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  2. Outcome (probability) - Wikipedia

    en.wikipedia.org/wiki/Outcome_(probability)

    In probability theory, an outcome is a possible result of an experiment or trial. [1] Each possible outcome of a particular experiment is unique, and different outcomes are mutually exclusive (only one outcome will occur on each trial of the experiment).

  3. Certainty effect - Wikipedia

    en.wikipedia.org/wiki/Certainty_effect

    Normally a reduction in the probability of winning a reward (e.g., a reduction from 80% to 20% in the chance of winning a reward) creates a psychological effect such as displeasure to individuals, which leads to the perception of loss from the original probability thus favoring a risk-averse decision.

  4. Probability theory - Wikipedia

    en.wikipedia.org/wiki/Probability_theory

    Classical definition: Initially the probability of an event to occur was defined as the number of cases favorable for the event, over the number of total outcomes possible in an equiprobable sample space: see Classical definition of probability. For example, if the event is "occurrence of an even number when a dice is rolled", the probability ...

  5. Probability interpretations - Wikipedia

    en.wikipedia.org/wiki/Probability_interpretations

    The classical definition of probability works well for situations with only a finite number of equally-likely outcomes. This can be represented mathematically as follows: If a random experiment can result in N mutually exclusive and equally likely outcomes and if N A of these outcomes result in the occurrence of the event A , the probability of ...

  6. Framing effect (psychology) - Wikipedia

    en.wikipedia.org/wiki/Framing_effect_(psychology)

    In studies of the bias, options are presented in terms of the probability of either losses or gains. While differently expressed, the options described are in effect identical. Gain and loss are defined in the scenario as descriptions of outcomes, for example, lives lost or saved, patients treated or not treated, monetary gains or losses. [2]

  7. Simulation heuristic - Wikipedia

    en.wikipedia.org/wiki/Simulation_heuristic

    The subjective probability judgments of an event used in the simulation heuristic do not follow the availability heuristic, in that these judgments are not the cause of relevant examples in memory but are instead based on the ease with which situations that did not happen can be mentally simulated or imagined.

  8. Outline of probability - Wikipedia

    en.wikipedia.org/wiki/Outline_of_probability

    Probability is a measure of the likeliness that an event will occur. Probability is used to quantify an attitude of mind towards some proposition whose truth is not certain. The proposition of interest is usually of the form "A specific event will occur." The attitude of mind is of the form "How certain is it that the event will occur?"

  9. Risk aversion (psychology) - Wikipedia

    en.wikipedia.org/wiki/Risk_aversion_(psychology)

    Both examples indicate probability-outcome dependence, as based on affect-rich outcomes, which changes the shape of PT's S-shaped curve. In Experiment 2, the size of the affect-rich jump in the weighting function is much greater ($500 – $450 = $50) than the size of the affect-poor jump ($500 – $478 = $22). [ 2 ]