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 ...

The binomial distribution is a way to test the probability that a particular outcome will result in a particular number of trials when we know the underlying probability of an event. For example, the ...

Journal of Applied Probability and Advances in Applied Probability have for four decades provided a forum for original research and reviews in applied probability, mapping the development of ...