Official Journal of the European Union and Probability: Difference between pages

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(OJEU)
The study of chance providing an objective measure of uncertainty.




The Official Journal of the European Union is the official gazette of record for the EU.  
Probabilities range between 1 (=100%) and 0 (=0%).


A probability of 100% means that an event is considered certain to occur.


OJEU is the successor to the Official Journal of the European Community (OJEC). It is often abbreviated to "OJ" where the EU context is clear.
A probability of 0% means that an event is considered certain not to occur.




OJEU is only published online ("e-OJ"). Electronic editions of the OJ (e-OJ) published after 1 July 2013 have legal force.  
For example, flipping an unbiased coin, the probability of getting a head is often modelled as 50%.


The paper version no longer has legal force except when the OJ online cannot be published due to IT systems disruption.


This simple model of a coin flip assumes that the only two possibilities are a head or a tail.  Applying such simple models to financial situations, and treating financial outcomes as simple coin flips, may lead to errors resulting from:


OJEU is divided into "series":
#The coin landing on its edge 'more often than it's supposed to'.
#The underlying assumption of an unbiased coin not being a valid one. This kind of assumption is usually much too simple.


* The L Series contains EU legislation including regulations, directives, decisions, recommendations and opinions. [http://eur-lex.europa.eu/homepage.html EUR-Lex]


* The C Series contains EU information and notices including the judgments of the European Courts, calls for expressions of interest for EU programmes and projects; public contracts for food aid; etc.
== See also ==
 
* [[Black swan]]
* The supplementary S series deals with European public procurement through invitations to tender. [http://ted.europa.eu/TED/main/HomePage.do TED] (Tenders Electronic Daily)
* [[Conditional probability]]
 
* [[Confidence interval]]
 
* [[Frequency distribution]]
==See also==
* [[Mutually exclusive]]
*[[European Union]]
* [[Poisson distribution]]
 
 
== External link ==
*[https://eur-lex.europa.eu/content/help/oj/about-oj.html The official Journal of the European Union ]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Revision as of 15:19, 8 June 2016

The study of chance providing an objective measure of uncertainty.


Probabilities range between 1 (=100%) and 0 (=0%).

A probability of 100% means that an event is considered certain to occur.

A probability of 0% means that an event is considered certain not to occur.


For example, flipping an unbiased coin, the probability of getting a head is often modelled as 50%.


This simple model of a coin flip assumes that the only two possibilities are a head or a tail. Applying such simple models to financial situations, and treating financial outcomes as simple coin flips, may lead to errors resulting from:

  1. The coin landing on its edge 'more often than it's supposed to'.
  2. The underlying assumption of an unbiased coin not being a valid one. This kind of assumption is usually much too simple.


See also

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