Probability

By Michael A. Bean,

Book cover of Probability: The Science of Uncertainty: With Applications to Investments, Insurance, and Engineering

Book description

This book covers the basic probability of distributions with an emphasis on applications from the areas of investments, insurance, and engineering. Written by a Fellow of the Casualty Actuarial Society and the Society of Actuaries with many years of experience as a university professor and industry practitioner, the book is…

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Why read it?

1 author picked Probability as one of their favorite books. Why do they recommend it?

Everyone knows what probability is, and we all understand how a coin flip works, but not everyone can explain the optimal betting strategies for a roulette table. We don’t study probability to understand the likelihood of events. We study probability to understand the expected outcomes of business processes that depend on those events.

In other words, this book won’t just teach you about probabilities, it will teach you about business strategies associated with those probabilities. It will help you answer a question like: How do I maximize the profit on this life insurance policy, given this set of survival probabilities?…

From Chris' list on mathematics for quant finance.

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