A Source of Bayesian Priors

Cognitive Science 19 (3):377-405 (1995)
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Abstract

Establishing reasonable, prior distributions remains a significant obstacle for the construction of probabilistic expert systems. Human assessment of chance is often relied upon for this purpose, but this has the drawback of being inconsistent with axioms of probability. This article advances a method for extracting a coherent distribution of probability from human judgment. The method is based on a psychological model of probabilistic reasoning, followed by a correction phase using linear programming.

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