Probability and Action | What is Insurable?
#economics #probability #insurance
Humans act because we are uncertain about the future. The physical sciences don’t allow us to see into the future when we are dealing with humans. Understanding probability is critical to understanding action. There are two types of probability—class and case. Although there are two types, that doesn’t turn humans into automatons or benign objects that react to a stimulus from a social engineer.
Physics has wreaked more havoc on the economics profession than any other. Some of the worst errors about economics are due to a misunderstanding of probability. It’s difficult to say what causes the most errors about economics, but probability is terribly flawed. Class probability is when we know the frequency within a group. Case probability refers to the chance of a particular event.
-
12:18
Learn Math with Caveman Chang
2 years agoIntro to Probability
43 -
2:21
EverydayEnglish
2 years agoBasic Probability - The Fundamentals of Probability
21 -
4:22
Luxmaster
1 year ago#120 Inevitability
-
15:37
AV
9 months ago#181 Probability Calculations: Mentats
16 -
14:48
Learn Math with Caveman Chang
2 years agoRules of Probability - Independent, Dependent, And, Or
22 -
13:46
PBS
5 years agoMaking Probability Mathematical
-
11:40
normanfenton
3 years agoBasic Probability Primer: (Part 3/3)
27 -
3:57
ProfEmersonAlves
1 year agoQuestão 31 da CAIXA 2021 (Banca Cesgranrio) Probabilidade e EstatÃstica l questões de probabilidade
6 -
40:50
WilliamMBriggs
2 months agoClass 3: Uncertainty & Probability Theory: The Logic of Science: Belief & Logic
24 -
7:26
russespo2020
5 months agoCritical Thinking Exercise #2 "Let''s Make a Deal" - Understanding Probability and Best Options.
12