It had to happen: the property bubble burst and the global financial market experienced its biggest crisis in the last hundred years. In retrospect, many suspected it was coming, but nobody could have ...

Quick—if you had to guess, what would you think is most likely to end all life on Earth: a meteor strike, climate change or a solar flare? (Choose carefully.) A new statistical method could help ...

Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

Classical probability theory assumes an equal likelihood for all outcomes. For example, if you were to flip a coin, there's an equal change of it landing on "heads" or "tails." Microsoft Excel offers ...

When scientists spot an asteroid whose trajectory might take it close to Earth, they monitor it frequently and calculate the probability that it might collide with our planet.

Introduction Have you ever heard anyone say the chance of something happening is “50–50”? What does that actually mean? This phrase has something to do with probability. Probability tells you how ...

Earthquakes are seemingly random events that are hard to predict with any reasonable accuracy. And yet geologists make very specific long term forecasts that can help to dramatically reduce the number ...

When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. This article was originally published at The Conversation. The publication contributed the ...