Foggian

Foggian is a term associated with Phileas Fogg, the fictional protagonist of Jules Verne's novel Around the World in Eighty Days. In the context of the novel, Foggian refers to a method of betting odds, involving calculating the implied probability of an event occurring.

According to the novel, Fogg, being a man of reason and statistical expertise, creates a system for determining the probability of a particular event, such as a horse winning a race or a person completing a journey within a specified time frame. By using this system, he arrives at a specific set of odds for the event, which he believes accurately reflect its likelihood of occurring.

In the novel, the Foggian system is portrayed as a rational and mathematically rigorous approach to assessing probability, in contrast to more emotional or intuitive methods of betting. The Foggian method involves collecting data on past events, analyzing statistical trends, and applying probabilistic calculations to arrive at a predicted outcome.

While the Foggian system remains a fictional concept, the idea of using statistical methods to estimate probability has been influential in the development of modern probability theory and betting odds calculation. The concept of Foggian has appeared in various adaptations and interpretations of the novel, cementing its place in popular culture as a synonym for rational and evidence-based decision-making. Despite its association with a fictional character, the Foggian method has been referenced and applied in real-world contexts, particularly in areas such as sports betting and actuarial science.