“One of the basic axioms of the rational theory of decision under uncertainty is Savage’s (1954) sure-thing principle (STP). It states that if prospect x is preferred to y knowing that Event A ...

Probability theory forms the mathematical backbone for quantifying uncertainty and random events, providing a rigorous language with which to describe both everyday phenomena and complex scientific ...

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 ...

Explain why probability is important to statistics and data science. See the relationship between conditional and independent events in a statistical experiment. Calculate the expectation and variance ...