We live in a world where a lot of things seem to happen by pure chance, from winning the Lotto to losing your car keys. But the truth is, the likelihood of many everyday things happening is heavily ...

How likely you think something is to happen depends on what you already believe about the circumstances. That is the simple concept behind Bayes’ rule, an approach to calculating probabilities, first ...

Nate Silver, baseball statistician turned political analyst, gained a lot of attention during the 2012 United States elections when he successfully predicted the outcome of the presidential vote in ...

The old adage goes that if you give an infinite number of monkeys an infinite amount of time hitting random keys on a typewriter, one of them will eventually type out the complete works of William ...

Several important multivariate probability inequalities can be formulated in terms of multivariate convolutions of the form ∫ $f_{1}(x)f_{2}(x-\theta )dx$, where ...

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