Maximum Likelihood Estimation: A Comprehensive Guide with Examples
Maximum Likelihood Estimation (MLE) Maximum Likelihood Estimation (MLE) is a statistical method used to estimate the parameters of a probabilistic…
Category: grazing the maze of probability
Random Variable
Random variables are essential components in probability theory and statistics, serving as numerical outcomes of random phenomena. Understanding the behavior…
Classical Probability: History & Key Concepts Explained
The classical probability definition calculates the likelihood of an event based on favorable and total outcomes, illustrated with examples.
Binomial distribution: Pigs Can Fly
In a magical kingdom, training pigs to fly with brooms results in a 15% success chance; expected flying pigs are 4.5, with varied probabilities.
normal distribution song
This song helps us better remember the properties of the normal distribution. A normal distribution, also known as a Gaussian distribution, is a symmetrical, bell-shaped continuous probability distribution characterized by its mean (?) and standard deviation (?). It exhibits properties such as symmetry, unimodality, and follows the 68-95-99.7 rule, indicating the distribution of data within standard deviations of the mean.
Quizzes: Poisson Distribution
Question: In the context of economics, what is the primary characteristic of events that makes them suitable for modeling with…
Bernoulli distribution
Quizzes In an economic context, a Bernoulli distribution can be used to model:a. The distribution of income across a populationb.…
quizzes: covariance
Question: What does a covariance of zero between two random variables and indicate?A) and are independent.B) and are uncorrelated.C) and…
Quizzes: variance
Question: What is the variance of a fair six-sided die roll?A) 2.5B) 3.5C) 2.9167D) 1.5 Question: If is a random…
Quizzes: expectation
Question: What is the expected value of a fair six-sided die roll?A) 2.5B) 3.5C) 4.5D) 5.5 Question: If is a…