Distinguish among classical or a priori probability, relative frequency or a
posteriori probability, axiomatic probability and subjective or personalistic
probability. What is the disadvantage of each? Why do we study probability
theory?
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Classical approach: based on equally likely events. Relative frequency: assigning probabilities based on experimentation or historical data. Subjective approach: Assigning probabilities based on the assignor's (subjective) judgment.
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