Probability Concepts and Their Analysis

Cheng-Few Lee, John C. Lee and Alice C. Lee
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Cheng-Few Lee: Rutgers University Business School, Department of Finance and Economics
John C. Lee: Center for PBBEF Research

Chapter Chapter 5 in Statistics for Business and Financial Economics, 2013, pp 157-210 from Springer

Abstract: Abstract In Part I of this book, we discussed the use of descriptive statistics, which is concerned mainly with organizing and describing a set of sample measurements via graphical and numerical descriptive methods. We now begin to consider the problem of making inferences about a population from sample data. Probability and the theory that surrounds it are discussed in this chapter. These topics provide an essential foundation for the methods of making inferences about a population on the basis of a sample. A well-known example is the election poll, in which pollsters select at random a small number of voters to question in order to predict the winner of an election. Probability is also used in daily decision making. For example, investment decisions are based on the investor’s assessment of the probable future returns of various investment opportunities, and such assessments are often based on some sample information.

Keywords: Conditional Probability; Stock Price; Joint Probability; Soft Drink; Sample Space (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4614-5897-5_5

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DOI: 10.1007/978-1-4614-5897-5_5

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