objective probabilities


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objective probabilities

[əb′jek·tiv ‚präb·ə′bil·əd·ēz]
(statistics)
Probabilities determined by the long-run relative frequency of an event. Also known as frequency probabilities.
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Remember, however, that objective probabilities can play some role in subjective probability assessments.
Other times, the link to an ISP involves circumstances where the objective probabilities are sufficiently low to call into question whether there is probable cause that evidence of a specific wrongdoer's crime will be found.
358) They thus see efforts to explain the preponderance of the evidence standard in terms of objective probabilities as wanting, the standard instead embracing Baconian weight-informed approaches.
Rather, one is referred to as a Bayesian if one believes that action should be based on "probability beliefs" when objective probabilities are not known, and that one should update these beliefs according to Bayes Rule as evidence accumulates.
Another reason that the Markowitz (1959) axiom system could be simpler is because Savage excludes any consideration of objective probability, whereas I assumed that the decision maker can rank alternatives which involve the possibility of objective probabilities.
In relation to our chosen markets, the observations are prices corresponding to bookmaker odds and objective probabilities derived from race results.
First, consistent with the Hurley and McDonough and Sobel and Raines hypotheses, the distribution of bookmakers' subjective probabilities contained in the odds will be on average closer to 1/n than is justified by the ex post objective probabilities.
The option of reducing fear has many attractions, if it is possible: it reduces the hedonic cost of fear, closes the gap between subjective and objective probabilities, and decreases the risk of mass panic.
Establishing the existence and the direction of a favorite-long shot bias involve comparisons of the subjective and objective probabilities between groups of horses.