Calculating Probability

Thomas Cleff ()
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Thomas Cleff: Pforzheim University of Applied Sciences

Chapter Chapter 6 in Applied Statistics and Multivariate Data Analysis for Business and Economics, 2025, pp 155-187 from Springer

Abstract: Abstract This chapter provides a comprehensive introduction to the theory of probability, focusing on key concepts such as sample spaces, elementary events, and the different approaches to probability—classical, statistical, and subjective. It explains the basic rules of probability, including adding and multiplying, and explores combinatorial methods such as permutations, combinations, and variations. The chapter also covers conditional probability, the law of total probability and Bayes’ theorem, using practical examples such as the Monty Hall problem to illustrate complex concepts.

Keywords: Classical probability; Statistical probability; Subjective probability; Combinatorics; Conditional probability; Bayes’ theorem; Law of total probability; Monty Hall problem (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-78070-7_6

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DOI: 10.1007/978-3-031-78070-7_6

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