{"title":"Jan Vecer","description":null,"products":[{"product_id":"stochastic-finance-book-jan-vecer-9781439812501","title":"Stochastic Finance","description":"\u003cp\u003eUnlike much of the existing literature, \u003cstrong\u003eStochastic Finance: A Numeraire Approach\u003c\/strong\u003e treats price as a number of units of one asset needed for an acquisition of a unit of another asset instead of expressing prices in dollar terms exclusively. This numeraire approach leads to simpler pricing options for complex products, such as barrier, lookback, quanto, and Asian options. Most of the ideas presented rely on intuition and basic principles, rather than technical computations.\u003c\/p\u003e\u003cp\u003eThe first chapter of the book introduces basic concepts of finance, including price, no arbitrage, portfolio, financial contracts, the First Fundamental Theorem of Asset Pricing, and the change of numeraire formula. Subsequent chapters apply these general principles to three kinds of models: binomial, diffusion, and jump models. The author uses the binomial model to illustrate the relativity of the reference asset. In continuous time, he covers both diffusion and jump models in the evolution of price processes. The book also describes term structure models and numerous options, including European, barrier, lookback, quanto, American, and Asian.\u003c\/p\u003e\u003cp\u003eClassroom-tested at Columbia University to graduate students, Wall Street professionals, and aspiring quants, this text provides a deep understanding of derivative contracts. It will help a variety of readers from the dynamic world of finance, from practitioners who want to expand their knowledge of stochastic finance, to students who want to succeed as professionals in the field, to academics who want to explore relatively advanced techniques of the numeraire change.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":50868933198097,"sku":"CIN1439812500VG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ GOOD \/ SBYB","offer_id":50925389971729,"sku":"CIN1439812500G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1439812500.jpg?v=1785837767"},{"product_id":"stochastic-finance-book-jan-vecer-9781138116412","title":"Stochastic Finance","description":"\u003cp\u003eUnlike much of the existing literature, \u003cstrong\u003eStochastic Finance: A Numeraire Approach\u003c\/strong\u003e treats price as a number of units of one asset needed for an acquisition of a unit of another asset instead of expressing prices in dollar terms exclusively. This numeraire approach leads to simpler pricing options for complex products, such as barrier, lookback, quanto, and Asian options. Most of the ideas presented rely on intuition and basic principles, rather than technical computations.\u003c\/p\u003e\u003cp\u003eThe first chapter of the book introduces basic concepts of finance, including price, no arbitrage, portfolio, financial contracts, the First Fundamental Theorem of Asset Pricing, and the change of numeraire formula. Subsequent chapters apply these general principles to three kinds of models: binomial, diffusion, and jump models. The author uses the binomial model to illustrate the relativity of the reference asset. In continuous time, he covers both diffusion and jump models in the evolution of price processes. The book also describes term structure models and numerous options, including European, barrier, lookback, quanto, American, and Asian.\u003c\/p\u003e\u003cp\u003eClassroom-tested at Columbia University to graduate students, Wall Street professionals, and aspiring quants, this text provides a deep understanding of derivative contracts. It will help a variety of readers from the dynamic world of finance, from practitioners who want to expand their knowledge of stochastic finance, to students who want to succeed as professionals in the field, to academics who want to explore relatively advanced techniques of the numeraire change.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52672217579793,"sku":"NLS9781138116412","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53367973216529,"sku":"NIN9781138116412","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781138116412.jpg?v=1790938772"},{"product_id":"principles-of-portfolio-choice-book-jan-vecer-9781032951980","title":"Principles of Portfolio Choice","description":"\u003cp\u003e\u003ci\u003ePrinciples of Portfolio Choice: An Information-Theoretic, Likelihood-Based Perspective\u003c\/i\u003e develops a scenario-level theory of portfolio selection. Its starting point is simple but powerful: market prices assign values to future scenarios, and once normalized these state prices define a market-implied probability measure. An investor who disagrees with the market is therefore not merely choosing portfolio weights; she is choosing a different likelihood model over the same scenarios.\u003c\/p\u003e\u003cp\u003eThe book’s central translation is that a budget-normalized nonnegative payoff is a likelihood ratio. It compares the probability measure implied by a portfolio with the probability measure implied by market prices. Thus a portfolio is not only a financial object but also a statistical object: it expresses a scenario distribution. Conversely, a desired scenario distribution determines the payoff that would implement it, whenever that payoff can be replicated.\u003c\/p\u003e\u003cp\u003eFrom this perspective, portfolio choice becomes a form of likelihood-model selection under market constraints. The investor first specifies the scenario probabilities she wishes to express; the financial problem is then to find the attainable payoff whose implied distribution best matches that view.\u003c\/p\u003e\u003cp\u003eThis scenario-by-scenario viewpoint connects portfolio theory to statistics and information theory. At the Kelly optimum, expected log return becomes relative entropy. Realized wealth becomes a likelihood score. Long-run performance becomes accumulated statistical evidence. Constrained portfolio selection becomes the problem of choosing a desired scenario distribution and finding the closest attainable market payoff.\u003c\/p\u003e\u003cp\u003eThe book translates Kelly growth, utility maximization, mean–variance analysis, martingale pricing, option payoffs, hedging, Bayesian averaging, and model selection into this likelihood-based language. It shows that many classical methods can be understood as approximations, transformations, or constrained versions of a single payoff-measure dictionary.\u003c\/p\u003e\u003cp\u003eWritten for quantitative analysts, portfolio managers, researchers, and graduate students, the book offers a new foundation for thinking about prices, beliefs, payoffs, and evidence in financial markets.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eFeatures:\u003c\/strong\u003e\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003ePresents portfolio choice at the level of individual market scenarios.\u003c\/li\u003e\n\u003cli\u003eShows that normalized payoffs are likelihood ratios between portfolio-implied and market-implied probability measures.\u003c\/li\u003e\n\u003cli\u003eInterprets portfolio choice as the selection of likelihood models over future scenarios.\u003c\/li\u003e\n\u003cli\u003eInterprets returns as likelihood scores and Kelly growth as relative entropy.\u003c\/li\u003e\n\u003cli\u003eTranslates classical portfolio methods into the language of statistics and information theory.\u003c\/li\u003e\n\u003cli\u003eDevelops applications to option-induced densities, Gaussian mixtures, hedging, Bayesian averaging, and adaptive portfolios.\u003c\/li\u003e\n\u003cli\u003eIncludes exercises designed to test and enhance understanding of the topics.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":53615265415441,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ GARDNERS","offer_id":53615265480977,"sku":"NGR9781032951980","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781032951980.jpg?v=1790935990"}],"url":"https:\/\/www.worldofbooks.com\/collections\/author-books-by-jan-vecer.oembed","provider":"World of Books ","version":"1.0","type":"link"}