... 2: StatisticalTheory and Econometrics 75 Axiom If given A, B, and B, cannot both be true and if, given A, C, and C, cannot both be true, and if, given A, B, and C, are equally probable and B, and ... reviewed and some of their properties are indicated Ch 2: Statistical 2.4.1 Theory and Econometrics 83 Random variables A random variable (rv) will be denoted by _Z.There are discrete, continuous, and ... unobserved data and outcomes and to solve decision problems constitutes the subject-matter of statistical theory A principal objective of work in statistical theory is to formulate methods and procedures...