Subjective probability, Mathematics

Assignment Help:

Subjective Probability

Probability may be determined by a personal statement of how likely an outcome is in a single trial or repetition of the same experiment.

Since subjective probabilities are based on personal judgement, they are peculiar to the individual making the decision. The probability statement depends upon the individual's experience and his familiarity with the facts of the case. Two decision makers with the same amount of information would make different subjective probability estimates of the occurrence of a particular event.

Example 

An expert analyst of share prices may give his judgement that the price of ACC shares has a 20% probability of increase i.e., by Rs.500 or more in the next two months, a 60% probability of increase i.e., by less than Rs.500 in the next two months and a 20% probability of remaining unchanged or registering a slight fall.

 


Related Discussions:- Subjective probability

What is a set, A set can define as a precise group of distinct objects. Wel...

A set can define as a precise group of distinct objects. Well-defined group means that there be a principle with the help of which it is probable to tell whether a given object rel

What are logarithmic function, The logarithm of a provided number b to the ...

The logarithm of a provided number b to the base 'a' is the exponent showing the power to which the base 'a' have to be raised to get the number b. This number is defined as log a

Find out the total number people and the total number car, A national park ...

A national park remains track of how many people per car enter the park. Today, 57 cars had 4 people, 61 cars had 2 people, 9 cars had 1 person, and 5 cars had 5 people. What is th

Example for articulate reasons and construct arguments, A Class 4 teacher w...

A Class 4 teacher was going to teach her class fractions. At the beginning of the term she asked the children, "If you had three chocolates, and wanted to divide them equally among

This year he is 651/4 inches tall how many inches did grow, Last year Jonat...

Last year Jonathan was 603/4 inches tall. This year he is 651/4 inches tall. How many inches did he grow? Subtract to find outthe difference in heights. You will need to borro

Algebra 1A, The m&m factory produces 2,500 packs of plain m&ms each day. R...

The m&m factory produces 2,500 packs of plain m&ms each day. Represent the total number of packs of plain m&ms the factory makes each day

Integers, students dont retain the topic, hoe to make it easier?

students dont retain the topic, hoe to make it easier?

What is the square root of -i, To find sq root by the simple step... root (...

To find sq root by the simple step... root (-i)=a+ib............... and arg of -i= -pi/2 or 5pi/2

Prime number, Prime number A prime number is a number whose only +ve fa...

Prime number A prime number is a number whose only +ve factors are 1 and itself. For instance 2, 3, 5, and 7 are all of the examples of prime numbers.  Examples of numbers whic

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd