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It has eight chapters. It begins with the background of financial derivatives in chapter 1, followed by the mathematical background in chapter 2. Chapter 3 describes stochastic processes in discrete time. An application to mathematical finance in discrete time follows in chapter 4. The corresponding treatment in continuous time is treated in chapter 5 and 6. The remaining chapters treat incomplete markets and interest rate models.   Chapter 1 (Derivative Background) describes the financial markets and instruments, arbitrage, arbitrage relationships, and single period market models.   Chapter 2 (Probability Background) treats the measure, the integral, and the probability. It follows equivalent measures, and Radon-Nikod\u00fdm derivatives, conditional expectations, properties of conditional expectations. This chapter closes with modes of convergence, convolution and characteristic functions, and the central limit theorem.   Chapter 3 (Stochastic Processes in Discrete Time) begins with information and filtration, discrete parameter martingales. It follows martingale transforms, stopping times and optimal stopping, and the Snell envelop.   Chapter 4 (Mathematical Finance in Discrete Time) describes the model, the existence of equivalent martingale measures, complete markets, and the risk neutral pricing. Further the Cox-Rows-Rubinstein model, binominal approximations (under others the Black-Scholes option pricing formula), multifactor models, and further claim valuation in discrete time are treated.   Chapter 5 (Stochastic Processes in Continuous Time) regards filtrations, finite-dimensional distributions, classes of processes, the Brownian motion, stochastic integrals, It\u00f4 calculus, It\u00f4's lemma, and stochastic differential equations. It ends with stochastic calculus for Black-Schole models and weak convergence of stochastic processes.   Chapter 6 (Mathematical Finance in Continuous Time) treats continuous time financial market models, the generalized Black-Scholes model, further contingent claim valuation (different options), discrete-versus-continuous-time models and further applications (future and currency markets. Chapter 7 (Incomplete Markets) regards pricing in incomplete markets, hedging in incomplete markets, and stochastic volatility models.   Chapter 8 (Interest Rate Theory) treats the bond market, short rate models, the Heath-Jarrow-Morton methodology, and pricing and hedging contingent 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