April 2019
Intermediate to advanced
212 pages
5h 34m
English
Think of our probability estimate of an event, such as getting heads when we flip a coin, as what we know about that event. In reality, the event has no probability associated with it. The event will either happen or not. The probability measure exists only in our level of knowledge of the problem:

In the preceding diagram, we can see that the probability of getting heads at least once that we observe from flipping a coin twice is 3/4, or 75% (we have a 25% chance of getting zero heads, a 50% chance of getting one, and a 25% chance of getting two).
Our knowledge of the likelihood of getting heads each time ...
Read now
Unlock full access