“One of the basic axioms of the rational theory of decision under uncertainty is Savage’s (1954) sure-thing principle (STP).

Learn to apply Bayes' theorem in financial forecasting for insightful, updated predictions. Enhance decision-making with ...

Mathematicians rely on numbers, but finding words to explain different levels of certainty has stymied everyone from the ...

where $l$ and $u$ are the lower and upper probability bounds, while $\phi$ and $\psi$ denote propositional logic formulas. For example the following two sentences ...

Abstract: During an eruptive event, the near-real-time monitoring of volcanic explosion onset and its mass flow rate (MFR) is a key factor to predict ash plume dispersion and to mitigate risk to air ...

Probability is the measure of the likelihood that an event will occur. In simple terms, it tells us how likely it is for a particular outcome to take place. When there are multiple events, calculating ...

Intersection probability is a fundamental concept in the field of probability and statistics. It helps us understand the likelihood of two or more events occurring simultaneously. This article will ...