{"product_id":"introduction-to-financial-mathematics-kevin-j-hastings-9781498723909","title":"Introduction to Financial Mathematics","description":"\u003cp\u003e\u003cstrong\u003eIntroduction to Financial Mathematics\u003c\/strong\u003e is ideal for an introductory undergraduate course. Unlike most textbooks aimed at more advanced courses, the text\u003cb\u003e \u003c\/b\u003emotivates students through a discussion of personal finances and portfolio management. The author then goes on to cover\u003cb\u003e \u003c\/b\u003evaluation of financial derivatives in discrete time, using all of closed form, recursive, and simulation methods. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eThe text covers nearly all of the syllabus topics of the Financial Mathematics Actuarial examination, providing students with the foundation they require for future studies and throughout their careers. It begins by covering standard material on the mathematics of interest, including compound interest, present value, annuities, loans, several versions of the rate of return on an investment, and interest in continuous time. \u003cp\u003e\u003c\/p\u003eThe text explains how to value bonds at their issue dates, at coupon times, between coupon times, and in cases where the bonds are terminated early. Next, it supplies a rapid-fire overview of the main ideas and techniques of discrete probability, including sample spaces and probability measures, random variables and distributions, expectation, conditional probability, and independence. \u003cp\u003e\u003c\/p\u003eThe author introduces the basic terminology of stocks and stock trading. He also explains how to derive the rate of return on a portfolio and how to use the idea of risk aversion to model the investor tradeoff between risk and return. The text also discusses the estimation of parameters of asset models from real data. \u003cp\u003e\u003c\/p\u003eThe text closes with a detailed discussion of how to value financial derivatives using anti-arbitrage assumptions. The one-step and multi-step cases are covered, and exotic options such as barrier options are also introduced, to which simulation methods are applied. \u003cp\u003e\u003c\/p\u003eMany of the examples in the book involve numerical solution of complicated non-linear equations; others ask students to produce algorithms which beg to be implemented as programs. For maximum flexibility, the author has produced the text without adhering to any particular computational platform. \u003cp\u003e\u003c\/p\u003eA digital version of this text is also available in the form of \u003ci\u003eMathematica\u003c\/i\u003e notebooks that contain additional content.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Kevin J. Hastings\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 149872390X\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9781498723909\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e CRC Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 10\/23\/2015\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 422\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.60lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.30h x 6.20w x 1.10d\u003cbr\u003e\u003cbr\u003e\u003cb\u003eReview Citation(s): \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eChoice\u003c\/i\u003e 12\/01\/2016","brand":"Kevin J. Hastings","offers":[{"title":"Hardcover","offer_id":44064894583039,"sku":"9781498723909","price":125.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_91f1453e-bed4-436a-9864-96c552173c1e.jpg?v=1685398209","url":"https:\/\/www.whiterainbookhouse.com\/products\/introduction-to-financial-mathematics-kevin-j-hastings-9781498723909","provider":"WR Book House","version":"1.0","type":"link"}