Free CFA Level I Flashcards

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Identify the two defining properties of probability, including mutually exclusive and exhaustive events, and compare and contrast empirical, subjective, and a priori probabilities.

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The two properties of probability are as follows:

  • The sum of the probabilities of all possible mutually exclusive events is 1.
  • The probability of any event cannot be greater than 1 or less than 0.
A priori probability measures predetermined probabilities based on well-defined inputs; empirical probability measures probability from observations or experiments; and subjective probability is an informed guess.

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