Everybody likes to cheer for the underdog, but hardly anyone bets on the underdog to win. We tend to put our money on the favorite most of the time. In fact, we bet on the favorite far more frequently than we should. To understand why, you have to understand some of the basic functions and […]
On Monday, my colleague Carl Bialik looked at the odds of taking $1 billion out of Warren Buffett’s wallet by completing a perfect NCAA tournament bracket. They’re not good. The simplest way to estimate your chances is by assuming that the outcome of each game is equivalent to a coin flip. There are 63 games […]
On Monday, my colleague Carl Bialik looked at the odds of taking $1 billion out of Warren Buffett’s wallet by completing a perfect NCAA tournament bracket. They’re not good. The simplest way to estimate your chances is by assuming that the outcome of each game is equivalent to a coin flip. There are 63 games […]
