Question

Describe the similarities and differences of the different types of probabilities. please be detailed and elaborate

Answer 1

Probability can be defined as a measure of likelihood that an event will occur. It lies between 0 and 1 where 0 implies the impossibility of the occurrence of the event and 1 implies that the event will certainly occur where the outcomes of a random experiment are considered event.

There are different type of probability. They are,

1. Classical probability

2. Empirical probability

3. Subjective probability

4. Axiomatic probability

In case of classical probability, the probability is calculated based on the previous records and the probability value is finite and known. It is computed using the following formula,

In case of empirical probability, the probability is calculated based on the frequency of the event among the total frequency. It is computed using the following formula,

Here, m is the frequency of the event and n is the total frequency.

In case of subjective probability, the probability is calculated based on the belief of the researcher. This probability may provide a incorrect result.

In case of axiomatic probability, the probability is computed using the formula,

Here, P(A) is the probability of event A, n(A) is the number of favorable cases of event A, and n(S) is the total number of cases. Moreover, 0<P(A)<1 and .

The main difference between the different types of probability is that the subjective probability is calculated based on the personal believe whereas the other types of probability is calculated based on the result of some experiment or study.

The main similarities in all type of probability is that the probability is always lies between 0 and 1.