Get a simple explanation of Bayes’ Theorem that anyone can understand, even with no advanced math background. This video ...

We live in a world where a lot of things seem to happen by pure chance, from winning the Lotto to losing your car keys. But the truth is, the likelihood of many everyday things happening is heavily ...

This article was published in Scientific American’s former blog network and reflects the views of the author, not necessarily those of Scientific American I’m not sure when I first heard of Bayes’ ...

Bayes' theorem, also called Bayes' rule or Bayesian theorem, is a mathematical formula used to determine the conditional probability of events. The theorem uses the power of statistics and probability ...

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

EVENT 1: A crazy driver hits your car and whizzes past. You get out and see your car is badly dented. The driver has disappeared. You're fuming, but there's nothing you can do. You tell yourself, at ...

When two people with strong prior beliefs at opposite ends of the spectrum meet, there is absolutely no way either of them can influence the other. Now think about those prime time discussions on news ...

The stock market is an ever-changing place. In fact, it’s changing every second of every day as prices go up and down, and new factors impact the trajectory of the market. It’s important for investors ...

Inside probability theory, conditional probability is a way to calculate and measure the probability of some event happening if another event has already occurred. The Bayes’ Theorem is one way of ...