Abstract: With its inherent causal reasoning and superior capacity for handling uncertainty, the belief rule base (BRB) has been widely applied in complex systems modeling. As a generalization of ...

ABSTRACT: This methodological article aims to present the type I Pareto distribution in a clear and illustrative manner for better understanding among social researchers. It also provides R scripts ...

Expert judgment elicitation is often required in probabilistic decision making and the evaluation of risk. One measure of the quality of probability distributions given by experts is calibration-the ...

Probability distribution is an essential concept in statistics, helping us understand the likelihood of different outcomes in a random experiment. Whether you’re a student, researcher, or professional ...

A random variable is a variable whose possible values are numerical outcomes of a random phenomenon. It is a fundamental concept in probability and statistics, used to quantify and analyze random ...

A probability distribution of a random variable describes how the probabilities are distributed over the possible values of the random variable. A probability distribution shows the likelihood of ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...