables

Chapter 8. Commonly Used Continuous Distributions

Chapter 9. Applications for Continuous Random Variables

Chapter 10. Multivariate Distributions

Chapter 11. Applying Multivariate Distributions

Chapter 12. Stochastic Processes

Appendix A

Appendix B

Answers to Exercises

Bibliography

Index

Publisher Info

Publisher: Actex Publications

Published: 2013

International: No

Published: 2013

International: No

This unique text differs from most intermediate probability texts in that it focuses the theory directly on applications in the general field of financial risk management, including insurance, economics and finance. It will be appropriate for a first course in probability for students having two semesters of calculus.

It was designed for several audiences, including students of actuarial science, mathematical economics, finance and risk management.

It will serve as an excellent background text for the more advanced probability material included on the Exam M of the SOA and Exam 3 of the CAS.

It will provide an interesting and appropriate preparation for mathematically gifted students in finance and economics. It is not abstract or prooforiented. Rather, it shows the student how to use probability theory to solve realworld problems.

This text is listed on the Course of Reading for the Exam P of the Society of Actuaries and the Exam 1 of the Casualty Actuarial Society.

The second edition contains the following changes from the first edition:

- All footnotes and references have been updated to reflect new editions of other texts.
- Data from statistical reports have been updated.
- There have been a number of section rewordings for difficult topics.
- Additional past exam problems have been added that cover each topic in the exercise section.
- The following new subsections have been added:
- Percentiles of the normal distribution
- Continuity correction
- Multinomial distribution distribution
- Minimum and maximum of any two independent random variables
- Bivariate normal
- Joint moment generating functions

Chapter 2. Counting for Probability

Chapter 3. Elements of Probability

Chapter 4. Discrete Random Variables

Chapter 5. Commonly Used Discrete Distributions

Chapter 6. Applications for Discrete Random Variables

Chapter 7. Continuous Random Variables

Chapter 8. Commonly Used Continuous Distributions

Chapter 9. Applications for Continuous Random Variables

Chapter 10. Multivariate Distributions

Chapter 11. Applying Multivariate Distributions

Chapter 12. Stochastic Processes

Appendix A

Appendix B

Answers to Exercises

Bibliography

Index