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Why would a business person use subjective probabilities? Aren't subjective probabilities just guesses? How can they have any reliability in a decision-making situation if they

Why would a business person use subjective probabilities? Aren't subjective probabilities just guesses? How can they have any reliability in a decision-making situation if they are not based on some chance process or at least historical data on the relative frequency of events that have happened in the past?

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