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 ...

Alice and Bob are playing a game in which the first person to get 6 points wins. The way each point is decided is a little strange. The Casino has a pool table that Alice and Bob can't see. Before the ...

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 ...

Chris Wiggins, an associate professor of applied mathematics at Columbia University, offers this explanation. A patient goes to see a doctor. The doctor performs a test with 99 percent ...

Bayesian Networks, also known as Belief Networks or Bayes Nets, are a powerful probabilistic graphical model used for reasoning under uncertainty. They have been successfully applied to a wide range ...