chapter  8
34 Pages

Randomization and Compound Processes

Laplace summarized probability theory as being, “basically nothing but common sense reduced to calculus; it enables us to appreciate with exactness that which accurate minds feel with a sort of instinct for which ofttimes they are unable to account.” However, as we have seen, and will continue to see,

there are many paradoxes of probability that arise from having a false intuition. To reach a level in which probability is truly “common sense” requires that we “train” our instinct until it becomes intuition.