Introduction

Randolph Nelson
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Randolph Nelson: OTA Limited Partnership

Chapter 1 in Probability, Stochastic Processes, and Queueing Theory, 1995, pp 1-14 from Springer

Abstract: Abstract Probability is an exquisitely beautiful field of mathematics that is rich in its depth of deductive reasoning and its diversity of applications. The. theory started in the early 17th century with simple counting arguments that were used to answer questions concerning possible outcomes of games of chance. Over the ensuing years, probability has been established as a key tool in a wide range of fields that are as diverse as biology, chemistry, computer science, finance, medicine, physics, political science and sociology. This breadth of application, also found in calculus which dates from the same era, is a consequence of the fact that the theory has its roots in a branch of mathematics that is blessed with a compelling intuitive component. The full beauty of the subject can be best appreciated when its formal and intuitive aspects are melded together with applications. This motivates our goal; to derive probability in a manner that highlights the complementary nature of its formal, intuitive and applicative aspects.

Date: 1995
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DOI: 10.1007/978-1-4757-2426-4_1

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