This function is very helpful to estimate the probability of a binary event happening when the value of n is very small.
I found this blog post by Nassim Taleb. Actually I found about it first from his MOOCs on his youtube channel and later found out about his post. You can check out more there.
In this post I want to apply this on various problem I found on twitter. I will also discuss the problem mentioned in Nassim’s blog in this post.
- Dice Problem, twitter link
You toss a dice, and it lands “6.” You repeat the toss. It lands “6” again. How many repeats of 6 are required for you to declare that the dice is biased.