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 ...

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 ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Julie Young is an experienced financial writer and editor. She specializes in financial analysis in capital planning and investment management. Suzanne is a content marketer, writer, and fact-checker.

Provides a one-semester course in probability and statistics with applications in the engineering sciences. Probability of events, discrete and continuous random variables cumulative distribution, ...

Hillel Furstenberg, 84, and Gregory Margulis, 74, both retired professors, share the mathematics equivalent of a Nobel Prize. By Kenneth Chang Two mathematicians who showed how an underappreciated ...

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 ...