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 ...

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

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 ...

In A Philosophical Essay on Probabilities, published in 1814, Pierre-Simon Laplace introduced a notorious hypothetical creature: a “vast intelligence” that knew the complete physical state of the ...