Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

Source: Thunder Bay, Canada. Used with permission of Dan Hunt, MD. Coincidences attract our attention because they seem weird, odd, or unlikely. Their improbability stimulates wonder—“what are the ...

Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past or is happening now outside our immediate experience. Uncertainty has been called the ...