Foundation of Probability Theory Random Experiments Random Experiments Remarks: There are two essential elements of a random experiment: The set of all possible outcomes; The likelihood with which each outcome will occur. Foundation of Probability Theory Introduction to Statistics and Econometrics May22,2019 6/248Foundation of Probability Theory Introduction to Statistics and Econometrics May 22, 2019 6/248 Remarks: ● There are two essential elements of a random experiment: Random Experiments Foundation of Probability Theory Random Experiments The set of all possible outcomes; The likelihood with which each outcome will occur