I’d be more interested to know what LW thought of creating a Probability Distribution for a continuous outcome. This seems to be cumbersome with all of the above tools, which I’ll admit are quite helpful for binary events; but when you’re purchasing a new computer, it’s months that the computer will last before breaking, not whether it breaks in the first two years, that is relevant.
If taken to inanity, one could construct a large number of binary outcomes and try to smash them together to get a probability distribution for a continuous variable. But, that’s pretty annoying—surely there are better ways
For this, I would use the ‘smash-together’ method. “How many months have contained an experience of a computer breaking on me?” over “How many months have I owned computers?” will give me the probability of the computer breaking in any given month, and then the graph y=(1-pr(break))^x represents the continuous variable “My computer is not broken”. This takes about five minutes: it’s worth it for cars, computers, homes, smartphones, etc. But you’re right, too annoying for smaller cases.
I’d be more interested to know what LW thought of creating a Probability Distribution for a continuous outcome. This seems to be cumbersome with all of the above tools, which I’ll admit are quite helpful for binary events; but when you’re purchasing a new computer, it’s months that the computer will last before breaking, not whether it breaks in the first two years, that is relevant.
If taken to inanity, one could construct a large number of binary outcomes and try to smash them together to get a probability distribution for a continuous variable. But, that’s pretty annoying—surely there are better ways
For this, I would use the ‘smash-together’ method. “How many months have contained an experience of a computer breaking on me?” over “How many months have I owned computers?” will give me the probability of the computer breaking in any given month, and then the graph y=(1-pr(break))^x represents the continuous variable “My computer is not broken”. This takes about five minutes: it’s worth it for cars, computers, homes, smartphones, etc. But you’re right, too annoying for smaller cases.
That’s actually a pretty good idea, shokwave—thanks