hi, thanks. sorry if I posed the question poorly. actually, what I'm looking for is an intuitive understanding of when to use odds and when probabilities. I know that probs have a problem in that they don't make multiplicative sense: for instance, assume I have a probability of winning of 55%; if the likelihood of winning doubles, we have absurd outcomes if expressed in terms of probabilities.
thanks. brad [EMAIL PROTECTED] (Kenmlin) wrote in message news:<[EMAIL PROTECTED]>... > Odd is defined to be > > P(event) > ----------- > 1- P(event) > > So if P(event) is 0.50, then the odd is 1 to 1. If P(event) is 0.75, then the > odd is 3 to 1 since 0.75 is three times as large as 1 - 0.75 = 0.25. > > Given one of odds or probabilities, you can always derive the other. > > Ken ================================================================= Instructions for joining and leaving this list, remarks about the problem of INAPPROPRIATE MESSAGES, and archives are available at http://jse.stat.ncsu.edu/ =================================================================
