Probability: Settings and Rationales Why Probability

Understanding Probability and Decision Making in Everyday Life

by Jyoti Kaushik*,

- Published in Journal of Advances in Science and Technology, E-ISSN: 2230-9659

Volume 3, Issue No. 5, May 2012, Pages 0 - 0 (0)

Published by: Ignited Minds Journals


ABSTRACT

Conceptsand intuitions from probability theory are ubiquitous in many aspects of our"non-mathematical" lives. When we decide whether to pay more for acar that is reported to be "more reliable"; when we choose tosafeguard our children by living in a "low-crime" neighborhood; whenwe change our diet and exercise habits to lower the risk of heart disease; whenwe accept or refuse a job with other options pending; all the above actionsinvolve implicit probability judgments.

KEYWORD

probability, settings, rationales, concepts, intuitions, reliable, low-crime, diet, exercise, heart disease, job, options

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