Risk is different from uncertainty according to the great economist Frank Knight. He used “risk” to describe cases of known probability. For example, I imagine that McDonald’s knows how many ...

We cannot know what the true probability is, but we can make an educated guess and say that it is “highly unlikely,” a term that NATO defines as being between 0% and 10%.

Stephanie A. Kovalchik, Steven C. Martino, Rebecca L. Collins, William G. Shadel, Elizabeth J. D'Amico, Kirsten Becker, Scaled Inverse Probability Weighting: A Method to Assess Potential Bias Due to ...

The probability experts aren’t shying away from predictions this year. Silver’s site said Saturday its computers had simulated the election 40,000 times, and Democrat Joe Biden won in 87% of them.

The probability experts aren't shying away from predictions this year. Silver's site said Saturday its computers had simulated the election 40,000 times, and Democrat Joe Biden won in 87% of them.

The probability experts aren’t shying away from predictions this year. Silver’s site said Saturday its computers had simulated the election 40,000 times, and Democrat Joe Biden won in 87% of them.

The probability of failure, P f, due to corrosion within time interval (0, t) is given by Equation 4, which gives an annual probability of failure, P FA (Equation 5) in which EN is the expected ...