A Definition of Conditional Probability with Non-Stochastic Information

oleh: Pier Giovanni Bissiri, Stephen G. Walker

Format: Article
Diterbitkan: MDPI AG 2018-08-01

Deskripsi

The current definition of a conditional probability enables one to update probabilities only on the basis of stochastic information. This paper provides a definition for conditional probability with non-stochastic information. The definition is derived by a set of axioms, where the information is connected to the outcome of interest via a loss function. An illustration is presented.