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Vilfredo Pareto and the Law of the Vital Few

Vilfredo Pareto and the Law of the Vital Few

Tabea Tietz
On July 15, 1848, Italian engineer, sociologist, economist, political scientist and philosopher Vilfredo Federico Damaso Pareto was born. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals’ choices. The Pareto principle was named after him and built on observations of his such as that 80% of the land in Italy was owned by 20% of the population. “The assertion that men are…
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mathematics
Gerolamo Cardano and Physician, Mathematician, and Gambler

Gerolamo Cardano and Physician, Mathematician, and Gambler

Tabea Tietz
On September 24, 1501, Italian Renaissance mathematician, physician, astrologer and gambler Gerolamo Cardano was born. He wrote more than 200 works on medicine, mathematics, physics, philosophy, religion, and music. But, he is best known for his gambling that led him to formulate elementary rules in probability, making him one of the founders of probability theory. “The greatest advantage in gambling lies in not playing at all.” – Gerolamo Cardano (around 1560). Liber…
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mathematics
Kolmogorov and the Foundations of Probability Theory

Kolmogorov and the Foundations of Probability Theory

Harald Sack
On April 25, 1903, Soviet mathematician Andrey Nikolaevich Kolmogorov was born. He was one of the most important mathematicians of the 20th century, who advanced various scientific fields, among them probability theory, topology, intuitionistic logic, turbulence, classical mechanics, algorithmic information theory and computational complexity. “The epistemological value of probability theory is based on the fact that chance phenomena, considered collectively and on a grand scale, create non-random regularity.” – Andrey Kolmogorov, Limit Distributions…
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mathematics
The Important Theorem of Thomas Bayes

The Important Theorem of Thomas Bayes

Tabea Tietz
On April 17, 1761, English mathematician and Presbyterian minister Thomas Bayes passed away. He is best known as name giver of the Bayes’ theorem, of which he had developed a special case. It expresses (in the Bayesian interpretation) how a subjective degree of belief should rationally change to account for evidence, and finds application in in fields including science, engineering, economics (particularly microeconomics), game theory, medicine and law. “[My favourite fellow of the…
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