Why might a decision maker be reluctant to make subjective probability judgments when historical data are available?

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Why might a decision maker be reluctant to make subjective probability judgments when historical data are available? In what sense does the use of data still involve subjective judgments?

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Making Hard Decisions with decision tools

ISBN: 978-0538797573

3rd edition

Authors: Robert Clemen, Terence Reilly

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Question Posted: Dec 22, 2015 02:04 AM

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Why might a decision maker be reluctant to make subjective probability judgments when historical data are available?

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Many decision makers trust objective data more than subje...View the full answer

Making Hard Decisions with decision tools

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