Chapter 3 Flashcards
1
Q
How many types of probabilities are there?
A
Two: Instrinsic and Estimated
2
Q
What is instrinsic Probability?
A
We do not need to conduct experiments, we can find the true probabilities using logic and science.
3
Q
What is expected value?
A
Expected value really means average outcome, long term average outcome.
4
Q
What is the EV formula?
A
EV(x)=Probability(x) x Value(x)
5
Q
A
