We can also apply EMT to situations where the low-probability outcome poses drastically more positive consequences. Lotteries are a primary example of these types of situations. From a probability ...

A binomial distribution is a statistical probability distribution that summarizes the likelihood that a value will take one of two independent values.

The main goal of the experimental study described in this paper is to investigate the sensitivity of probability weighting to the payoff structure of the gambling situation—namely the level of ...

The yearly probability of living is a statistic that measures the likelihood that a given person, or group of people, will survive for one more year.

Haibo Zhou, Wangli Xu, Donglin Zeng, Jianwen Cai, Semiparametric inference for data with a continuous outcome from a two-phase probability-dependent sampling scheme, Journal of the Royal Statistical ...