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1.) Suppose a expierment has 5 equally likley outcomes: E1.
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1.) Suppose a expierment has 5 equally likley outcomes: E1. E2, E3, E4, E5. Assign probabilities to each outcome. What method did you use?
7.) A decesion maker subjectively assigned the following probabilities to the four outcomes of an expierment: P(E1)= .10, P(E2)= .15, P(E3)=.40, and P(E4)= .20. Are ther=ese probability assignments valid? Explain
Submitted:
3 years ago.
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Calculus and Above
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Expert:
Ryan
replied 3 years ago.
Hi,
Thank you for using JustAnswer.
1) Since each outcome is equally likely, and the sum of the probabilities of all five outcomes must equal 1.00, the probability of each individual outcome is:
1.00 / 5 =
0.20
We are simply dividing the required total, 1.00, into five equal portions, one for each outcome.
7) No, these are not valid probability assignments because the sum of the probabilties is only 0.85. For the assignments to be valid, the sum of the probabilties of all possible outcomes must be equal to 1.00, and each individual probability must be between 0 and 1.
Thanks,
Ryan
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