The stock market is an ever-changing place. In fact, it’s changing every second of every day as prices go up and down, and new factors impact the trajectory of the market. It’s important for investors ...

Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

This article was published in Scientific American’s former blog network and reflects the views of the author, not necessarily those of Scientific American I’m not sure when I first heard of Bayes’ ...

Nate Silver, baseball statistician turned political analyst, gained a lot of attention during the 2012 United States elections when he successfully predicted the outcome of the presidential vote in ...

Chris Wiggins, an associate professor of applied mathematics at Columbia University, offers this explanation. A patient goes to see a doctor. The doctor performs a test with 99 percent ...

Bayes' theorem, also called Bayes' rule or Bayesian theorem, is a mathematical formula used to determine the conditional probability of events. The theorem uses the power of statistics and probability ...

Observing, gathering knowledge and making predictions are the foundations of the scientific process. The accuracy of our predictions depends on the quality of our present knowledge and accuracy of our ...