Spinning a blue is unlikely
Spinning a red or yellow is likely
Spinning another colour is impossible
Spinning red is neither likely nor unlikely
Distinguishing Likelihood From Probability
Fundamentally crucial is the contrast between probability and likelihood: While likelihood is attached to hypotheses, probability is attached to potential outcomes. This first column's goal is to clarify this distinction.
The set of potential outcomes is complete and mutually exclusive. Let's say we ask a participant to forecast the results of ten coin flips. There are only 11 potential outcomes (0 to 10 correct predictions). One and only one of the potential outcomes will ever be the actual outcome. Therefore, the probability associated with the potential outcomes must add up to 1.
Contrary to outcomes, hypotheses are neither exhaustive nor mutually exclusive.
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