The formal way to revise probabilities based on new information is to use:
A) complementary probabilities
B) conditional probabilities
C) unilateral probabilities
D) common sense probabilities

Question

Quizplus · Accepted Answer

Conditional probabilities are the formal way to revise probabilities based on new information. They involve updating the probability of an event occurring in light of new information that is related to the event. This is done using Bayes' theorem or the formula for conditional probability. Complementary probabilities involve calculating the probability of an event not occurring, while unilateral probabilities and common sense probabilities are not formal methods for revising probabilities.

The Formal Way to Revise Probabilities Based on New Information