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personal probability

   Also found in: Financial, Wikipedia 0.03 sec.
personal probability [′pərs·ən·əl ‚präb·ə′bil·əd·ē]
(statistics)
A number between 0 and 1 assigned to an event based upon personal views concerning whether the event will occur or not; it is obtained by deciding whether one would accept a bet on the event at odds given by this number. Also known as subjective probability.


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Although psychology is not involved in the personal probability analysis, agents do embrace some typical attitude and understanding in making their choices.
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