Lecture 6

Question 1

What is the classical view?

Answer 1

The probability of E is the ratio of the number of states in E to the total number of states in the space S.

Question 2

When is the classical view best used?

Answer 2

Best used in games of chance and other clearly specified situations that can be divided into EQUALLY LIKELY SITUATIONS with CLEAR PHYSICAL SYMMETRY

Question 3

See slides 8 and 9

Answer 3

->if we apply EV it leads to a different prediction of preferences

Question 4

Explain the frequentists view?

Answer 4

The probability of E is the ratio of the number of times the event has happened to the number of total trials

Question 5

What are two shortcomings of the frequentist view and what does this mean?

Answer 5

What if the event hasn’t been observed? (Life on mars)

What if the event is limited in no. of trials/occurrences

Cannot apply EV to these situations

Question 6

What is the Bayesian (subjective) view?

Answer 6

Subjective views are personal assessments

Question 7

See

Answer 7

L6 flips of a coin notes