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The proliferation of financial derivatives over the past decades, options in particular, has underscored the increasing importance of derivative pricing literacy among students, researchers, and practitioners.Derivative Pricing: A Problem-Based Primerdemystifies the essential derivative pricing theory by adopting a mathematically rigorous yet widely accessible pedagogical approach that will appeal to a wide variety of audience. Abandoning the traditional "black-box" approach or theorists' "pedantic" approach, this textbook provides readers with a solid understanding of the fundamental mechanism of derivative pricing methodologies and their underlying theory through a diversity of illustrative examples. The abundance of exercises and problems makes the book well-suited as a text for advanced undergraduates, beginning graduates as well as a reference for professionals and researchers who need a thorough understanding of not only "how," but also "why" derivative pricing works. It is especially ideal for students who need to prepare for the derivatives portion of theSociety of ActuariesInvestment and Financial Markets Exam.
Features
Lucid explanations of the theory and assumptions behind various derivative pricing models.
Emphasis on intuitions, mnemonics as well as common fallacies.
Interspersed with illustrative examples and end-of-chapter problems that aid a deep understanding of concepts in derivative pricing.
Mathematical derivations, while not eschewed, are made maximally accessible.
A solutions manual is available for qualified instructors.
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