Class Notes (836,153)
Canada (509,662)
York University (35,302)
Economics (1,721)
ECON 2500 (94)
all (8)


2 Pages
Unlock Document

ECON 2500
All Professors

Introductory Statistics for Economists ECON 2500 – Winter 2011 – Xianghong Li Chapter 4 – Probability: The Study of Randomness – Feb 15 4.1 Randomness - Deterministic event o E.g. my car won’t run without gas. - Example 1: random phenomena. - Random events o The outcome is uncertain before it occurs. o There is a regular pattern for possible outcomes in a large number of repetitions. (Not true for chaotic or haphazard events, such as earthquake). 4.2 Probability Models - A list of possible outcomes. - A probability for each outcome. Sample Space - Sample space S of a random phenomenon: the set of ALL possible outcomes. o E.g. tossing a coin once S = {H, T} o E.g. Do you favour mandatory retirement S = {Y, N} Event - Event: a set of outcomes of a random phenomenon. It is a subset of a sample space. o E.g. toss a fair coin twice:  Sample space S = ?  Event A: #heads = 1 Another Example - Toss a fair coin four times: o Using a tree structure to exhaust all possible outcomes. o Define the outcomes as number of heads, sample space? o Comment: the sample space depends on how we define individual outcome. Probabilities in a Finite Sample Space - Assign a probability to each individual outcome. These probabilities must be numbers between 0 and 1 and must have sum 1. - The probability of any event is the sum of the probabilities of the outcomes
More Less

Related notes for ECON 2500

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.