Business, Legal & Accounting Glossary
This technique is an explicit statement about subjective probability concerning an event. The willingness to place a zero probability on an event often betrays a misunderstanding of this concept. Probabilities must range between zero and one. The probability of intelligent life on Mars may be close to zero but with new evidence, this could be updated upwards.
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This glossary post was last updated: 4th August, 2021 | 0 Views.