“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 ...

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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 ...

Matthew is a journalist in the news department at GameRant. He holds a Bachelor's degree in journalism from Kent State University and has been an avid gamer since 1985. Matthew formerly served as a ...

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.

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

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 ...

In a recent paper – Birth, Death, Coincidences and Occupancies: Solutions and Applications of Generalized Birthday and Occupancy Problems – Miami University professor of Electrical and Computer ...