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Subjective Probability Examples

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

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Solution Summary

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

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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 ...

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