![]() ![]() The book contains many worked examples and exercises and would make a useful textbook for a first course in Financial Mathematics." (Julann O’Shea, Zentralblatt MATH, Vol. … The text serves as an easily understood introduction to the economic concepts …. "This text is an excellent introduction to Mathematical Finance. Borovkov, The Australian Mathematical Society Gazette, Vol. The reviewer can only congratulate the authors with successful completion of a difficult task of writing a useful textbook on a traditionally hard topic." (K. … the overall impression of the book is quite positive. ![]() That makes the book accessible to second year undergraduate students (not only for students of mathematics, but hopefully also for students of business management, finance and economics). … The level of exposition is pretty basic …. "As the authors modestly announce … the book ‘is an excellent financial investment. The result is mathematically elegant and will appeal to students who have a degree of mathematical sophistication." Notions such as arbitrage or admissible portfolio are indicated with mathematical precision. This is excellent for clarifying definitions. Despite its elementary nature, the book is mathematically VERY formal. Given these basic tools, it is surprising how high a level of sophistication the authors achieve, covering such topics as arbitrage-free valuation, binomial trees, and risk-neutral valuation. Only later in the book is a small account of calculus and linear algebra used. Almost all concepts are presented in discrete time. "For the most part, the authors employ just pre-calculus and basic probability theory. The text serves as an easily understood introduction to the economic concepts but also manages to cover the topics in a mathematically rigorous manner." ![]() Armed with a knowledge of basic calculus and probability a student can use this book to learn about derivatives, interest rates and their term structure and portfolio management. ![]()
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