Probability theory

Probability theory is a branch of mathematics that deals with the analysis of random phenomena. The central objects of probability theory are random variables, stochastic processes, and events: mathematical abstractions of non-deterministic events or measured quantities that may either be single occurrences or evolve over time in an apparently random fashion.

History

The theory of probability began to be formulated in the 17th century in studies of games of chance by Gerolamo Cardano in the mid-sixteenth century, and by Pierre de Fermat and Blaise Pascal in the seventeenth century (for example the problem of points). Christiaan Huygens published a book on the subject in 1657.

Mathematical treatment

The mathematical theory of probability has its roots in attempts to analyze games of chance by Gerolamo Cardano in the sixteenth century, and by Pierre de Fermat and Blaise Pascal in the seventeenth century.

Applications

Probability theory is applied in everyday life in risk assessment and in trade on commodity market, financial markets. It is also used to predict the likelihood of events happening, such as the weather, or the outcome of a football match.

See also

• Bayesian probability
• Frequentist probability
• Probability distribution
• Probability density function
• Probability mass function
• Cumulative distribution function
• Characteristic function (probability theory)

External links

• Britannica: Probability Theory

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