The event will either happen (1) or not (0). The 0.4% already reflects our uncertainty. In general, I don’t think it makes mathematical sense to discuss probabilities of probabilities.*
*although of course it can make sense to describe sensitivities of probabilities to new information coming in
Three questions for you that would help us improve our model:
What important error do you think is made by our model?
What modification would you propose to address the error?
What impact do you think your modification would have on the resultant forecast?
I think he’s asking if your margin of error is >.01
What is a margin of error, here, exactly?
The event will either happen (1) or not (0). The 0.4% already reflects our uncertainty. In general, I don’t think it makes mathematical sense to discuss probabilities of probabilities.*
*although of course it can make sense to describe sensitivities of probabilities to new information coming in