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1. Probability
2. Normal random variables
3. Geometric Brownian motion
4. Interest rates and present value analysis
5. Pricing contracts via arbitrage
6. The Arbitrage Theorem
7. The Black?Scholes formula
8. Additional results on options
9. Valuing by expected utility
10. Stochastic order relations
11. Optimization models
12. Stochastic dynamic programming
13. Exotic options
14. Beyond geometric motion models
15. Autoregressive models and mean reversion.

This textbook on the basics of option pricing is accessible to readers with limited mathematical training. It is for both professional traders and undergraduates studying the basics of finance. Assuming no prior knowledge of probability, Sheldon M. Ross offers clear, simple explanations of arbitrage, the Black-Scholes option pricing formula, and other topics such as utility functions, optimal portfolio selections, and the capital assets pricing model. Among the many new features of this third edition are new chapters on Brownian motion and geometric Brownian motion, stochastic order relations and stochastic dynamic programming, along with expanded sets of exercises and references for all the chapters.


▷ Features
- This book combines accuracy and easy to understand mathematical arguments
- Assumes almost no technical knowledge, but presents all needed preliminary material
- The third edition is completely revised with two new chapters of material and additional exercises


▷ Reviews
'… an excellent introduction to the subject … the book is ideally suited for self-study and provides a very accessible entry point to this fascinating field.'

▷ ISI Short Book Reviews

'… this excellent text achieves its aim to provide a highly accessible and at the same time accurate presentation of the subject. I would recommend it.'

The Statistician