An event's revised 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

Revised probabilities are influenced by the prior probabilities and the accuracy of new information. While subjective assessments, consensus among experts, and expected value of information may also play a role, they are not the sole determinants of revised probabilities. The sum of prior probability and conditional probability is used in Bayes' theorem to calculate revised probabilities but is not a factor that determines the revised probability itself.

An Event's Revised Probability Depends On