Probability Theory: Approaches, Revision, and Random Variables
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Different Approaches to Probability Theory
Three different approaches to probability have evolved, mainly to cater to the three different types of situations under which probability measures are normally sought. In this section, we first explore the approaches through examples of distinct types of experiments. The axioms that are common to these approaches are then presented, and the concept of probability is defined using the axioms.
Consider the following situations marked by three distinct types of experiments. The events that we are interested in, within these experiments, are also given.
Situation 1
Experiment: Drawing a number from among nine numbers (say 1 to 9).
Event: On any draw, number 4 occurs.
Situation 2
Experiment: Administering a particular... Continue reading "Probability Theory: Approaches, Revision, and Random Variables" »