Probability

Memorylessness

The property that the time already waited gives no information about the remaining wait.

P(X > s + t | X > s) = P(X > t).

Only the geometric (discrete) and exponential (continuous) distributions have it - a uniqueness result that is itself an occasional interview question.

The interview form. "A fair coin has come up tails ten times. Expected further flips to a head?" Two, exactly as before. Hesitating here suggests the gambler's fallacy.

The related trap - the inspection paradox. Buses arriving on average every 10 minutes leave you waiting 10 minutes if you arrive at random, not 5, because you are more likely to land inside a long gap than a short one.

Full guide

Waiting Times: Geometric and Exponential Distributions

How long until the first success, why the answer is 1/p, and the memorylessness property that interviewers test with a trick question.

Related terms

Practise this

Put it into practice

Knowing the definition is not the same as spotting where it applies under time pressure. Work the question bank free.

Start practising free

Browse the full quant interview glossary