Discover how the Dutch Book Theorem reveals profit opportunities in betting and finance when probabilities are misjudged.

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 ...

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 ...

The purpose of the Institute of Mathematical Statistics (IMS) is to foster the development and dissemination of the theory and applications of statistics and probability. The Institute was formed at a ...

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 ...

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 ...

For four decades, a quiet boundary in pure mathematics kept a powerful theorem locked inside the safe world of finite quantities. Now a new result known as Sebestyen’s theorem has pushed that boundary ...