The 23 papers Jarrow (Cornell U.) collects in this volume are a subset of his work in mathematical finance, focused on the topics of financial derivatives and risk management, which are topics of current concern due to the 2007 financial crisis. The papers are presented in three sections related to option pricing theory and its foundations, particularly the Black-Scholes-Merton option pricing model; stochastic interest rates; and credit risk, involving pricing financial derivatives considering both stochastic interest rates and the likelihood of default. The papers, according to the Nobel Laureate economist Robert C. Merton, are "Relevant, rigorous, and right on the mark in problem-selection." Annotation ©2009 Book News, Inc., Portland, OR (booknews.com)