Good explanation #3- we perceive probabilities differently from their objective values (i.e., a question of calibration). Our responses to questions will be both a function of our “underlying” subjective probabilities and also the mapping of that to the response format. In the link, for example, responding with (p) 10% to 90% feels like being from (w(p)) 20% to 70% sure.
Good explanation #3- we perceive probabilities differently from their objective values (i.e., a question of calibration). Our responses to questions will be both a function of our “underlying” subjective probabilities and also the mapping of that to the response format. In the link, for example, responding with (p) 10% to 90% feels like being from (w(p)) 20% to 70% sure.