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

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 ...

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 ...

What Is Bayes Theorem? Bayes Theorem is a mathematic model, based in statistics and probability, that aims to calculate the probability of one scenario based on its relationship with another scenario.

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 ...

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 ...

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 ...