Transcription of Probability Theory - Wharton Faculty
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Probability Theory - Wharton Faculty
1 Contract no: BAP098M-RG-15-MedProbability SteeleWhartonProbability Theory is that part of mathematics that aims to provide insight into phe-nomena that depend on chance or on uncertainty. The most prevalent use of thetheory comes through the frequentists interpretation of Probability in terms of theoutcomes of repeated experiments, but Probability is also used to provide a measureof subjective beliefs, especially as judged by one s willingness to place roots of Probability Theory are not as ancient as those of many parts of math-ematics, and only in the sixteenth and seventeenth centuries does one find the firstglimmerings of the Theory in the investigations made by Gerolamo Cardano, Pierrede Fermat, and Blaise Pascal into games of chance.
of probability theory, but the real power of probability theory only emerges with the introduction of the central notion of independence of events, algebras, and random variables.
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