MATH 364 - Actuarial and Stochastic Modeling II

3 Credits
3 hours per week.

This course deals with continuous time Markov chains. These chains are used to model the behavior of queuing systems like waiting lines at bank teller windows, restaurants, and telephone call centers. The course also develops continuous time models for analyzing other random fluctuations. In particular, it develops the Black-Scholes model for pricing stock options, and the stochastic calculus used for pricing insurance premiums and annuity products.

Prerequisite(s) MATH 363 completed with a grade of “C” or higher or Departmetal permission required to register
Offered (AS NEEDED)