In the past, representatives of the L,vy class were considered most useful for applications to either Brownian motion or the Poisson process. Nowadays, the need for modeling jumps, bursts, extremes and other irregular behavior of phenomena in nature and society has led to a renaissance of the theory of general L,vy processes. Researchers and practitioners in physics, meteorology, statistics, insurance and finance have rediscovered the simplicity of L,vy processes and their enormous flexibility in modeling tails, dependence and path behavior. This volume describes the state-of-the-art of this rapidly evolving subject with special emphasis on the non-Brownian world.

"This volume presents a useful summary of some of the recent scientific developments concerning Lévy processes. Both introductory and more advanced articles are included. The interested researcher will get a good overview of 'where the action is' whereas students will find numerous interesting research topics to work on . . . I am convinced that the text will contribute further to making stochastic models based on general Lévy processes even more popular. I, therefore, take pleasure in recommending this volume to all interested readers." -ISI Short Book Reviews