Stephen C. Hora, Probability Judgments for Continuous Quantities: Linear Combinations and Calibration, Management Science, Vol. 50, No. 5 (May, 2004), pp. 597-604 ...

The multinomial distribution is a type of probability distribution used in finance to determine the likelihood of a certain set of outcomes.

In this note we wish to pass along an example that we have found useful when introducing the concepts of conditional probability and Bayes' Rule to undergraduate students. The advantages of this ...