This textbook introduces the theory of stochastic processes, that is, randomness which proceeds in time. Using concrete examples like repeated gambling and jumping frogs, it presents fundamental mathematical results through simple, clear, logical theorems and examples. It covers in detail such essential material as Markov chain recurrence criteria, the Markov chain convergence theorem, and optional stopping theorems for martingales. The final chapter provides a brief introduction to Brownian motion, Markov processes in continuous time and space, Poisson processes, and renewal theory.

Interspersed throughout are applications to such topics as gambler's ruin probabilities, random walks on graphs, sequence waiting times, branching processes, stock option pricing, and Markov Chain Monte Carlo (MCMC) algorithms.

The focus is always on making the theory as well-motivated and accessible as possible, to allow students and readers to learn this fascinating subject as easily and painlessly as possible.

Readership: Senior undergraduate and graduate students in Mathematics, Statistics, Economics, Finance, Computer Science, Engineering, Physics, Actuarial Science, and other fields, who already know some basic probability theory, and who want to learn the foundations of stochastic processes — including Markov chains, martingales, continuous processes, and a variety of applications.

"About this title" may belong to another edition of this title.

Store Description

Professional Book Seller offering fast shipping and hassle-free returns for every order. Our 100% satisfaction policy guarantees that you get the best product and the best service at the best price!

Visit Seller's Storefront

Seller's business information

Basi6 International LLC
1018 Camino Lago, Irving, TX, 75039, U.S.A.

Sale & Shipping Terms

Terms of Sale

Professional Book Seller shipping from Multiple Locations Worldwide for fastest delivery possible!

If you are a consumer you can cancel the contract in accordance with the following. Consumer means any natural person who is acting for purposes which are outside his trade, business, craft or profession.

INFORMATION REGARDING THE RIGHT OF CANCELLATION

Statutory Right to cancel

You have the right to cancel this contract within 14 days without giving any reason.

The cancellation period will expire af...

More Information

Shipping Terms

All orders shipped via FedEx or DHL and delivered to your doorstep within 3-5 days. We do not ship to P.O.Boxes and a proper street address must be provided to avoid any delays.

Shipping rates within U.S.A.

Shipping rates within U.S.A.
Order quantity	5 to 14 business days	3 to 6 business days
First item	US$ 0.00	US$ 0.00

Delivery times are set by sellers and vary by carrier and location. Orders passing through Customs may face delays and buyers are responsible for any associated duties or fees. Sellers may contact you regarding additional charges to cover any increased costs to ship your items.