The Drake Equation is well known to most who wonder about the possibility of intelligent life existing elsewhere in the universe. Personally, I have no doubt intelligent life exists somewhere in the universe. The only question is, how common is it?
The Drake Equation is meant to estimate how many intelligent civilizations may exist in our galaxy that have the technological capability to communicate with us.
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This video gives a good background of the equation and looks at a couple of the estimates that have been made using the equation.