Probability FAQs:

Q: Is probability the measure of the likelihood that an event will occur?

A: Yes.

Q: Is probability Bayesian probability?

A: Yes, and which includes expert knowledge as well as experimental data to produce probabilities.

Q: Is probability frequentist probability?

A: Yes, and which claims that the probability of a random event denotes the relative frequency of occurrence of an experiment's outcome, when repeating the experiment.

Q: Is probability a modern development of mathematics?

A: Yes.

Q: Is probability used to design games of chance so that casinos can make a guaranteed profit?

A: Yes, yet provide payouts to players that are frequent enough to encourage continued play.

Q: Are probabilities neither assessed independently nor necessarily very rationally?

A: Yes.

Q: Is probability quantified as a number between 0 and 1?

A: Yes, and where, loosely speaking, 0 indicates impossibility and 1 indicates certainty.

Q: Is probability the same?

A: Yes, and except for technical details.

Q: Is probability taken as a primitive and the emphasis is on constructing a consistent assignment of probability values to propositions?

A: Yes.

Q: Is probability a representation of probabilistic concepts in formal terms—that is?

A: Yes, and in terms that can be considered separately from their meaning.

Q: Is probability a way of assigning every event a value between zero and one?

A: Yes, and with the requirement that the event made up of all possible results is assigned a value of one.