I’m not sure of the value of odds as opposed to probabilities for extreme values. Million-to-one odds is virtually the same thing as a 1⁄1,000,000 probability. Logodds, on the other hand, seem like they might have some potential for helping people think clearly about the issues.
I’d also note that probabilities are more useful for doing expected value calculations.
I’m not sure of the value of odds as opposed to probabilities for extreme values. Million-to-one odds is virtually the same thing as a 1⁄1,000,000 probability. Log odds, on the other hand, seem like they might have some potential for helping people think clearly about the issues.
I’d also note that probabilities are more useful for doing expected value calculations.