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

The ' Monty Hall problem ' is one of the probability problems that is known for being difficult to understand even when the result is explained. Engineer Mikhail Paszkiewicz explains how to explain ...

Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past or is happening now outside our immediate experience. Uncertainty has been called the ...

Probability is a measure of the likelihood of events happening. The greater the proportion of times an event can happen the greater (or more likely) the probability. Events can be ordered by the ...

This is a preview. Log in through your library . Journal Information Current issues are now on the Chicago Journals website. Read the latest issue.Since 1950, The British Journal for the Philosophy of ...

The probability in weather forecasts leaves many people perplexed on if, or when, they should continue with plans, cancel or delay. As summer ramps up across North America, millions of travelers, ...

Risk management involves a three-step procedure: hazard identification, risk assessment, and risk mitigation in case of unacceptable risk levels. In fact, the hazard identification process should ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of ...