Abstract: The theory of probability is the mathematical framework for the study of the probability of occurrence of events. The first step is to establish a method to assign the probability of an event, for example, the probability that a coin lands heads up after a toss. The frequentist or empirical approach, and the subjective or Bayesian approach, are two methods that can be used to calculate probabilities. Once a method for assigning probabilities is established, the Kolmogorov axioms are introduced as the “rules” required to manipulate probabilities. Fundamental results known as Bayes’ theorem and the theorem of total probability are used to define and interpret the concepts of statistical independence and of conditional probability, which play a central role in much of the material presented in this book.
Publication Year: 2022
Publication Date: 2022-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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