We develop an alternative approach to the general equilibrium analysis of a stochastic production economy when firms' choices of investment influence the probability distributions of their output.

Source: Thunder Bay, Canada. Used with permission of Dan Hunt, MD. Coincidences attract our attention because they seem weird, odd, or unlikely. Their improbability stimulates wonder—“what are the ...

Probability theory forms the mathematical backbone for quantifying uncertainty and random events, providing a rigorous language with which to describe both everyday phenomena and complex scientific ...

Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past or is happening now outside our immediate experience. Uncertainty has been called the ...

PROBABILITY theory is a quaint little piece of mathematics. It is about sets of non-negative numbers that are attached to actual and possible physical events, that sum to 1 and that obey certain rules ...

The outrage of the moment in my social media circles is over the New York Times hiring Bret Stephens as an opinion columnist, who promptly devoted his first regular column to sowing doubt about ...

Marty Makary was appointed commissioner of the Food and Drug Administration (FDA) in 2025. The prominent surgeon, medical ...

This is a preview. Log in through your library . Abstract Consider a class of nonstationary time series with the form Yt = μt + ξt where {ξt} is a sequence of infinite moving averages of independent ...