Actuarial Outpost Probability theory textbook: Secret weapon or red herring?
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# Probability theory textbook: Secret weapon or red herring?

Posted 02-01-2009 at 12:33 AM by Marid Audran

As interesting as the Rosenthal probability text is to me, I wonder whether I'm doing myself a disservice by spending much time on it. My hope is that I'll better understand the underlying theory (e.g., measure theory) and thus be better equipped to do challenging exam problems (not to mention being more ready to actually use probability in the workplace). But it's clear that others have tried to understand the deeper theory too and mostly found it unnecessary (see, for example, this thread on Ito's Lemma and why $dZ^2 = dt$). Hmm.

I guess it boils down to how much time I'll have to prepare for Exam MFE/3F in May. If I have time to do both the basics/drill and the probability, then great. Otherwise, I'll need to jettison the probability.
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