Probabilities don’t exist

Not in the way we have been taught in school i.e. objectively, independent of the human mind. Instead probability is subjective and a widely accepted definition is a rate at which an individual is willing to bet on the occurrence of an event.

Another neat way of making sense of this is that probability of an event is effectively the price that you are willing to pay for a lottery ticket that yields 1 unit of money if the event occurs and nothing otherwise. Your bet thus depends on your understanding (or lack thereof) of the event and your knowledge of prior data related to the event.

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