Since subjective probabilities reflect personal degrees of belief,
they are likely to be biased and inaccurate.
eg. Consider the subjective statement
‘My student’s chance of
winning in singer contest next Friday is 80 percent
’.
> It does not mean that the student has won 80 percent of the
contest that he has sung, nor can it therefore mean that if the contest
was run 100 times
> This student would win it 80 times.
> This statement only gives an indication of how an
individual
ranks the prospect of an o