Probability is a measure of the likelihood of events happening. The greater the proportion of times an event can happen the greater (or more likely) the probability. Events can be ordered by the ...

Probability Distribution Notes: Probability is a fundamental aspect of mathematics that helps us understand and quantify uncertainty. Mastery of this subject is essential for students, as it has ...

Discover the base rate fallacy's impact on investing decisions. Learn how overlooking this cognitive bias can lead to financial misjudgments and market misconceptions.

The chance of rain, shown on a weather app, is given as a percentage. This is a relative frequency, based on real data. The chance of rain, shown on a weather app, is given as a percentage. This is a ...

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 ...

Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.