Understanding Prior Probability in Bayesian Statistics

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

What is Bayes's theorem, and how can it be used to assign probabilities to questions such as the existence of God? What scientific value does it have?

Chris Wiggins, an associate professor of applied mathematics at Columbia University, offers this explanation. A patient goes to see a doctor. The doctor performs a test with 99 percent ...
Quanta Magazine

Probability and Number Theory Collide — in a Moment

Their ambitions were always high. When Will Sawin and Melanie Matchett Wood first started working together in the summer of 2020, they set out to rethink the key components of some of the most ...
BBC

Probability of combined events

Key points Listing outcomes to find the probability of combined events Examples Questions Using sample space diagrams to find the probability of combined events Examples Question Taking a logical and ...
Investopedia

Uniform Distribution: Definition, How It Works, and Examples

Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas' experience gives him expertise in a ...
Houston Chronicle

The Role of Probability Distribution in Business Management

Future events are far from certain in the business world. This is especially true for smaller businesses, which tend to have more volatility than larger organizations, or newer businesses without a ...