In this note we wish to pass along an example that we have found useful when introducing the concepts of conditional probability and Bayes' Rule to undergraduate students. The advantages of this ...

Nonparametric maximum likelihood estimation of the probability of failing from a particular cause by time t in the presence of other acting causes (i.e., the cause-specific failure probability) is ...

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 ...

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Possibility theory and conditional probability offer complementary perspectives for modelling uncertainty, with each framework contributing distinct advantages. Possibility theory, rooted in fuzzy set ...