Stephanie and Steve are looking at a variety of cars,as they are trying to select a new vehicle.Given that they selected very different vehicles,it appears that their calculations were based on individual versus objective information.Decisions based on each of their own preferences would be called
A)conditional probability.
B)subjective probability.
C)bounded rationality.
D)false-consensus effect.

Question

Quizplus · Accepted Answer

Subjective probability refers to decisions or judgments that are based on an individual's personal preferences or beliefs, rather than relying solely on objective data or facts. In this case, Stephanie and Steve are making decisions based on their own subjective preferences, leading them to choose very different vehicles.

Stephanie and Steve Are Looking at a Variety of Cars,as