Question

To calculate the following probability, would you use Theoretical, Empirical, or Subjective probability:

Probability that you mow the yard today?

Answer 1

Hi,

• With theoretical probability, you don’t actually conduct an experiment (i.e. roll a die or conduct a survey). Instead, you use your knowledge about a situation, some logical reasoning, and/or known formula to calculate the probability of an event happening. It can be written as the ratio of the number of favorable events divided by the number of possible events.
• Empirical probability, also known as experimental probability, refers to a probability that is based on historical data. In other words, empirical probability illustrates the likelihood of an event occurring based on historical data.
• Subjective probability refers to the probability of something happening based on an individual’s own experience or personal judgment. A subjective probability is not based on market data or historical information and differs from person to person. In other words, it is created from the opinion of an individual and is not based on fact.

Therefore, To calculate the probability, that you mow the yard today, we would use Subjective probability since here our probability is not at all based on the market data or hostorical information available, instead it depends on person-to-person, maybe it's high for me that i mow the yard since i like doing it but maybe it's not the case for you.

Hence, we would calculate this by using Subjective probability.

Hope, you understood my answer well, please like it, Thanks.