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- W1427207694 abstract "Probability has been applied in the actuarial field for many years. Probability means a measure of the chance of occurring an event, or a set of events. Probabilities can range from 0 to 1, inclusive. A probability of 0 means that the event is impossible; a probability of 1 means the event is certain. Many people think that if a particular outcome does not occur for a long while, the chances of it occurring in the future increase. Probabilities represent a mathematical model of the world. The chapter discusses the use of population. Population refers to the set of subjects using for probability analysis. This could be people or certain sets of people, but it could also be other collections. Sometimes one can develop a set of probabilities by developing a model of an operation or activity of some sort. One can enter numerical inputs into the model using a table of random numbers or a computer random number-generating program to determine numerical outputs. Thus, one can then determine the probabilities of the various outputs." @default.
- W1427207694 created "2016-06-24" @default.
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- W1427207694 date "2003-01-01" @default.
- W1427207694 modified "2023-09-25" @default.
- W1427207694 title "Probability and some applications to finance" @default.
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- W1427207694 doi "https://doi.org/10.1016/b978-012781721-7.50018-3" @default.
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