Markov Processes

Module code: MA7404

This module gives an introduction to the mathematical models that Actuaries use in their day-to-day work. The module starts with explaining the underlying concepts of financial and actuarial modelling in general. Then, after a short review of probability theory and stochastic processes, it focuses on the theory of Markov processes and their application to financial and actuarial modelling. Particular attention is paid to mortality modelling.