Chapter

Fundamentals

John Haigh

in Probability: A Very Short Introduction

Published in print April 2012 | ISBN: 9780199588480
Published online September 2013 | e-ISBN: 9780191777943 | DOI: https://dx.doi.org/10.1093/actrade/9780199588480.003.0001

Series: Very Short Introductions

Fundamentals

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‘Fundamentals’ outlines the scope of probability and outlines some basic approaches to determining it. Probability is the formalisation of the study of the notion of uncertainty. There are three main ways of thinking about probability. The objective approach simply counts the outcomes and assigns an equal chance to each, but counting the number of outcomes can prove troublesome. The frequentist approach uses experimental observations to estimate probability, but suffers from the same repeatability issues all experiments do. The subjective approach involves assessing chance based on experience and opinion. The subjective approach is most often used, but is at its strongest when augmented by objective and frequentist thinking.

Keywords: Bruno de Finetti; degree; frequency; game; Frederick Mosteller; odds; probability; random; symmetry

Chapter.  4550 words. 

Subjects: Probability

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