The problem Litt posted was: 'Suppose you have a urn containing 100 balls, n of which are red and 100-n are green, where n is uniformly distributed between 0 and 100. You randomly draw a ball from the ...

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 ...

One approach to the waiting-time problem is through the integral equation, whose solution is the cumulative probability function-the method derived by Lindley. The equation is of the type for which a ...

How likely you think something is to happen depends on what you already believe about the circumstances. That is the simple ...

In professional baseball’s World Series, the championship is decided in a best-of-seven format. The first team to win four games gets the pennant. Curiously, series that go on for the full seven games ...