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 ...

The outcomes of rolling a six-sided die are: 1, 2, 3, 4, 5, 6. A probability of zero means an outcome is impossible. A probability of 1 means an outcome is certain ...

Mathematics professor Gregory Lawler was named a co-winner of the $100,000 Wolf Prize. The award recognizes Lawler’s research in probability theory involving random walks and Brownian motion, which ...

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 ...

An important reason why people violate expected utility theory is probability weighting. Previous studies on the probability weighting function typically assume a specific parametric form, exclude ...

Hillel Furstenberg, 84, and Gregory Margulis, 74, both retired professors, share the mathematics equivalent of a Nobel Prize. By Kenneth Chang Two mathematicians who showed how an underappreciated ...