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Reading 9 Probability Concepts (Layout)
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Section 2 Sets out the basic tools of probability, including expected value and variance
Section 3 introduces covariance and correlation (measures of relatedness between random quantities) and the principles for calculating portfolio expected return and variance.
Two topics end the reading: Bayes’ formula and outcome counting.
Bayes’ formula is a procedure for updating beliefs based on new information.
The reading ends with a discussion of principles and shortcuts for counting. In several areas, including a widely used option-pricing model, the calculation of probabilities involves defining and counting outcomes.
Section 3 introduces covariance and correlation (measures of relatedness between random quantities) and the principles for calculating portfolio expected return and variance.
Two topics end the reading: Bayes’ formula and outcome counting.
Bayes’ formula is a procedure for updating beliefs based on new information.
The reading ends with a discussion of principles and shortcuts for counting. In several areas, including a widely used option-pricing model, the calculation of probabilities involves defining and counting outcomes.
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Reading 9 Probability Concepts Introduction
nvestors must also cope with variability. We present variance, or dispersion around expectation, as a risk concept important in investments. The reader will acquire specific skills in using portfolio expected return and variance. <span>The basic tools of probability, including expected value and variance, are set out in Section 2 of this reading. Section 3 introduces covariance and correlation (measures of relatedness between random quantities) and the principles for calculating portfolio expected return and variance. Two topics end the reading: Bayes’ formula and outcome counting. Bayes’ formula is a procedure for updating beliefs based on new information. In several areas, including a widely used option-pricing model, the calculation of probabilities involves defining and counting outcomes. The reading ends with a discussion of principles and shortcuts for counting. <span><body><html>
Reading 9 Probability Concepts Introduction
nvestors must also cope with variability. We present variance, or dispersion around expectation, as a risk concept important in investments. The reader will acquire specific skills in using portfolio expected return and variance. <span>The basic tools of probability, including expected value and variance, are set out in Section 2 of this reading. Section 3 introduces covariance and correlation (measures of relatedness between random quantities) and the principles for calculating portfolio expected return and variance. Two topics end the reading: Bayes’ formula and outcome counting. Bayes’ formula is a procedure for updating beliefs based on new information. In several areas, including a widely used option-pricing model, the calculation of probabilities involves defining and counting outcomes. The reading ends with a discussion of principles and shortcuts for counting. <span><body><html>
Summary
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