The current definition of a conditional probability enables one to update probabilities only on the basis of stochastic information. This paper provides a definition for conditional probability with non-stochastic information. The definition is derived by a set of axioms, where the information is connected to the outcome of interest via a loss function. An illustration is presented.
Bissiri, P., Walker, S. (2018). A Definition of Conditional Probability with Non-Stochastic Information. ENTROPY, 20(8) [10.3390/e20080572].
A Definition of Conditional Probability with Non-Stochastic Information
Bissiri, Pier Giovanni
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2018
Abstract
The current definition of a conditional probability enables one to update probabilities only on the basis of stochastic information. This paper provides a definition for conditional probability with non-stochastic information. The definition is derived by a set of axioms, where the information is connected to the outcome of interest via a loss function. An illustration is presented.
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