Laplace Succession Laws

<p>The Laplace Succession Law, also known as the Rule of Succession, is a principle in probability theory developed by Pierre-Simon Laplace. It is used to estimate the probability of an event&rsquo;s future occurrence based on its past occurrences, particularly when dealing with a small sample size. This rule is especially notable for providing a way to handle cases where an event has not yet been observed.</p> <p>The basic formula of the Laplace Succession Law for estimating the probability of an event&nbsp;<em>E</em>&nbsp;occurring next, given that it has occurred&nbsp;<em>s</em>&nbsp;times in&nbsp;<em>n</em>&nbsp;trials, is given by:</p> <p><a href="https://chutianxue.medium.com/laplace-succession-laws-73bdd6824903"><strong>Read More</strong></a></p>