Subjective probability

Subjective probability,

Definition of Subjective probability:

  1. Numeric measure of chance (probability) that reflects the degree of a personal belief in the likelihood of an occurrence.

  2. Subjective probabilities differ from person to person and contain a high degree of personal bias. Subjective probability can be contrasted with objective probability, which is the computed probability that an event will occur based on an analysis in which each measure is based on a recorded observation or a long history of collected data.

  3. Subjective probability is a type of probability derived from an individual's personal judgment or own experience about whether a specific outcome is likely to occur. It contains no formal calculations and only reflects the subject's opinions and past experience. An example of subjective probability is a "gut instinct" when making a trade.

How to use Subjective probability in a sentence?

  1. You should try to figure out what the subjective probability may be and then have a good back up plan.
  2. Because gamblers are human beings and not robots, it is reasonable to assume that even good gamblers allow a bit of subjective probability to color and thereby skew their objectivity, rendering their gambling decisions even less likely to prove positive in the long-term.
  3. Subjective probabilities differ from person to person and contain a high degree of personal bias.
  4. There was a subjective probability that it would occur and I hoped that it was not very big because it was bad.
  5. It contains no formal calculations and only reflects the subject's opinions and past experience rather than on data or computation.
  6. Subjective probability is a type of probability derived from an individual's personal judgment or own experience about whether a specific outcome is likely to occur.

Meaning of Subjective probability & Subjective probability Definition