probability theory
Definition
Mathematical theory for modeling events or phenomenon under conditions of uncertainty, used in insurance and other fields requiring statistical forecasting. Based largely on the work of the Russian mathematician Andrei Nikolaevich Kolmogrov (1903-87), it has its origins in the works of French mathematicians Pierre de Fermat (1601-65) and Blaise Pascal (1623-62) on the odds of winning at card games.
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