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What, exactly, is probability? In this video we will see a few different perspectives on chance, the classical or a priori viewpoint, the frequentist or empirical viewpoint, and finally the Bayesian or subjective viewpoint. We’re even going to consider the game of chess, what appears to be overwhelmingly a game of skill, but which the limits of our bounded rationality still results in probabilistic elements.
0:00 Intro to Probability
0:50 Classical Probability
2:09 Frequentist Probability
5:18 Bayesian Probability
7:14 Is Chess a game of chance?
11:05 Underestimate the role of chance
Classical Probability: This is when we have a finite set of equally likely possibilities, and thus the probability of an event A is just the number of times A occurs out of all the possibilities. This is great when we know everything about a situation like a normal deck of cards.
Frequentist Probability: This is when we do emperical studies and see how frequently event A occurs, particularly in the limit as we do a large number of studies. This is great when we don’t know a priori exactly what is going on like some deck with an unknown number of cards removed, but the downside is we need to be able to do a large number of trials.
Bayesian Probability: This is when we begin with a prior probability and when we gain new information we update our worldview (often using Bayes’ Theorem) to get a posterior probability. This viewpoint is subjective because you and I may get different results given different information and different even if we had the same prior probability.
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