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

Differential calculus, lim n tends to infintiy ( {x} + {2x} + {3x}..... +{n...

lim n tends to infintiy ( {x} + {2x} + {3x}..... +{nx}/ n2(to the square) )where {X} denotes the fractional part of x? Ans) all no.s are positive or 0. so limit is either positive

Find the co ordinates of p such that ap =3/7 ab and p lies, If A & B are (-...

If A & B are (-2,-2) and (2,-4) respectively, find the co ordinates of P such that AP =3/7 AB and P lies on the line segment AB.

Definite integration-mathematics, Definite integration It involve integ...

Definite integration It involve integration among specified limits, say a and b The integral    is a definite integral whether the limits of integration are as: a and b

Multiplying mixed numbers, Q. Multiplying Mixed Numbers? Ans. Mult...

Q. Multiplying Mixed Numbers? Ans. Multiplying mixed numbers is a 3-step process: 1. Convert the mixed numbers to improper fractions 2. Multiply the fractions 3.

Two circles touching internally prove that ox:oy=oa:ob, Two circles touchin...

Two circles touching internally at O. OXY, OAB straight lines, the latter passing through the centres. Prove that OX : OY = OA : OB. Given : Two circles touching internally a

Registration, Iam register on your website but dont have any reply by this ...

Iam register on your website but dont have any reply by this website and no assignment.

Value delivery, What do you mean by value delivery

What do you mean by value delivery

Sketch the graph of the derivative of this function f '( x), Below is the s...

Below is the sketch of a function f ( x ) . Sketch the graph of the derivative of this function f ′ ( x ) . Solution : At first glance it seems to an all however impossib

Linear independence and dependence, It is not the first time that we've loo...

It is not the first time that we've looked this topic. We also considered linear independence and linear dependence back while we were looking at second order differential equation

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