What is meant by subjective probability? Provide a definition and an example.© BrainMass Inc. brainmass.com December 15, 2020, 10:49 am ad1c9bdddf
1. What is meant by 'subjective probability'? Give a definition and an example.
A subjective probability describes an individual's personal judgment about how likely a particular event is to occur. It is not based on any precise computation but is often a reasonable assessment by a knowledgeable person.
A subjective probability describes an individual's personal judgment ...
This solution explains the concept 'subjective probability' through definition and example.