Mathematical Modeling in Economics and Finance: Probability, Stochastic Processes, and Differential Equations (AMS/MAA Textbooks) - Hardcover

Steven R. Dunbar

Hardcover

ISBN 10: 1470448394 ISBN 13: 9781470448394

Publisher: American Mathematical Society, 2019

Synopsis

Mathematical Modeling in Economics and Finance is designed as a textbook for an upper-division course on modeling in the economic sciences. The emphasis throughout is on the modeling process including post-modeling analysis and criticism. It is a textbook on modeling that happens to focus on financial instruments for the management of economic risk. The book combines a study of mathematical modeling with exposure to the tools of probability theory, difference and differential equations, numerical simulation, data analysis, and mathematical analysis. Students taking a course from Mathematical Modeling in Economics and Finance will come to understand some basic stochastic processes and the solutions to stochastic differential equations. They will understand how to use those tools to model the management of financial risk. They will gain a deep appreciation for the modeling process and learn methods of testing and evaluation driven by data. The reader of this book will be successfully positioned for an entry-level position in the financial services industry or for beginning graduate study in finance, economics, or actuarial science. The exposition in Mathematical Modeling in Economics and Finance is crystal clear and very student-friendly. The many exercises are extremely well designed. Steven Dunbar is Professor Emeritus of Mathematics at the University of Nebraska and he has won both university-wide and MAA prizes for extraordinary teaching. Dunbar served as Director of the MAA's American Mathematics Competitions from 2004 until 2015. His ability to communicate mathematics is on full display in this approachable, innovative text.

About this title

Review

The uniqueness of this book is rooted in merging several different areas of mathematics and robust quantitative reasoning...By integrating various areas the author created a book that is not only easy to read and learn from but also enjoyable. Its wide audience that includes undergraduate students in mathematics, economics, finance, actuarial science but also in physical science, computer science and engineering proves that the author selected the delivery methods in a sense that are applicable to many academic disciplines. --Andrzej Sokolowski, MAA Reviews

Edition details

• Publisher: American Mathematical Society
• Publication date: 2019
• Language: English
• ISBN 10: 1470448394
• ISBN 13: 9781470448394
• Binding: Hardcover
• Number of pages: 232