6min chapter

LSE: Public lectures and events cover image

The art of uncertainty: living with chance, ignorance, risk, and luck

LSE: Public lectures and events

CHAPTER

Exploring the Nuances of Probability and Rare Events

This chapter explores the paradox of rare events versus frequent occurrences, like lottery wins, and the subjective nature of probability. It also discusses the evolution of statistical models in sports betting, alongside the feedback dynamics between technical detail and reader accessibility.

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