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/or subjective:
“Children should know there are limits to family finances or they will confuse “we can’t afford that” with “they don’t want me to have it.” The first statement is a realistic and objective assessment of a situation, while the other carries an emotional message.”
—Jean Ross Peterson (20th century)
“every subjective phenomenon is essentially connected with a single point of view, and it seems inevitable that an objective, physical theory will abandon that point of view.”
—Thomas Nagel (b. 1938)