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.
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