Ellen and Michael Kaplan on Chance, Odds, Monte Carlo, and the Monty Hall Problem

October 2006
Journal of Financial Planning;Oct2006, Vol. 19 Issue 10, p22
Academic Journal
The article presents an interview with Ellen Kaplan and Michael Kaplan, co-authors of the book "Chances Are: Adventures in Probability." When asked about common misconceptions about odds, chance, and risk, the Kaplans reply that people express the term 'often' as very different percentages. The Kaplans also discuss popular misunderstandings of the term 'average' within financial services and the difference between luck and probability. INSET: Goat or Car: How Do You Choose?.


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