Randomness and Probability

Randolph Nelson
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Randolph Nelson: OTA Limited Partnership

Chapter 2 in Probability, Stochastic Processes, and Queueing Theory, 1995, pp 17-44 from Springer

Abstract: Abstract What do we mean by saying that an event occurs randomly with a certain probability? Answering this simple question is the objective of this chapter and our answer forms the foundation for all of the material presented in the text. The existence of randomness is often taken for granted, much like the existence of straight lines in geometry, and the assignment of probabilities to events is often assumed axiomatically. The pervasive use of the word “probability” seems to imply that randomness is the rule rather than the exception. One hears of probabilities being ascribed to such diverse things as the weather, the electability of a presidential candidate, the genetic makeup of a child, the outcome of a sporting event, the chance of winning at blackjack, the behavior of elementary particles, the future marriage prospects of two friends, quantum physics, and the wonderfully incessant gyrations of the stock market.

Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4757-2426-4_2

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DOI: 10.1007/978-1-4757-2426-4_2

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