For any event that has multiple outcomes with different probabilities, it can be helpful and illustrative to construct a chart or diagram of the possible outcomes. Tree diagrams are a useful example ...

Betting typically involves knowledge of probabilities, and we often think about it in the context of activities like poker games, slot machines, or playing the lottery. Yet every decision we make ...

Betting typically involves knowledge of probabilities, and we often think about it in the context of activities like poker games, slot machines, or playing the lottery. Yet every decision we make ...