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 ...

Forbes contributors publish independent expert analyses and insights. Writes about the future of finance and technology, follow for more. Joint probability teaches us to calculate combined outcomes.

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.