Boek
This book has exerted a continuing appeal since publication of its originaledition in 1970. It develops the theory of probability from axioms on theexpectation functional rather than on probability measure demonstrates thatthe standard theory unrolls more naturally and economically this way anddemonstrates that applications of real interest can be addressed almostimmediately. Early analysts of games of chance found the question What is thefair price for entering this game? quite as natural as What is theprobability of winning it? Modern probability virtually adopts the formerview presentday treatments of conditioning weak convergence generalisedprocesses and notably quantum mechanics start explicitly from an expectationcharacterisation. A secondary aim of the original text was to introduce freshexamples and convincing applications and that aim is continued in thisedition a general revision plus addition of Chapters 11 12 13 and 18.Chapter 11 gives an economical introduction to dynamic programming applied inChapter 12 to the allocation problems represented by portfolio selection andthe multiarmed bandit. The investment theme is continued in Chapter 13 with acritical investigation of the concept of riskfree trading and the associatedBlackSholes formula. Chapter 18 develops the basic ideas of large deviationsnow a standard and invaluable component of theory and tool in applications. Thebook is seen as an introduction to probability for students with a basicmathematical facility covering the standard material but different in that itis unified by its theme and covers an unusual range of modern applications. Forthese latter reasons it is of interest to a wide class of readers probabilistswill find the alternative approach of interest physicists ad engineers willfind it «
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