Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past, or is happening now outside our immediate experience. Uncertainty has been called the ...

BY JOHN PAWLAKWhite RockAt the grocery store, the total for my purchases came to an even $60. The cashier looked at the ...

JEFF: How likely is it that Putter will make this shot, Janine? JANINE: The probability? Well, he needs to get his shot past that Pineapple Windmill. JEFF: The windmill with 6 segments? JANINE: That’s ...

The outcomes of rolling a six-sided die are: 1, 2, 3, 4, 5, 6. A probability of zero means an outcome is impossible. A probability of 1 means an outcome is certain ...

The relative frequency definition of probability says: If an experiment is repeated, the probability of an event (a specified outcome of the experiment) is the relative frequency of occurrence of that ...

An important reason why people violate expected utility theory is probability weighting. Previous studies on the probability weighting function typically assume a specific parametric form, exclude ...

Mathematics professor Gregory Lawler was named a co-winner of the $100,000 Wolf Prize. The award recognizes Lawler’s research in probability theory involving random walks and Brownian motion, which ...