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ELEMENTARY STOCHASTIC CACULUS ‘with Finance in View Tort Moses Ct Deutschen ee Beeb staatlichen Bauerschaft (KOLX03‘a ELEMENTARY STOCHASTIC CALCULUS with Finance in View Tl cosch Ve World Scientific Singapore Now lrey-London HongKong Uke: So Mn Soe Reg NL tem one eh ie cm = (Abend a Ap quae oe Nanogen fers ek foe BAN. Ese ae apg 00 y Wat Sie Ring Ce a : ‘Ar oe ops ere met crepe aye ya an ‘aca cg paper roy rd ! (emer nen orb tal nets pris foes sr For phi of mat tne. la ai eh Cri ‘oc em io ee Preface ‘Ten yours ago I would not have dared to wit bok ike his: no-sgoous ‘treatin of mathemati theory admit tat T would have be ane, land Tam aad tha most of my elleagucs in mathemati link He th Floweer, my experience with students and practitioners coined me that there iss etzong demand for popular mathemati, Tstarvd wetng this bok at ote note In 192 wes Ipespared a course on stochastic ealeuls for the students of th Commerce Faculty at Vicon University Welington (Now Zealand). Since! had fein ving toils orfloUhary and investment anal I wat expected to tach something Tinew batter At that tine, seff members of economics snd athemates departments already discased the wo the Dlack and Soles option ping formula course on stochastic nance were offered a lng netatons nc as BTH Zirich, Columbia and Stanford: and there was geeral agrement that ot only sadests and staf members of couemcr ad snathenatis de Dartneas, but aso practioner in nati Istiatons should Know more oat tis new top ‘Soon Treaiaed that thre was mot very much erature which could be ed for teaching stodastie cleus at rather sementary level at ily ‘ararect the fact thats combination of 'lentary" and “Mocastie cea? Ibe contradiction niece. Sorat alu rqutes advan matbenatieal techniques this theory cannot be fly understood one does ot tuw sbout the bar of acu theory, fanctosl analyse an the theory of wochastie ‘racemes, However, Lezogly belive that an interested person wo knows About demeatary probably thory and who can handle the rues of inte ‘atin and direnntion abl to understand the tai Mes of occ faleulus. This is supported by my experience which Tne in coures fr ‘conomics, stasis and matbematis students at VUW Weligton andthe Degarineat of Mathematics in Groningen. T gt the sane inresion ss & lecturer of erash cures om stocatc enue st the Samet Schoo of the

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