5. A decision maker subjectively assigned the following probabilities to the all the four possible outcomes of an activity: P(E1) = 0.35, P(E2) = 0.12, P(E3) = 0.44, and P(E4) = 0.20. (a) Are these probability assignments valid? Yes or No. (b) Give reason for your answer in 5(a).

5. A decision maker subjectively assigned the following probabilities to the all the four possible outcomes of an activity: P(E1) = 0.35, P(E2) = 0.12, P(E3) = 0.44, and P(E4) = 0.20. (a) Are these probability assignments valid? Yes or No. (b) Give reason for your answer in 5(a).

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

5.
A decision maker subjectively assigned the following probabilities to the all the four possible outcomes of an
activity: P(E1) = 0.35, P(E2) = 0.12, P(E3) = 0.44, and P(E4) = 0.20.
(a) Are these probability assignments valid?
Yes or No.
(b) Give reason for your answer in 5(a).

Expert Solution

Step 1

We have given probabilities to all four possible outcomes of an activity:

${P(E}_{1}) = 0.35$ ,

${P(E}_{2}) = 0.12$ ,

${P(E}_{3}) = 0.44$ ,

${P(E}_{4}) = 0.20$ .

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