Question

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?

Answer 1

Answer:

good morning have a nice day

Answer 2

Probability

Explanation:

Classical or Priori Probability :

Probability of a event = $\frac{No. of ways an event can occur}{No. of outcomes in sample space}$

Relative or Posteriori Probability : The probability of an event in an experiment is the fraction of times an event occurs in a very long series in repetitions. E.g.: probability of tails = 0.4992

Axiomatic Probability : A unifying perspective is followed. In this, an application of a set of rules laid by Kolmogorov is being followed.

Subjective or Personalistic  Probability : It refers to an individual's measure of belief that when an event will occur. It is generally based on guesses.

We use probability in our day-to-day lives to make decisions when we are not  sure what the outcome will be. For e.g. there are 20% chances of rain today. It is a crucial tool is mathematical modeling. Probability always lies between 0 and 1.

The probability is zero for an impossible event and one for an event which is certain to occur.