Definition: Probability
Index:
The Book of Statistical Proofs ▷
General Theorems ▷
Probability theory ▷
Probability ▷
Probability
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Metadata: ID: D48  shortcut: prob  author: JoramSoch  date: 20200510, 19:41.
Definition: Let $E$ be a statement about an arbitrary event such as the outcome of a random experiment. Then, $p(E)$ is called the probability of $E$ and may be interpreted as

(objectivist interpretation of probability:) some physical state of affairs, e.g. the relative frequency of occurrence of $E$, when repeating the experiment (“Frequentist probability”); or

(subjectivist interpretation of probability:) a degree of belief in $E$, e.g. the price at which someone would buy or sell a bet that pays 1 unit of utility if $E$ and 0 if not $E$ (“Bayesian probability”).
 Wikipedia (2020): "Probability"; in: Wikipedia, the free encyclopedia, retrieved on 20200510; URL: https://en.wikipedia.org/wiki/Probability#Interpretations.
Metadata: ID: D48  shortcut: prob  author: JoramSoch  date: 20200510, 19:41.