Definition:Objective Unknown

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Definition

An objective unknown is an event which has a well-defined objective probability of occurring.


Two objective unknowns with the same probability are equivalent in the field of decision theory.


An objective unknown is appropriately modelled by means of a probability model.


Also known as

Some sources refer to an objective unknown as a risk.

A gamble on an objective unknown can be seen referred to as a roulette lottery.


Examples

Examples of objective unknowns include:

  • The number selected by the spin of a roulette wheel (hence the term roulette lottery)
  • The blind selection of a ball from an urn.


Also see


Sources