Asked by
Phyllis McCray
on Dec 04, 2024
Verified
Refer to Scenario 5.1. The probabilities discussed in the information above are:
A) objective because they are single numbers rather than ranges.
B) objective because they have been explicitly articulated by the individuals involved.
C) objective because the event hasn't happened yet.
D) subjective because the event hasn't happened yet.
E) subjective because they are estimates made by individuals based upon personal judgment or experience.
Subjective Probabilities
Probability estimates based on personal judgment or belief rather than objective statistical analysis.
Economic Consultants
Professionals who provide expert advice on economic strategies, market analysis, policy assessment, and economic forecasting to businesses or government entities.
- Learn the difference between objective and subjective probabilities.
Verified Answer
JC
Learning Objectives
- Learn the difference between objective and subjective probabilities.