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The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore, MD: Johns Hopkins University Press. ISBN 0-8018-6569-7. Hacking, Ian (2006). The Emergence of Probability (2nd ed.). New York: Cambridge University Press. ISBN 978-0-521-86655-2. Hald, Anders (2003). A History of Probability and Statistics and Their Applications ...
Probability is the branch of mathematics and statistics concerning events and numerical descriptions of how likely they are to occur. The probability of an event is a number between 0 and 1; the larger the probability, the more likely an event is to occur. [note 1] [1] [2] This number is often expressed as a percentage (%), ranging from 0% to ...
1560s (published 1663) – Cardano's Liber de ludo aleae attempts to calculate probabilities of dice throws. He demonstrates the efficacy of defining odds as the ratio of favourable to unfavourable outcomes (which implies that the probability of an event is given by the ratio of favourable outcomes to the total number of possible outcomes [5]).
In probability theory and statistics, the coefficient of variation (CV), also known as normalized root-mean-square deviation (NRMSD), percent RMS, and relative standard deviation (RSD), is a standardized measure of dispersion of a probability distribution or frequency distribution.
For instance, a risk-neutral measure is a probability measure which assumes that the current value of assets is the expected value of the future payoff taken with respect to that same risk neutral measure (i.e. calculated using the corresponding risk neutral density function), and discounted at the risk-free rate.
Instead, the half-life is defined in terms of probability: "Half-life is the time required for exactly half of the entities to decay on average". In other words, the probability of a radioactive atom decaying within its half-life is 50%. [2] For example, the accompanying image is a simulation of many identical atoms undergoing radioactive decay.
Probability theory or probability calculus is the branch of mathematics concerned with probability. Although there are several different probability interpretations , probability theory treats the concept in a rigorous mathematical manner by expressing it through a set of axioms .
The first attempt at mathematical rigour in the field of probability, championed by Pierre-Simon Laplace, is now known as the classical definition. Developed from studies of games of chance (such as rolling dice ) it states that probability is shared equally between all the possible outcomes, provided these outcomes can be deemed equally likely.