as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain an application for the bernoulli distribution.
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the bernoulli distribution is a discrete probability distribution used to model a situation in which there are only two possible outcomes. it is commonly used in the field of statistics and applied to a wide range of problems. for example, it can be used to model the probability of success in a medical trial by finding the probability of a patient being cured. it can also be used in finance to model the probability of a stock market crash or gain in a given period of time. additionally, it can be used for predicting customer loyalty, predicting online clicks, and modeling coin flips.
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