A common method to get an idea what is the “subjectively correct” number to use as your probability is to imagine yourself betting (a moderate amount of money you would be willing to risk) on the claim, and deciding which odds would you accept. For example, if you would accept betting up to $40 against $10 on your claim, but not more, then the probability you assign to it is 0.8. If you would be willing to bet only up to $10 on a chance of winning $90, then your probability is 0.1.
I actually considered revising all my estimates using the rubric “What would I pay for ten shares of this prediction on Intrade?” But I decided that that method would likely introduce a strong bias based on my financial situation, even if I tried to imagine myself to be in a financial situation closer to the median.
A common method to get an idea what is the “subjectively correct” number to use as your probability is to imagine yourself betting (a moderate amount of money you would be willing to risk) on the claim, and deciding which odds would you accept. For example, if you would accept betting up to $40 against $10 on your claim, but not more, then the probability you assign to it is 0.8. If you would be willing to bet only up to $10 on a chance of winning $90, then your probability is 0.1.
I actually considered revising all my estimates using the rubric “What would I pay for ten shares of this prediction on Intrade?” But I decided that that method would likely introduce a strong bias based on my financial situation, even if I tried to imagine myself to be in a financial situation closer to the median.