The intuition of Bayes Theorem came up when we discussed the real options valuation in lecture and is applicable to many situations where you learn. Bayes Theorem is a way to calculate conditional ...

Forbes contributors publish independent expert analyses and insights. Writes about the future of finance and technology, follow for more. Joint probability teaches us to calculate combined outcomes.

Imprecise probabilities offer a rigorous framework to characterise uncertainty when precise numerical probabilities are either unavailable or unwarranted. This concept expands traditional probability ...

Bayes Theorem is a way to calculate conditional probabilities. This is important when you want to calculate how probabilities change when you see data. It is a way to measure how much you have learned ...