We develop an alternative approach to the general equilibrium analysis of a stochastic production economy when firms' choices of investment influence the probability distributions of their output.

WHEN Denmark was overrun by the Germans various British subjects were caught, Mr. among them. He was interned in a camp under Danish control and spent part of his enforced leisure in coin-tossing ...

Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past or is happening now outside our immediate experience. Uncertainty has been called the ...

The post How To Speed Up the Search for Cures Through a Change in Probability Theory appeared first on Reason.com.

Source: Thunder Bay, Canada. Used with permission of Dan Hunt, MD. Coincidences attract our attention because they seem weird, odd, or unlikely. Their improbability stimulates wonder—“what are the ...

PROBABILITY theory is a quaint little piece of mathematics. It is about sets of non-negative numbers that are attached to actual and possible physical events, that sum to 1 and that obey certain rules ...

Online color prediction games have become a popular form of digital entertainment, especially in mobile-first economies ...