The Drake equation (also sometimes called the "Green Bank equation", the "Green Bank Formula," or often erroneously labeled the "Sagan equation") is a famous result in the fields of exobiology and the search for extraterrestrial intelligence (SETI).
This equation was devised by Dr. Frank Drake (now Professor Emeritus of Astronomy and Astrophysics at the University of California, Santa Cruz) in 1960, in an attempt to estimate the number of extraterrestrial civilizations in our galaxy with which we might come in contact. The main purpose of the equation is to allow scientists to quantify the uncertainty of the factors which determine the number of such extraterrestrial civilizations.
Historical estimates of the parameters
Drake's values give N = 10 × 0.5 × 2 × 1 × 0.01 × 0.01 × 10,000 = 10
Current estimates of the parameters
N = 7 × 0.5 × 2 × 0.33 × 0.01 × 0.01 × 10000 = 2.31
The Drake equation consists of a large number of probabilities multiplied together. Since each factor is guaranteed to be somewhere between 0 and 1, the result is also guaranteed to be a reasonable-looking number between 0 and 1. Unfortunately, all the probabilities are completely unknown, making the result worse than useless.
SETI scientists do not attempt to address the Drake equation for the existence of extraterrestrial civilizations anywhere in the universe, but are focused on specific, testable hypotheses (i.e., "do extraterrestrial civilizations communicating in the radio spectrum exist near sun-like stars within 50 light years of the Earth?").
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