Peter Webb – Page 4 – Probability theory

Written by Peter Webb

Here are some of the popular Probability theory articles:

Independent or mutually exclusive event?
You have to decide whether an event is mutually exclusive or independant.
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Converse (complementary) probabilities
Often when you work out the probability of an event, you sometimes do not need to work out the probability of an event occurring, in fact you need the opposite, the probability that the event will not occur.
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Periodic events
So far we have discussed probabilities in terms of outcomes either occurring or not occurring, but sometimes the gambler will wish to know the probability of an outcome occurring within a given time or during a given sequence of events.
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The law of large numbers / “The law of averages”
The theory of probability becomes of enhanced value to gamblers when it is used with the law of large numbers
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Monkeys typing the works of Shakespeare
It is frequently stated in books and articles on probability that if a succession of monkeys were set before a typewriter…
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Written by Peter Webb

I’m no genuis or expert on higher level maths or probability, but curiously, I’ve carved out a niche using it to make a living. When I retire I’ll write up all my experiences as I fully understand that people have struggled to believe what I’ve achieved. That’s OK.

Despite a very average background, I fell in love with home computing when I was aged just thirteen years old and this gave me the springboard and thirst for knowledge that took me in a direction I couldn’t have dreamed of given my initial start in life.

I quickly realised I need to brush up on my maths and statistics skills and spent many days in the library reading up on statistics and probability with much enthusiasm before returning to college while still working to get more bits of paper.

I never used them and pursued a fulfilling career before quitting to put some of what I had learnt to practice.

Inspired by Ed Thorpe

Please visit Peter’s official website to find out more.

Written by Peter Webb

The evolution of probability theory

In the seventeenth century, Galileo wrote down some ideas about dice games. This led to discussions and papers which formed the earlier parts of probability theory.

There were and have been a variety of contributors to probability theory since then but it is still a fairly poorly understood area of mathematics.

Before the theory of probability was formed, betting was already popular. Even without higher levels of mathematics, Gamblers were crafty enough to figure simple laws of probability by witnessing the events at first hand.

The opportunity was limitless in then exploiting the often complex and sometimes seemingly contradictory laws of probability.

Author: Peter Webb

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