Subjective Probability Examples

Not what you're looking for? Search our solutions OR ask your own Custom question.

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

What is meant by subjective probability? Provide a definition and an example.

© BrainMass Inc. brainmass.com November 24, 2022, 11:38 am ad1c9bdddf
https://brainmass.com/statistics/probability/subjective-probability-examples-10775

Solution Preview

1. What is meant by 'subjective probability'? Give a definition and an example.

Subjective Probability

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 ...

Solution Summary

This solution explains the concept 'subjective probability' through definition and example.

$2.49