Question

What do you mean by Subjective Probability?

Answer 1

Hint: In this question, we need to explain the concept of subjective probability. For this, first, we will understand what probability is. After that only, we can understand the term subjective probability.

Complete step-by-step answer:
We know that probability is defined as a field of mathematical study that deals with determining the likelihood of an event occurring.
We can say that there are three kinds of probabilities like Theoretical probability, experimental probability, and subjective probability.
Let us understand the concept of subjective probability.
Subjective probability refers to the likelihood of a particular outcome relying on one’s judgment or experience. It assists us in predicting the outcome of an event by referencing previous knowledge and focusing on our own experience.
Since every person may have differing opinions or ways of thinking about a specific event, the subjective probability result will never be the same for two people. For instance, if two people were asked to forecast how you would respond in a particular circumstance, the responses would almost certainly differ.
In simple terms, the subjective probability is based solely on personal opinion. This probability is also known as the personal probability for the same reason. There is no principle or experiment to back this up. In this particular instance, the likelihood of the same event occurring varies from person to person.
Therefore, the subjective probability is in which we use our opinion to determine probabilities.

Note: For understanding subjective probability, it is necessary to have an idea regarding the concept of probability. There is no evidence to support the term such as subjective probability.