It’s estimated that human adults make about 35,000 decisions a day — the percentage of good decisions depends on the adult. These choices can be as banal as deciding to roll or crumple toilet paper or ...
We live in a world where a lot of things seem to happen by pure chance, from winning the Lotto to losing your car keys. But the truth is, the likelihood of many everyday things happening is heavily ...
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 ...
This article was published in Scientific American’s former blog network and reflects the views of the author, not necessarily those of Scientific American I’m not sure when I first heard of Bayes’ ...
Chris Wiggins, an associate professor of applied mathematics at Columbia University, offers this explanation. A patient goes to see a doctor. The doctor performs a test with 99 percent ...
Virtually all computations performed by the nervous system are subject to uncertainty and taking this into account is critical for making inferences about the outside world. For instance, imagine ...
Having a strong opinion about an issue can make it hard to take in new information about it, or to consider other options when they’re presented. Thankfully, there’s an old rule that can help us avoid ...
A man went on an airplane ride. Unfortunately, he fell out. Fortunately, he had a parachute on. Unfortunately, the parachute did not open. Fortunately, there was a haystack below him, directly in the ...
Daniel McNulty began writing for Investopedia in 2012. His work includes articles on financial analysis, asset allocation, and trading strategies. Marguerita is a Certified Financial Planner (CFP), ...
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