We develop an alternative approach to the general equilibrium analysis of a stochastic production economy when firms' choices of investment influence the probability distributions of their output.

Probability underpins AI, cryptography and statistics. However, as the philosopher Bertrand Russell said, “Probability is the ...

The classical approach to probability theory requires that estimates for probability distributions be based on empirical data. However, in many practical cases, the available data may not be available ...

Clay Halton was a Business Editor at Investopedia and has been working in the finance publishing field for more than five years. He also writes and edits personal finance content, with a focus on ...

Probability Distribution Notes: Probability is a fundamental aspect of mathematics that helps us understand and quantify uncertainty. Mastery of this subject is essential for students, as it has ...