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The ancient Greek philosophers Plato and Aristotle debated economic equality. Painting by Raffaello Sanzio (1509). According to professor of politics Ed Rooksby, the concept of equality of outcome is an important one in disputes between different political positions, since equality has overall been seen as positive and an important concept that is "deeply embedded in the fabric of modern ...
A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%).
The ambiguity effect is a cognitive tendency where decision making is affected by a lack of information, or "ambiguity". [1] The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown.
After long-term follow-up half of people with schizophrenia have a favourable outcome while 16% have a delayed recovery after an early unremitting course. More usually, the course in the first two years predicted the long-term course. Early social intervention was also related to a better outcome.
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). All of the possible outcomes of an experiment form the elements of a sample space. [2]
The sixteenth-century polymath Cardano demonstrated the efficacy of defining odds as the ratio of favourable to unfavourable outcomes. Implied by this definition is the fact that the probability of an event is given by the ratio of favourable outcomes to the total number of possible outcomes.
The tendency to be over-optimistic, underestimating greatly the probability of undesirable outcomes and overestimating favorable and pleasing outcomes (see also wishful thinking, valence effect, positive outcome bias, and compare pessimism bias). [109] [110] Ostrich effect
Outcome switching is the practice of changing the primary or secondary outcomes of a ... researchers still have wriggle room to choose the most favourable option. A ...