Semi-Markov Risk Models for Finance, Insurance and Reliability

Semi-Markov Risk Models for Finance, Insurance and Reliability
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Semi-Markov Risk Models for Finance, Insurance and Reliability

by Jacques Janssen (Author), Raimondo Manca (Author)



Publisher: Springer; 1st Edition. edition (2007)



Mathematics > Probability Theory and Stochastic Processes



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 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.