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Why do heavy-tailed distributions matter more than exponential distributions in risk assessment?

What is the primary source of conflict within probability theory despite its rigorous mathematical framework?

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Nellieger
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Why is expected value considered a weighted average rather than a simple average?

Why are stochastic processes essential for modeling systems like financial markets and biological populations?

What was the key impact of Kolmogorov's axiomatic approach to probability theory?


Why is a random variable considered a function rather than just a random quantity?

What key property distinguishes an absorbing Markov chain from a regular Markov chain?


What fundamental rule must a probability function always satisfy to be valid?

Why is the multivariate normal distribution important in statistics?


What does the fundamental matrix (I - Q)^{-1} represent in the context of absorbing Markov chains?

What role does the correlation coefficient play in the bivariate normal distribution?

Which of the following best describes a sample space in probability theory?

What is the role of the probability measure in a probability space?

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