The Objective Probability
- 100 explorations out of which 25 successes and 75 failures
- Probability (Pr) of success = 1/4 and probability of failure = ¾ Given:
- The two possible outcomes which are having payoffs X_{1} and X_{2}
- Probabilities of each outcome can be given by P_{r1} & P_{r2 }
* In general, expected value can be written as: