What are subjective probabilities and how are they assigned?
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Subjective probabilities are the ones that are decided based on a decision by humans. There are no formulaic or mathematical calculation to show a probability.
The probability is solely based on factors like decisions by experience, past events or analysis that doesn’t include mathematical calculations but includes certain logic. The result may vary from person to person.
Example: You are 80% probable that your colleague might call you today because you were working on a project yesterday and she didn’t seem very clear about her tasks when you discussed yesterday.
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