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

Example of integration by parts - integration techniques, Example of Integr...

Example of Integration by Parts - Integration techniques Illustration1:  Evaluate the following integral. ∫ xe 6x dx Solution : Thus, on some level, the difficulty

Finding the LCM, what is the LCM of 18, 56 and 104 show working

what is the LCM of 18, 56 and 104 show working

????? ???????, ???? ????? ??????? ?? ????? ??? ?? ????? ??????? ??????

???? ????? ??????? ?? ????? ??? ?? ????? ??????? ??????

What is sherman''s pulse rate in beats per minute, Sherman took his pulse f...

Sherman took his pulse for 10 seconds and counted 11 beats. What is Sherman's pulse rate in beats per minute? A 10 second count is 1/6 of a minute. To find out the number of be

Division Remainders, what is the remainder when 75 is divided by 4

what is the remainder when 75 is divided by 4

KENDE QE MBESHTETEN NE TE NJEJTIN HARK, korda ab e ndan rrethin me qender o...

korda ab e ndan rrethin me qender o ne dy harqe njeri prej tyre eshte sa trefishi i tjetrit gjeni masat e harqeve dhe masat e trekendeshit aob

Solve the subsequent proportion, Solve the subsequent proportion: Exa...

Solve the subsequent proportion: Example: Solve the subsequent proportion for x. Solution: 5:x = 4:15 The product of the extremes is (5)(15) = 75. The produ

Fractions, what Is the common denominator for 1/2 and 1/4

what Is the common denominator for 1/2 and 1/4

Machines, descuss the seauencing problem for n jobs on two and three machin...

descuss the seauencing problem for n jobs on two and three machines

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