What Approach to Probability Is Based on a Person's Belief

question 49

Short Answer

What approach to probability is based on a person's belief, opinion or judgment? _______

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Definitions:

Error Management Theory

The idea that both men and women seek to minimize the most costly type of error, but that men’s and women’s goals, and hence worst errors, differ.

Certainty Effect

In decision making, the greater weight given to definite outcomes than to probabilities.

Reactance Theory

A psychological theory suggesting that people have a negative reaction to restrictions on their personal freedoms, often resulting in a motivation to regain those freedoms.

Status Quo Bias

The preference to keep things the way they are rather than change.