Objective and Subjective Bayesian Probabilities
Broadly speaking, there are two views on Bayesian probability that interpret the 'probability' concept in different ways. For objectivists, probability objectively measures the plausibility of propositions, i.e. the probability of a proposition corresponds to a reasonable belief everyone (even a "robot") sharing the same knowledge should share in accordance with the rules of Bayesian statistics, which can be justified by requirements of rationality and consistency. For subjectivists, probability corresponds to a 'personal belief'. For subjectivists, rationality and coherence constrain the probabilities a subject may have, but allow for substantial variation within those constraints. The objective and subjective variants of Bayesian probability differ mainly in their interpretation and construction of the prior probability.
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Famous quotes containing the words objective and, objective and/or subjective:
“All married couples should learn the art of battle as they should learn the art of making love. Good battle is objective and honest—never vicious or cruel. Good battle is healthy and constructive, and brings to a marriage the principle of equal partnership.”
—Ann Landers (b. 1918)
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“... the subjective viewpoint is the only one to use regarding a library. Your true library is a collection of the books you want. You may have deplorably poor taste or bad judgment. Never mind. Correct those traits before you exchange your books.”
—Carolyn Wells (1862–1942)