Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

Léo R. Belzile's research is funded by the Natural Sciences and Engineering Research Council of Canada (NSERC) and IVADO. HEC Montréal provides funding as a founding partner of The Conversation CA-FR.

This issue of The Journal of Risk Model Validation features two papers that directly address validation using machine learning. Whether their findings imply we will all (including the editor) become ...

The Monte Carlo simulation estimates the probability of different outcomes in a process that cannot easily be predicted because of the potential for random variables.