Although experts like Frank P. Ramsey have referred to the frequentist methods more specifically and directly, the topic of subjective analyses has also been an important focal point in several academic debates. Building at least outlines of the frequentist and subjective views is thus necessary before embarking on a more detailed comparative analysis. Frequentist View of Probability Frequentist view of probability is relatively more common and popular perspective o probabilistic studies. According to Professor Norman Fenton, probability theory can be regarded as the body of knowledge which facilitates formal reasoning on uncertain events. Furthermore, Fenton states: “The populist view of probability is the so-called frequentist approach whereby the probability P of an uncertain event A, written P(A), is defined by the frequency of that event based on previous observations. For example, in the UK 50.9% of all babies born are girls; suppose then that we are interested in the event A: 'a randomly selected baby is a girl'. According to the frequentist approach P(A)=0.509.” (Fenton, paragraph 1) Frequentist probability is therefore generally dependent on data collection and manipulation of available sample spaces, where a number of specimens and/or trial/error events can be observed. Contextually, Ramsey has stated that probability is of essential significance not only in the sphere of logic but also in the physical and statistical sciences. Academics and researchers cannot be sure in advance that the most functional interpretation of probability in logic will help in understanding the physical sciences too. The frequentative nature of probabilistic studies can thus be assumed as to have special stress on practical trial and error methods typical to most of the scientific and statistical research works. Subjective View of Probability Subjective view pf probability can be thought of as more affiliated to the philosophical antiquity of the subject. The subjective view takes into account even the individual perspective of the observer with relation to an array of uncertain events. According to Albert (Paragraphs 3-4): “A subjective probability reflects a person's opinion about the likelihood of an event. If our event is "Joe will get an A in this class", then my opinion about the likelihood of this event is probably different from Joe's opinion about this event. Probabilities are personal and they will differ between people.” Therefore, subjective view is aimed at exploring the theory of probability from the viewpoint of an observer. Hence, it can be regarded as to have relativistic implications rather than practical fact finding approach. Comparative Analysis Similarities As early as 1926, Frank P. Ramsey pointed out the dualistic nature of understanding the subject of probability as a whole. He pointed out that there are two interpretations, those are subjective and objective views, related to the science and art of probabilistic enquiry. In furtherance with such an approach, Ramsey (188-189) writes: “And in a sense we may say that the two interpretations are the objective and subjective aspects of the same inner meaning, just as formal logic can be interpreted objectively as a body of tautology and subjectively as the laws of consistent thought.”
Author Name Assignment Subject Outline and Compare Frequentative and Subjective Views of Probability Introduction Probability is a subject which has found critical applications in a number of subjects. Probabilistic studies may be required to research on a number of topics ranging from gender inequality to quantum mechanics…
On computing and comparing median for my town, Galion, this was $ 33,841 with that of Ohio, $45,395. It is clear that median is an effective measure as it divides the distribution into lower and upper halves. Given that an average of the data is likely to be affected and thus altered or influenced by extreme incomes in this case, it will be therefore not good to use mean as the measure of choice.
The mathematical analysis of such information can provide valuable guidance for future organizational decisions. However, all forms of data collection include the issue of sampling error. The sampling error problem occurs as a result of the ability to sample every member of a given population.
The industrious thirst that has overtaken the world has had its merits and demerits. This paper seeks to point out the demerits that have been so far realized and the probable extent of damage that they might end up causing; that is, making the world a post-apocalyptic trash site.
In mathematics, it is often applied in measuring the real or what others infer as physical inclination to something to happen, additionally, it might infer the degree to which an individual might believe something will occur, or even both of this. This is the philosophical inclination while the mathematical analysis of probability was attributed to observations regarding the behaviour of game mostly when people engaged in rolling of dices and cards.
The results are very clear to interpret from the following table. The probabilities for the sales show that the company is expected to register medium sales as far as the sale of fruit juices is concerned (highest probability of 0.5). The table further depicts that there is fairly lesser chance that there would be any phenomenal sale of fruit juices (p=0.2).
This is inevitably with the future in view, as there is a lag between decisions and their effects. The gestation period tends to increase as the strategic value of issues addressed comes more sharply in to focus. Large and complex investments typically take months if not years before they yield any revenue.
If oil is hit, the income for the drilling company will be $445,000. If only natural gas is hit, the income will be $145,000. If nothing is hit, there will be no income. If the probability of hitting oil is and if the probability of hitting gas is , what is
This ranking was necessary to find out whether the judges are doing a great or not. Three courts were investigated: Municipal Court, Domestic Relations, and Common Pleas Courts.
From figure 1 above it is evident that Judge Angela is the best performing
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