objective probability

Also found in: Financial, Encyclopedia.

ob·jec·tive prob·a·bil·i·ty

a probability of an outcome based either on unassailable theory or extensive empiric experience of exactly the same combination of circumstances; the notion also implies that the realization concerned has not been effected and therefore even in principle not known with certainty.
Farlex Partner Medical Dictionary © Farlex 2012
References in periodicals archive ?
In Step 2, the change in the objective probability of reckless driving from a change in the subjective probability is assumed to be 1 for speeding and is estimated to be 0.693 for drinking and driving (Table A3, row 1).
For a student with a given objective probability of college completion, white teachers are less optimistic when the student in question is black.
As Wilkinson 1 points out, the objective probabilities do not apply to the research hypotheses because these have no associated population to which an objective probability can be applied.
p is both the objective probability of a home win and the reference point of a consumer.
(254) Nor can subjective probability assessments involved in judging whether a standard of proof has been met generally be declared "wrong" simply because they are based in part on objective data, where available, or because of the precise relationship between that data and the individualized, unique decision being made." (255) Standards of proof in the area of probable cause can therefore not be rejected on the theory that they will distort objective probability judgments because such judgments are in fact not being made.
Thereby, the default probability of the company under the objective probability measure is given by
This is important, because it emphasizes that subjective priors about other people's behavior may be different from the objective probability, and they may be driven by the individual's educational background and the cultural environment in which the individual was reared.
Then they look at objective probability and long-term frequency, and present a structured approach to making decisions that are consistent with the decision makers' estimates of uncertainty and risk attitude.
Application of the Objective Probability of Bias Standard to Justice Benjamin's Failure to Recuse Himself
This objective probability would generally be obtained by repeated measurements of some kind (tossing a coin is a simple example), and the relative frequency of occurrence of a favorable result (heads or tails) would be an estimate of a probability.
Uninformed bettors are defined as those whose objective expected return is negative, as they bet on horses whose objective probability of winning is less than the price.

Full browser ?