Econ 70 - Fall 2005

We moved on to the definition of "probability."

This is pretty deep so we will proceed with examples.

Here's one:

The definition of "fair coin" or "fair dice" is intertwinced with the definition of probability.

There are lots of new concepts to define once you get into this probability stuff.

One more example:

Reading the textbook might help.

We will spend the next few lectures going over this material when we talk about probability distributions.