**Interpretations**

When dealing with experiments that are random and well-defined in a purely theoretical setting (like tossing a fair coin), probabilities describe the statistical number of outcomes considered divided by the number of all outcomes (tossing a fair coin twice will yield HH with probability 1/4, because the four outcomes HH, HT, TH and TT are possible). When it comes to practical application, however, the word *probability* does not have a singular direct definition. In fact, there are two major categories of **probability interpretations**, whose adherents possess conflicting views about the fundamental nature of probability:

- Objectivists assign numbers to describe some objective or physical state of affairs. The most popular version of objective probability is frequentist probability, which claims that the probability of a random event denotes the
*relative frequency of occurrence*of an experiment's outcome, when repeating the experiment. This interpretation considers probability to be the relative frequency "in the long run" of outcomes. A modification of this is propensity probability, which interprets probability as the tendency of some experiment to yield a certain outcome, even if it is performed only once. - Subjectivists assign numbers per subjective probability, i.e., as a degree of belief. The most popular version of subjective probability is Bayesian probability, which includes expert knowledge as well as experimental data to produce probabilities. The expert knowledge is represented by some (subjective) prior probability distribution. The data is incorporated in a likelihood function. The product of the prior and the likelihood, normalized, results in a posterior probability distribution that incorporates all the information known to date. Starting from arbitrary, subjective probabilities for a group of agents, some Bayesians claim that all agents will eventually have sufficiently similar assessments of probabilities, given enough evidence.

Read more about this topic: Probability

### Other articles related to "interpretations, interpretation":

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... by several distinct and radically different

... by several distinct and radically different

**interpretations**... These are then used as sources by modern authors to support spiritual**interpretations**... alchemy published since 1970 support spiritual**interpretations**, mostly using previously adulterated documents to support their conclusions ...Sentence Processing - Ambiguity and Sentence Comprehension

... For example, the sentence Time flies like an arrow has (at least) the

... For example, the sentence Time flies like an arrow has (at least) the

**interpretations**Time moves as quickly as an arrow, A special kind of fly, called time fly, likes arrows and Measure the speed of flies like you ... Usually, readers will be only aware of the first**interpretation**... is globally ambiguous if it has two distinct**interpretations**...Arne Næss - Philosophy

... This was an application of set theory to the problems of language

... This was an application of set theory to the problems of language

**interpretation**, extending the work of semanticists such as Charles Kay Ogden in The Meaning of Meaning ... given utterance (word, phrase, or sentence) can be considered as having different potential**interpretations**, depending on prevailing language norms, the ... These differing**interpretations**are to be formulated in more precise language represented as subsets of the original utterance ...Snake-witch Stone - Parallels,

... Arrhenius and Holmquist (1960) also found a connection with late Celtic art suggesting that the stone depicted Daniel in the lions' den and compared it with a depiction on a purse lid from Sutton Hoo, although the stone in question does not show creatures with legs ... Arwidsson (1963) also attributed the stone to late Celtic art and compared it with the figure holding a snake on the Gundestrup cauldron ...

**Interpretations**, and Speculation... Arrhenius and Holmquist (1960) also found a connection with late Celtic art suggesting that the stone depicted Daniel in the lions' den and compared it with a depiction on a purse lid from Sutton Hoo, although the stone in question does not show creatures with legs ... Arwidsson (1963) also attributed the stone to late Celtic art and compared it with the figure holding a snake on the Gundestrup cauldron ...

Lost Decade (Japan) -

... In response to the recession, Japanese policymakers tried a series of government economic stimulus programs and bank bailouts ... A 2.4% budget surplus in 1991 turned to a deficit of 4.3% by 1996 and 10% by 1998, with the national debt to GDP ratio reaching 100% ...

**Interpretations**... In response to the recession, Japanese policymakers tried a series of government economic stimulus programs and bank bailouts ... A 2.4% budget surplus in 1991 turned to a deficit of 4.3% by 1996 and 10% by 1998, with the national debt to GDP ratio reaching 100% ...

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