Lecture 3: Bayes theorem and human rationality

Question 1

What is being rational?

Answer 1

sensitive to all relevant evidence in a situation and the usefulness/informativeness of that evidence when it comes to dealing with uncertainty about the judgment you’re trying to make.

Question 2

Types of probability

Answer 2

Frequentists: Dice rolling type probability which is based on well defined sampling procedures
Bayesian: Single event probability which is when you update personal probability and associated with potentially informed subjective belief