Objective and Subjective Probabilities

In general, probabilities can be classified into two types: objective probabilities and subjective probabilities:

• Objective probabilities that can be estimated from proportions, based on empirical data. For instance, P(Q), or for instance, the probability that a retail store is handling the brand Coca-Cola.
• Subjective probabilities that cannot be estimated from long-run proportions. For example, an applicant feels she has a 50% chance of getting a job. This is her opinion, and it is subjective.