Imprecise probability theory provides a robust alternative to traditional probability by representing uncertainty through ranges or sets of values rather than single numerical estimates. This ...

French mathematician and astronomer, Pierre-Simon Laplace brought forth the first major treatise on probability that combined calculus and probability theory in 1812. A single roll of the dice can be ...

In probability theory, the expected value of a random variable will equate to the long-run average of the variable being measured. For example, the expected value of flipping a coin will result in an ...

To many, the concept of probability feels intuitive. We're used to thinking about the odds of everything from coin flips to election results. Probability has become so integral to everyday life, it's ...

The conjunction and disjunction fallacies are famous for revealing the limits of human reasoning about probability. This can be measured by telling people a short story about a character and then ...

This course is available on the MSc in Risk and Stochastics, MSc in Statistics (Financial Statistics) and MSc in Statistics (Financial Statistics) (Research). This course is available with permission ...

Computer scientists in California have built a mathematical theory of surprise, working from first principles of probability theory applied to a digital environment, according to this news release ...

In this paper a two-person red-and-black game is investigated. We suppose that, at every stage of the game, player I's win probability, f, is a function of the ratio of his bet to the sum of both ...