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Formerly a Blog on BeautifulSoup, now a blog on R, Python and Statistical Algorithms including Machine Learning Algorithms
The concept of exchangeable random variables is commonplace but the terminology might seem new.
An exchangeable sequence of random variables is one in which any re-ordering of any finite sequence results in the same joint probability function.
An alternative phrasing of this is the joint distribution is invariant to finite permutation.
The term exchangeable was a neologism at the time of its inception in the 1920s in a book on Logic written by an alumnus of Kings College, Cambridge, where said coiner of said term studied mathematics.