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Monty Hall problem: A apparently counter-intuitive problem in the probability which gets its name from the TV game show, 'Let's Make a Deal' hosted by the Monty Hall. On show a participant is shown three doors behind one of which is the valuable prize and behind the other two are the booby prizes. The participant selects the door and then, before the opted door is opened, the host opens one the two left behind doors to reveal one of the booby prizes. The participant is asked if he/she would like to stay with originally selected door or switch to the other, as yet, unopened door. Number of people think that the switching doors makes no difference to the probability of winning the valuable prize but several people are wrong because switching doubles this probability from a third to two thirds.
Multiple correlation coefficient is the correlation among the observed values of dependent variable in the multiple regression, and the values predicted by estimated regression
This is the theorem which states that if the error terms in a multiple regression have the same variance and are not corrected, then the estimators of the parameters in the model p
Graduation is the term is employed most often in the application of the actuarial statistics to denote procedures by which the set or group of observed probabilities is adjusted t
Indirect least squares: An estimation technique used in the fitting of structural equation models. Commonly least squares are first used to estimate reduced form parameters. Usi
Build-Rite construction has received favorable publicity from guest appearances on a public TV home improvement program. Public TV programming decisions seem to be unpredictable, s
Over dispersion is the phenomenon which occurs when empirical variance in the data exceeds the nominal variance under some supposed model. Most often encountered when the modeling
Canonical correlation analysis : A process of analysis for investigating the relationship between the two groups of variables, by ?nding the linear functions of one of the sets of
You may have the opportunity to buy some electronic components. These components may be reliable (1) or unreliable (2). The potential pro?ts are £10,000 if the components are rel
Contour plot : A topographical map drawn from data comprising observations on the three variables. One variable is represented on horizontal axis and the second variable is represe
Healthy worker effect : The occurrence whereby employed individuals tend to have lower mortality rates than those who are unemployed. The effect, which can pose the serious problem
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