Probability is a measure of how likely an event is to occur within a specific range of possible outcomes. While it is often associated with gambling, probability theory plays a vital role in various ...

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 ...

Bayes' theorem is a statistical formula used to calculate conditional probability. Learn how it works, how to calculate it ...

When is it appropriate to completely reinvent the wheel? To an outsider, that seems to happen a lot in category theory, and probability theory isn’t spared from this treatment. We’ve had a useful ...

A probability distribution of a random variable describes how the probabilities are distributed over the possible values of the random variable. A probability distribution shows the likelihood of ...