This is the errata for the fifth printing of Concepts. Most (but not all!) of these errors were also in earlier printings. Page 27: Theorem 2.5, "less" in statement should be "more" "less" in third line of proof should be "more" page 38, "rational bounds" should be in the index page 39, ex 2.7 replace non-negative by non-positive page 45, line -3 "\alpha" in state B not \beta page 136, line 9, insert "conditional" before "expectation" page 148, eqn (6.67) insert \sigma before dW page 169, second last para, the price is the binomial probability of being in the money, NOT the fraction of nodes page 172, Fig 7.4, as in Figure 7.2 not Fig 7.4 page 185, insert "continuously" before twice differentiable page 205, ex 8.8. change put to call ex 8.9 put to call page 210 2nd last pare "n" to "N" and at end of sentence "where N is the number of sample paths." page 213, eqn 9.29, index in sums should be j page 229, (10.2) replace matrix by its transpose end of 3rd last para, "above" = "below" page 230, 3rd last para first line, T_{n-1} should T_{n-2}, last line P_n should be P_N page 243, line -2, (s-t) I = (t-s) I page 248 delete first 3 lines as they appear elsewhere page 251, (11.28) A_{jk} = a_{jk} next line insert "t" after "\nu_k" (11.29) A_{jk} = a_{jk} (11.34) put dt at the end (11.64) and (11.65) Z_{t}^{1}, Z_{t}^{2} (11.66) subscript "j" on both occurences of \sigma page 275 line -8 "call" = "put" page 289, 2nd displayed equation, add "\tau" at the end page 312 change \sigma_{total} in the two places it occurs to "V" page 450 chapter 3, question 4, change zero to 5/6 page 458 chapter 13, q4, change t_0 to T_1 and t_1 to T_2 throughout page 459 chapter 15, question 1, change "second" to "first" throughout page 460, chapter, question 3, change 1.25 to 1+x^2 page 460 question 11, the expectation should be of "f" of the thing inside the brackets