Probability for Risk Management

by Matthew J. Hassett, Donald Stewart

Normal cover wear, writing, underlines, highlights and markings inside

Genres: Reference, Mathematics

394 pages, Paperback

First published July 28, 2006

Reviews

[Kiyoshi · Rating 3 out of 5]

Basic probability concepts learned in junior/senior level college statistics course for actuarial students. Not math heavy so good book for an overall review.

Structurally, starts off with counting/elementary set theory; definitions of probability; discrete distributions (uniform, binomial, hypergeometric, Poisson, geometric, negative binomial) and its applications; continuous distributions (uniform, exponential, gamma, normal, lognormal, Pareto, Weibull, Beta) and its applications; multivariate distributions, its applications, and double expectation theorems; and finally a brief introduction to stochastic processes. For the applications sections, it consists mostly of anything related to expected values/variances of functions of random variables as well as the calculation of moments.

[David · Rating 5 out of 5]

This book was the main resource that helped me pass the Exam P administered by the SOA. I would recommend picking it up along with its solutions manual, if you're interested in taking the exam. The practice problems at the end of each chapter were great preparation for me. My thanks to the authors.