Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Alice and Bob are playing a game in which the first person to get 6 points wins. The way each point is decided is a little strange. The Casino has a pool table that Alice and Bob can't see. Before the ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Virtually all computations performed by the nervous system are subject to uncertainty and taking this into account is critical for making inferences about the outside world. For instance, imagine ...

It’s estimated that human adults make about 35,000 decisions a day — the percentage of good decisions depends on the adult. These choices can be as banal as deciding to roll or crumple toilet paper or ...

Chris Wiggins, an associate professor of applied mathematics at Columbia University, offers this explanation. A patient goes to see a doctor. The doctor performs a test with 99 percent ...

Having a strong opinion about an issue can make it hard to take in new information about it, or to consider other options when they’re presented. Thankfully, there’s an old rule that can help us avoid ...

Don’t worry, a little Bayesian analysis won’t hurt you. By Siobhan Roberts There is a statistician’s rejoinder — sometimes offered as wry criticism, sometimes as honest advice — that could hardly be a ...

Mike Lee receives relevant research funding from the Australian Research Council, the Australia-Pacific Science Foundation, and Flinders University. Benedict King receives funding from the Australian ...