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Subjective probability
This occurs when an individual evaluates the available opinions and
information and then estimates or assigns the probability.
It does not contain any formal calculations and it only reflects the
subjects opinion and past experiences.
They are unique to the person making the decisions (personal bias).
An example is asking Houston Rockets fan, before the basketball
game starts, about the chances of the Rockets winning the game. Their
response being 60%.
P(X)= Degree of belief that X is true.
Beliefs
Upbringing
Age
State of mind
Status, etc.
Without having gone to any of these neighborhoods from which this data set was obtained,
when asked what is the probability of there being a school within 10 miles of a house with 1
pool and 1 garage; from my previous knowledge on how neighborhoods usually have a
neighborhood school or a school within 5 miles, my response will be there is an 90% chance
of a school being within 10 miles.