The binomial distribution is a subtype of the multinomial distribution. In finance, the multinomial distribution can be used to estimate the probability of a set of occurrences and analyze the ...

Second, the binomial distribution assumes that we know the intrinsic probability of an event occurring, as we would with a dice roll or coin flip. But we never really know what a baseball player’s ...

C. Radhakrishna Rao, A Natural Example of a Weighted Binomial Distribution, The American Statistician, Vol. 31, No. 1 (Feb., 1977), pp. 24-26 ...