The Laplace's Rule of Succession forms a very important cornerstone of probability and uncertainty theory. It aims to provide us with a way of associating some probability with an unobserved event based on previous observed events. I came upon it in the following textbook - Introduction to Probability by Bertsekas - in one of the exercise problems at the end of one of the chapters. Curiosity got the better of me and I soon found myself reading all about this rule/law and why is it so important.