Pricing Options with Mathematical Models
Introduction to the Black-Scholes-Merton model and other mathematical models for pricing financial derivatives and hedging risk in financial markets.
About this Course
This is an introductory course on options and other financial derivatives, and their applications to risk management. We will start with discrete-time, binomial trees models, but most of the course will be in the framework of continuous-time, Brownian Motion driven models. A basic introduction to Stochastic, Ito Calculus will be given. The benchmark model will be the Black-Scholes-Merton pricing model, but we will also discuss more general models, such as stochastic volatility models. We will discuss both the Partial Differential Equations approach, and the probabilistic, martingale approach. We will also cover an introduction to modeling of interest rates and fixed income derivatives.
I teach the same class at Caltech, as an advanced undergraduate class. This means that the class may be challenging, and demand serious effort. On the other hand, successful completion of the class will provide you with a full understanding of the standard option pricing models, and will enable you to study the subject further on your own, or otherwise.
Principles of Economics with Calculus
Quantitative and model-based introduction to basic ideas in economics, and applications to a wide range of real world problems.
About this Course
This course provides a quantitative and model-based introduction to basic economic principles, and teaches how to apply them to make sense of a wide range of real world problems. Examples of applications include predicting the impact of technological changes in market prices, calculating the optimal gasoline tax, and measuring the value of new products. This is a real Caltech class. It will be taught concurrently to Caltech and on-line students. This has two implications. On the costs side: the class is challenging, makes extensive use of calculus, and will demand significant effort. On the benefit side: successful completion of the class will provide you with an in-depth understanding of basic economics, and will permanently change the way you see the world.
Economics of Cybersecurity
Learn how to measure the costs and assess the importance of securing your business from cyber threats.
About this Course
With a significant increase in high-profile data breaches and cybersecurity threats in the last couple years, it is critical for businesses to learn about the costs and investment decisions around securing their online systems. If you make decisions around IT investments in your job or are interested in learning more about securing your business, this course is for you.
While many businesses think of cybersecurity as a technical problem, this course broadens that view and shows that security failures are caused as often by bad business decisions and incentive systems as by bad technical design.
This course provides an introduction to the field of the economics behind cybersecurity, delivered by four leading research teams from distinguished universities around the world, including:
- Michel van Eeten of Delft University of Technology in The Netherlands
- Ross Anderson of Cambridge University in the United Kingdom
- Rainer Boehme of University of Münster in Germany
- Carlos H.Gañán of Delft University of Technology in The Netherlands
- Tyler Moore of Southern Methodist University in the USA
It will provide you with the economic concepts, measurement approaches and data analytics to make better security decisions, while helping you to understand the forces that shape the security decisions of other businesses, products and services.
This course will:
- Teach you to make choices on investing in your company’s cybersecurity. We discuss and apply different economic models that help determine the costs and benefits of security investments.
- Arm you with research to make strategic business decisions. We review empirical research into security decisions and incentives of actors. We analyze data on firms in different markets, and apply economic concepts to explain the strategies of attackers.
- Review policy and regulations. We discuss available economic tools to better align the incentives for cybersecurity, including better security metrics, cyber insurance/risk transfer, information sharing, and liability assignment.
This course offers a broad view of the field through lectures and exercises that can apply to both early career professionals as well as senior technical managers.
After finishing this course you will be able to apply economic analysis and data analytics. You will understand the role played by incentives on the adoption and effectiveness of security mechanisms, and on the design of technical, market-based, and regulatory solutions to different security threats.
After successfully completing this course, you will:
After successfully completing this course, you will:
- Position yourself as a vital subject matter expert regarding the economic drivers that influence cybersecurity and position your company to move forward and stay competitive.
- Engage confidently with management on opportunities and cybersecurity challenges faced by your industry; analyze emerging security threats and how these threats can be mitigated by effectively addressing real economic problems.
- Learn and assess the issues of investment in cybersecurity, making your company more productive, while saving time and money.
Upon successful completion of this course, learners will be awarded a DelftX Professional Education Certificate. The TU Delft Extension School offers Continuing Education Units for this course. Participants of EconSec101x who successfully complete the course requirements will earn a Certificate of Completion and are eligible to receive 2.0 Continuing Education Units (2.0 CEUs).
Enrollment for this course will close on January 29, 2015.
