Exam2 Study guide.docx - Probability theory(Chapter 3 What...

This preview shows page 1 - 2 out of 5 pages.

Probability theory (Chapter 3) What is a “random variable”? In other words, how does the concept of a variable change when we add the adjective “random” to it? Assuming a representative sample, what does the Law of Large Numbers imply about:oThe relationship between a sample distribution and the underlying probability distribution? What is a formal theory? In formal theory, what is the difference between a “definition” and an “interpretation”? What is the definition of a probability? What are the different interpretations of probability? Why do probability distributions sum to 1? More generally, why are the rules of probability basically just math for accounting? What are complements and complementary probabilities?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture