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 ...

Probability has a popular meaning that is not the same as the mathematical meaning. As a small-business owner, you may act on hunches, guesses and instincts. After such actions, you might even say you ...

This applet allows the user to select the probability of heads and the number of tosses. By clicking the "TOSS" button, the applet shows the process of tossing coins virtually and calculates the ...

Expert judgment elicitation is often required in probabilistic decision making and the evaluation of risk. One measure of the quality of probability distributions given by experts is calibration-the ...

Philosophical Transactions: Mathematical, Physical and Engineering Sciences, Vol. 374, No. 2058, Theme issue: Quantum probability and the mathematical modelling of decision making (13 January 2016), ...