Long-time friends, Pat and Tom, agree on many things, but not the outcome of the American League pennant race and the World Series. Pat is originally from Boston, and Tom is from New York. They have a steak dinner bet on next year's race, with Pat betting on the Red Sox and Tom on the Yankees. Both are convinced they will win. What probability assessment technique is being used by the two friends?
A) Subjective probability
B) Classical probability
C) Relative frequency probability
D) Independent probability

Question

Quizplus · Accepted Answer

The technique being used is subjective probability, as it is based on personal judgment or opinion rather than on objective calculation or empirical evidence. Pat and Tom are making predictions based on their personal biases and beliefs about their favorite teams.

Long-Time Friends, Pat and Tom, Agree on Many Things, but Not