Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Bayes' theorem, also called Bayes' rule or Bayesian theorem, is a mathematical formula used to determine the conditional probability of events. The theorem uses the power of statistics and probability ...

Nate Silver, baseball statistician turned political analyst, gained a lot of attention during the 2012 United States elections when he successfully predicted the outcome of the presidential vote in ...

A two-sample problem for rank-order data is formulated as a two-decision problem. Using the general Bayes solution, Bayes procedures are derived for several configurations of the set of states of ...

First, we need to estimate the pre-test probability that asymptomatic Massachusetts residents have Covid-19. We know that in the state approximately 2% of all tests for SARS-CoV-2, the virus that ...

Over the years, many writers have implied that statistics can provide almost any result that is convenient at the time. Of course, honest practitioners use statistics in an attempt to quantify the ...