I was wondering how do we know if the odds of a subsequent event INCREASE, DECREASE, or perhaps even remain the SAME after an initial event?
Sometimes, we look at an event and say the odds of a repeat event are now even more likely (increased odds). Other times, we say the odds of a repeat event are now much less (decreased odds). And yet, couldn’t the odds of a subsequent event possibly be the same as the first event?
Are we employing a little bias into the calculation of stats? While I WAG that an increase in odds suggests some relation between events, and a decrease in odds might imply no relation…yet isn’t also possible for the odds to remain the same?
For example, you might say the odds against a second “hundred years” floods occuring within the given period is much greater than the odds against the first. But, if I were to hit the lottery once and then hope to hit again that year, wouldn’t each try have an equal chance?
Maybe I’m mixing up some facts. I hope someone can explain!
“They’re coming to take me away ha-ha, ho-ho, hee-hee, to the funny farm where life is beautiful all the time… :)” - Napoleon IV