Possibility theory and conditional probability offer complementary perspectives for modelling uncertainty, with each framework contributing distinct advantages. Possibility theory, rooted in fuzzy set ...

"Yes or no: was there once life on Mars?" I can't say. "What about intelligent life?"' That seems most unlikely, but again, I can't really say. The simple yes-or-no framework has no place for shadings ...

You're sitting in the doctor's office waiting for the result of a test. The test will tell you whether you have a disease you really don't want to have. As you wait, it seems as if the whole world is ...

Forbes contributors publish independent expert analyses and insights. Writes about the future of finance and technology, follow for more. Joint probability teaches us to calculate combined outcomes.

Clay Halton was a Business Editor at Investopedia and has been working in the finance publishing field for more than five years. He also writes and edits personal finance content, with a focus on ...

If you compare Hillary Clinton’s favorability ratings to Jeb Bush’s, you’ll find what seems like a sign of impending doom for the Republican should he face her in the general election. Whereas Clinton ...

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 ...

A recent Delaware Chancery Court opinion offers a significant example of how courts may apply complex probability analysis to determine the amount of damages in an earnout dispute. The case arose from ...

“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 ...