For any event that has multiple outcomes with different probabilities, it can be helpful and illustrative to construct a chart or diagram of the possible outcomes. Tree diagrams are a useful example ...

Classical probability theory assumes an equal likelihood for all outcomes. For example, if you were to flip a coin, there's an equal change of it landing on "heads" or "tails." Microsoft Excel offers ...

Mathematics plays a critical role in shaping modern gaming, influencing everything from odds and payouts to game design and ...

Parts I and II of this paper have described a new theory for the analysis of games with incomplete information. Two cases have been distinguished: consistent games in which there exists some basic ...

The measurement problem in quantum mechanics looks at how an experimental outcome changes, simply by observing it.

James Chen, CMT is an expert trader, investment adviser, and global market strategist. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Betting typically involves knowledge of probabilities, and we often think about it in the context of activities like poker games, slot machines, or playing the lottery. Yet every decision we make ...