In mathematics and statistics, a probability distribution, more properly called a probability density, assigns to every interval of the real numbers a probability, so that the probability axioms are ...
Probabilities can be written as fractions, decimals or percentages on a scale from 0 to 1. Knowing basic facts about equally likely outcomes can help to solve more complicated problems. Probability is ...
Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.