Introduction to the Music Business
This course will survey key aspects of an evolving industry from recording, publishing, and distribution to legal issues confronting music commerce.
About this Course
Three things are clear about today’s music industry: The consumption of music is expanding at the greatest rate in history and from the most portals ever imagined, the cost of producing music is decreasing, and the number of artists creating and seeking to expose their work and develop careers through the Internet has increased dramatically. As demand grows and Internet piracy wanes, ad-supported and subscription models will generate unprecedented revenues that will surpass even the best of past earnings. And, many astute “music industry-watchers” predict a steep rise in business activity and trade earnings by the end of the decade. Whether you’re a music creator, consumer, or facilitator of this process, you’ll want to understand the history, underpinnings, and basics of the music business. This course has been developed to provide students with the latest instruction on the best way for creators, consumers, and facilitators to navigate the resurgence of one of the world’s most exciting industries: the music business. Course author John Kellogg—administrator, educator, entertainment lawyer, performer, and radio and television personality—offers students the opportunity to learn the fundamental principles of the developing new music business, for now and into the future.
Financial Programming and Policies, Part 1: Macroeconomic Accounts & Analysis
A course on the macroeconomic accounts, their interrelationships, and the analysis of economic developments.
About this Course
*Note - This is an Archived course*
This is a past/archived course. At this time, you can only explore this course in a self-paced fashion. Certain features of this course may not be active, but many people enjoy watching the videos and working with the materials. Make sure to check for reruns of this course.
How healthy is the state of the economy? How can economic policy help support or restore health to the economy? These questions are at the heart of financial programming. In our FPP courses you will learn the building blocks of how to answer to these questions.
Financial programming is a framework to analyze the current state of the economy, forecast where the economy is headed, and identify economic policies that can change the course of the economy.
In Part 1 of the FPP sequence, presented by IMF's Institute for Capacity Development, you will learn the basic skills required to conduct financial programming. The course presents the principal features of the four main sectors that comprise the macroeconomy (real, fiscal, external, and monetary); demonstrates how to read, interpret, and analyze the accounts for these sectors; and illustrates how these sectors are interlinked. (Part 2 of the FPP sequence will cover preparation of a baseline forecast and design of an adjustment program.)
During the course, economists from the IMF will lead you through the accounts and analysis of an economy. Besides engaging with lecture videos, you will answer questions on the concepts explained, solve short numerical exercises, discuss with fellow participants economic developments in your country, and work with data for a hypothetical country. The reading material will be provided to you.
Whether you are a civil servant working on economic issues for your country, a professional working with economic data, or you are simply interested in better understanding the developments of an economy, this course will provide hands-on training on macroeconomic analysis. We hope that you will join us in this exciting journey!
Financial Programming and Policies, Part 1 is offered by the IMF with financial support from the Government of Belgium.
Age of Globalization
Identify the historical and cultural systems driving globalization and changing societies around the world.
About this Course
*Note - This is an Archived course*
This is a past/archived course. At this time, you can only explore this course in a self-paced fashion. Certain features of this course may not be active, but many people enjoy watching the videos and working with the materials. Make sure to check for reruns of this course.
Globalization is a fascinating spectacle that can be understood as global systems of competition and connectivity. These man-made systems provide transport, communication, governance, and entertainment on a global scale. International crime networks are outgrowths of the same systems. Topics include national identity, language diversity, the global labor market, popular culture, sports and climate change.
However, an increase in integration has not brought increased equality. Globalization creates winners and losers among countries and global corporations, making competition the beating heart of the globalization process.
The globalization process exemplifies connectivity. Globalization is unimaginable without the unprecedented electronic networks that project dominant cultural products into every society on earth.
Learn how to identify and analyze global systems and better understand how the world works.
Before your course starts, try the new edX Demo where you can explore the fun, interactive learning environment and virtual labs. Learn more.
Financial Analysis and Decision Making
This course will help you understand how businesses create value, how to think with financials in mind and how to use financial information in business decision-making.
About this Course
Course videos are presented in Mandarin with English subtitles.
This course will help you understand how businesses create value, how to think with financials in mind and how to use financial information in business decision-making. We will start with the basics of financial statements and move to the conceptual framework of financial information and its relationship to industry, firms’ strategic positioning, and strategy execution.
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