Originally applied to gambling, today it is extremely important in economics, especially in actuarial science. John Ross writes, "Probability theory and the discoveries following it changed the way we regard uncertainty, risk, decision-making, and an individual's and society's ability to influence the course of future events."
Initially used for gambling, probability theory has become crucial in economics, particularly within actuarial science. John Ross argues that "Probability theory and its subsequent discoveries have fundamentally altered our understanding of uncertainty, risk, decision-making, and the capacity of individuals and societies to shape future events."