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In 1703, Jacob Bernoulli wrote to Gottfried Leibniz to discuss their shared interest in applying mathematics and probability to games of chance. Bernoulli speculated whether it would be possible to gather mortality data from gravestones and thereby calculate, by their existing practice, the probability of a man currently aged 20 years outliving a man aged 60 years.
The word nikoli, when stressed on the second syllable, means "never", when stressed on the first it is the locative case of Nikola, i.e. Nicholas; Spanish – cuando las vacas vuelen ("when cows fly") or cuando los chanchos vuelen ("when pigs fly"). Its most common use is in response to an affirmative statement, for example "I saw Mrs. Smith ...
Purchasing a lottery ticket is a very risky investment with a high chance of no return and a small chance of a very high return. In contrast, putting money in a bank at a defined rate of interest is a risk-averse action that gives a guaranteed return of a small gain and precludes other investments with possibly higher gain.
A pseudorandomly generated bitmap. In common usage, randomness is the apparent or actual lack of definite pattern or predictability in information. [ 1][ 2] A random sequence of events, symbols or steps often has no order and does not follow an intelligible pattern or combination. Individual random events are, by definition, unpredictable, but ...
An example is, when setting the prior distribution for the temperature at noon tomorrow in St. Louis, to use a normal distribution with mean 50 degrees Fahrenheit and standard deviation 40 degrees, which very loosely constrains the temperature to the range (10 degrees, 90 degrees) with a small chance of being below -30 degrees or above 130 degrees.
The role of chance, or "luck", in science comprises all ways in which unexpected discoveries are made. Many domains, especially psychology, are concerned with the way science interacts with chance — particularly "serendipity" (accidents that, through sagacity, are transformed into opportunity). Psychologist Kevin Dunbar and colleagues ...
As n approaches infinity, the probability X n approaches zero; that is, by making n large enough, X n can be made as small as is desired, [3] and the chance of typing banana approaches 100%. [a] Thus, the probability of the word banana appearing at some point in an infinite sequence of keystrokes is equal to one.
Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing, downsizing, recession, and new technology, to name a few. Basic economic theory holds that during ...