Case probability
From Mises Wiki, the global repository of classical-liberal thought
Case probability is a form of probability analysis applicable to events which are unique and thus cannot be placed in a larger general class of which probability of the entire class can be calculated.[1] Due to the unique nature of these events the concept of frequency does not apply. Ludwig von Mises suggested that case probability was applicable to "the field of the sciences of human action, entirely ruled by teleology".[2] Case probability can be contrasted to class probability which deals with events which are members of a larger homogeneous class.
See also: Probability
References
- ↑ Peter Klein. "The Capitalist and the Entrepreneur: Essays on Organizations and Markets", 2010, page 118.
- ↑ Ludwig von Mises. "Human Action", 2010, page 107.
