The third edition of this successful text gives an introduction to probability and many practival applications. The authors have four main aims:
The book begins with the basic ideas common to most undergraduate courses in mathematics, statistics and the sciences; it concludes with topics usually found at graduate level. Highlights of this third edition include new sections on sampling and Markov chain Monte Carlo, renewal-reward, queueing networks, stochastic calculus, Itô's formula and option pricing in the Black-Scholes model for financial markets. In addition there are mayn (more than 400) new exercises and problems that are entertaining and instructive. The solutions to these problems can be found in the companion volume One Thousand Exercises in Probability (OUP, 2001).