Essentials of Stochastic Processes

Essentials of Stochastic Processes, 3rd Edition, provides an introductory textbook for a first course in stochastic processes. The volume is written for undergraduate and graduate students who have already completed a course in probability theory.

The text focuses on discrete-time and continuous-time Markov chains, Poisson processes, renewal processes, martingales, and option pricing. It also provides a review chapter covering foundational probability concepts.

Designed for students in mathematics, statistics, economics, computer science, engineering, and finance, the book bridges introductory probability and measure-theoretic graduate study through illustrative examples and more than 300 exercises.