To understand the various interpretations of probability, let’s start with a few common examples. Consider the simple act of rolling a fair die, where we intuitively understand that each number has an equal chance of landing face up. Likewise, as we traverse our regular commute frequently, we form a reasonably accurate probability of arriving on time or getting delayed on any given day. Furthermore, our subjective beliefs come into play when we attempt to predict the outcome of novel events based on our subjective beliefs, such as coming up with the probability of a party winning the state elections.
If we observe closely, all these examples involve probability but illustrate diverse ways in which we arrive at it. When it comes to the roll of a fair die, we lean on the principle of equal chance. Conversely, we draw upon the information garnered from frequent journeys in estimating commute time. While, novel events, like political predictions, get influenced by our subjective beliefs which may vary from person to person. The different ways in which probability manifests in these scenarios highlight its versatility and bring us to the three most widely accepted interpretations of probability.