Revision of an event's probability depends on:
A)purely subjective assessments.
B)prior probabilities and the accuracy of new information.
C)the sum of the prior probability and the conditional probability.
D)the expected value of information.
E)a consensus among experts' opinions.

Question

Quizplus · Accepted Answer

The revision of an event's probability depends on prior probabilities, which are based on objective evidence, and the accuracy of new information. Objective evidence is combined with subjective assessments to generate prior probabilities, which then serve as the starting point for evaluating new information. The accuracy of new information can either confirm or contradict prior probabilities, leading to a revision of the event's probability. Therefore, choice B is the best answer. The other choices are either incorrect or incomplete.

Revision of an Event's Probability Depends On