Probability theory constitutes the mathematical framework for quantifying uncertainty and analysing random phenomena. Its foundations lie in measure theory, where a probability space is defined as a ...

Copulas are functions that enable the construction of multivariate probability distributions by binding together univariate marginal distributions. Central to probability theory, they allow ...

“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 ...