Springer eBooks may be purchased by end-customers only and are sold without copy protection (DRM free). Instead, all eBooks include personalized watermarks. This means you can read the Springer eBooks across numerous devices such as Laptops, eReaders, and tablets.
You can pay for Springer eBooks with Visa, Mastercard, American Express or Paypal.
After the purchase you can directly download the eBook file or read it online in our Springer eBook Reader. Furthermore your eBook will be stored in your MySpringer account. So you can always re-download your eBooks.
The book discloses a fascinating connection between optimal stopping problems in probability and free-boundary problems in analysis. It achieves this using minimal tools and by focusing on key examples, but its treatment of the subject is comprehensive ranging from pure theoretical aspects describing methods of solution to specific examples worked out in full detail.
The general theory of optimal stopping is exposed at the level of basic principles in both discrete and continuous time covering martingale and Markovian methods.
Methods of solution explained range from classic ones such as change of time, space, and measure, to more recent ones like local time-space calculus and nonlinear integral equations. A detailed chapter on stochastic processes is included making the material more accessible to a wider cross-disciplinary audience.
The book can be viewed as an ideal compendium for the interested reader who wishes to master stochastic calculus via fundamental examples.
Areas of application where examples are worked out in full detail include financial mathematics, financial engineering, mathematical statistics, and stochastic analysis.