Properties of Probability

Properties of Probability

Let S be a sample space consisting of n distinct outcomes, s1 ,s2 ,………sn. An acceptable probability assignment consist of assigning to each outcome si a number p1 (the probability of si) according to these rules.

a. The probability of each outcome is a number between 0 and 1.

0 ≤ p1 ≤ 1, 0  ≤ p2≤ 1 ,…….0  ≤  pn ≤ 1

b. The sum of the probabilities of all possible outcomes is 1.

p1 + p2 + p3 + ….. + pn = 1

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