Bayesian Probability

(redirected from Subjective probability)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

Bayesian Probability

A revision of a previous probability based on new information. In Bayesian analysis, one makes mathematical assumptions about unavailable information. As that information is gathered and disseminated, the Bayesian probability corrects or replaces the assumptions and alters its results accordingly.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
In sum, the subjective probability of an accident reflects information known and used by insurers in underwriting and premium setting, some other information known to insurers, and private information.
Data points for SPQ (right column) refer to median estimations of subjective probability of obtaining delayed rewards (expressed in percentages and divided by 100) with the AUC computed as areas under the lines that connect these points (lower row).
The subjective probability assessments were significantly higher in the Gain conditions than in the Loss conditions as well as in the Direct conditions than in the Inference ones.
If this standard of proof often used in practice refers to subjective probability, it suffers from the difficulties of creating a useful metaphor by which decisionmakers can make sense of the concept--as was discussed of below-50% standards of proof for probable cause.
While this membership will turn on likelihood of truth in a sense, it is in a sense different from the classical understanding of the factfinder's subjective probability that the element is true.
horserace bookmaker betting market, the following topics will be addressed: (i) the manner in which subjective probability judgments are revealed in betting markets, (ii) the similarities between decisions made in betting markets and those made in other environments, (iii) how the availability of an unequivocal outcome to a horserace facilitates the analysis of the manner in which information is used by bettors, and (iv) the nature of the particular dynamic information set that is used in this study.
These papers focus on the derivation of the subjective probability distributions used to describe the strategies of an irrational competitor.
When there was no response, we set the missing value of the subjective probability to 0 and defined another explanatory variable for subjective beliefs missing (18 percent of respondents).
subjective probability. This Section first shows why a frequentist
But determining these all require subjective probability assessments, and a standing problem for Bayesian methodology is how to do that in a non-arbitrary manner.
For there to be a risk, it suffices that there is some subjective probability, given the knowledge and understanding available, of an adverse outcome, even if it later turns out that, objectively, there was no possibility of a disaster.
Full browser ?