Learning abstract concepts like probability can often be challenging without practical examples. For many, it becomes easier to grasp when these ideas are connected to real-life experiences or ...

Before I address a new question, I need to first clarify a point made in last week’s column. With any treats, be sure to dice them into tiny pieces. A good rule: Make treats the size of the dog’s ...

“One of the basic axioms of the rational theory of decision under uncertainty is Savage’s (1954) sure-thing principle (STP). It states that if prospect x is preferred to y knowing that Event A ...