Objective and Subjective Probabilities
Generally speaking, there are two types of probabilities, objective and subjective:
- Objective probabilities that can be estimated from proportions, based on data collected. 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.
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