The multiplication rules in probability are used to calculate the probability of two or more events occurring together. There are two main multiplication rules: Multiplication Rule for Independent ...

Take two events A and B. For example, let A be the event “Receive a score of 95% on the econometrics exam” and let B be the event “Study econometrics 12 hours a day”. We might be interested in 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 ...

Probability is the measure of the likelihood that an event will occur. In simple terms, it tells us how likely it is for a particular outcome to take place. When there are multiple events, calculating ...

Gerolamo Cardano (1501-1576) wrote the first recorded definition of probability. Mlodinow (2009) paraphrased a modernized definition of probability from Cardano's work, Book on Games of Chance: ...