Published Online: 15 FEB 2011
Copyright © 2010 John Wiley & Sons, Inc. All rights reserved.
Wiley Encyclopedia of Operations Research and Management Science
How to Cite
Al-Najjar, N. I. and de Castro, L. 2011. Subjective Probability. Wiley Encyclopedia of Operations Research and Management Science. .
- Published Online: 15 FEB 2011
We provide an overview of the idea of subjective probability and its foundational role in decision making and modern management sciences. We highlight the role of Savage's theory as an organizing methodology to guide and constrain our modeling of choice under uncertainty, rather than a substantive statement subject to refutations by experimental or psychological evidence.
- subjective probability;
- Savage's theory;
- sure thing principle;