Interesting question! Let's take a closer look through discussion and example.

RESPONSE:

1. Discuss the three types of probability and the three assumptions underlying the probability theory.

There are types and approaches to probability, and some authors refer to both as types, so I will provide both the three types and three approaches for you to consider based on your course content.

A. Three types of probabilities are as follows:

1). Marginal Probability:

A marginal probability is usually calculated by dividing some subtotal by the whole. For example, the probability of a person wearing glasses is calculated by dividing the number of people wearing glasses by the total number of people. Marginal probability is denoted P(X), where X is some event.

2). Union Probability:

A union probability is denoted by P(X or Y), where X and Y are two events. P(X or Y) is the probability that X will occur or that Y will occur or that both X and Y will occur. The probability of a person wearing glasses or having blond hair is an example of union probability. All people wearing glasses are included in the union, along with all blondes and ...

Solution Summary

This solution discusses the three types of probability and the three assumptions underlying the probability theory.

... of strategy proﬁle π when the probabilities assigned to ... we can begin to strengthen the theory of equilibrium ... he sees beer, and pq the probability he ﬁghts ...

... That is the probability of not making a type II error ... Outline an appropriate statistical test of the theory that the chemical treatment reduces growth rate ...

... non pecuniary characteristics of alternative types of employment. ... between wage rates and the probability of being ... critics argued that the theory is completely ...

... An alternative hypothesis (Ha) is a theory that contradicts ... The probability is calculated based on the assumption that ... A type I error can occur only when the ...

... need to be able to make an assumption that ... True/False Please type True or False in the ... procedure that uses sample evidence and probability theory to decide ...

... of which yields success with probability p. When p ... Similarly, Utility theory has applications in all the ... are generally dynamic, thus this type of certainty ...

... The project managers use Nine theories for decision making are ... vendor, method, toll or persontoll Probability Theory-defines probabilities as a ...

... make this assumption, we can use probability theory to deter ... p .0005, but note that exact probabilities are to ... in order to determine the probability of finding ...

... indicates that the use of a mathematical theory would be ... would pass the test and the probability that he ... The probabilities could guide the person in coming up ...