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The main two areas of financial mathematics are§portfolio optimization and option pricing. Portfolio§optimization deals with the determination of the best§investment strategy under certain constraints (e.g.§risk, liquidity or budget constraints). Option§pricing is concerned with valuation of derivative§contracts with complex payoffs, dependent on tradable§assets. §The first part of the book deals with realistic§problems of portfolio optimization. Thereby, the§expected outcome of a utility function under§constraints is maximised. For instance, the portfolio§is optimized with fixed income and consumption§constraints. The borrower rates of an investor depend§on his debt-ratio, but usually they are assumed to be§debt-independent. The author shows, how debt-ratio§dependent borrower rates can be incorporated into§portfolio optimization and how they affect the§optimal trading strategy. In the second part of the§book, some efficient methods to price Asian and§average options are introduced. §This book is adressed to quantitative researchers and§portfolio managers in insurance companies and§investment banks, as well as students of economics§and financial mathematics.