# Probabilities: The Little Numbers That Rule Our Lives, Second Edition

• 6h 43m
• Peter Olofsson
• John Wiley & Sons (US)
• 2015

From probable improbabilities to regular irregularities, Probabilities: The Little Numbers That Rule Our Lives, Second Edition investigates the often surprising effects of risk and chance in our lives. Featuring a timely update, the Second Edition continues to be the go-to guidebook for an entertaining presentation on the mathematics of chance and uncertainty.

The new edition develops the fundamental mathematics of probability in a unique, clear, and informal way so readers with various levels of experience with probability can understand the little numbers found in everyday life. Illustrating the concepts of probability through relevant and engaging real-world applications, the Second Edition features numerous examples on weather forecasts, DNA evidence, games and gambling, and medical testing. The revised edition also includes:

• The application of probability in finance, such as option pricing
• The introduction of branching processes and the extinction of family names
• An extended discussion on opinion polls and Nate Silver’s election predictions

Probabilities: The Little Numbers That Rule Our Lives, Second Edition is an ideal reference for anyone who would like to obtain a better understanding of the mathematics of chance, as well as a useful supplementary textbook for students in any course dealing with probability.

Peter Olofsson, PhD, is Professor in the Department of Mathematics at Trinity University, USA. An active researcher in the field of applied probability and an experienced teacher, Dr. Olofsson is the author of Probability, Statistics, and Stochastic Processes, Second Edition, also published by Wiley.

## In this Book

• Computing Probabilities—Right Ways and Wrong Ways
• Surprising Probabilities—When Intuition Struggles
• Tiny Probabilities—Why are They So Hard to Escape?
• Backward Probabilities—The Reverend Bayes to our Rescue
• Beyond Probabilities—What to Expect
• Inevitable Probabilities—Two Fascinating Mathematical Results
• Gambling Probabilities—Why Donald Trump is Richer than You
• Guessing Probabilities—Enter the Statisticians
• Faking Probabilities—Computer Simulation

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