|Module code||WST 312|
|Faculty||Faculty of Economic and Management Sciences|
Definition of a stochastic process. Stationarity. Covariance stationary. Markov property. Random walk. Brownian motion. Markov chains. Chapman-Kolmogorov equations. Recurrent and transient states. First passage time. Occupation times. Markov jump processes. Poisson process. Birth and death processes. Structures of processes. Structure of the time-homogeneous Markov jump process. Applications in insurance. Practical statistical modelling, analysis and simulation using statistical computer packages and the interpretation of the output.
|Service modules||Faculty of Economic and Management Sciences
Faculty of Natural and Agricultural Sciences
|Prerequisites||WST 211, WST 221, WTW 211 GS and WTW 218 GS|
|Contact time||1 practical per week, 2 lectures per week|
|Language of tuition||Module is presented in English|
|Period of presentation||Semester 1|
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