Long-time friends Pat and Tom agree on many things, but not the outcome of the American League pennant race and the World Series. Pat is originally from Boston, and Tom is from New York. They have a steak dinner bet on next year’s race, with Pat betting on the Red Sox and Tom on the Yankees. Both are convinced they will win.
a. What probability assessment technique is being used by the two friends?
b. Why would the relative frequency technique not be appropriate in this situation?