PSY 308 Chapter Notes - Chapter 7: Affective Forecasting, Central Tendency, Sampling Bias
28 Feb 2016
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Document Summary
Other than death and taxes, nothing in life is certain. It is the number of ways a particular outcome (a success or the outcome in which you are interested; ex: heads) can occur divided by the number of possible outcomes (when each possible outcome is equally likely) It is a measure of how often we expect an event to occur in the long run. In the long run: refers to the need for numerous trials in order to derive accurate estimates of the proportions of outcomes that will be a success . To calculate the probability of getting a coin to land heads up, compute the number of ways a head can occur (1), divided by the number of possible outcomes (2) = 1/2 or 50% Probability values close to 0 (can never happen) or 1 (must happen) represent events that are almost certain not to occur or almost certain to occur, while probabilities near . 5 (50%) represent maximum uncertainty.
