classical - probability referring to cases containing elements that are equally likely to happen.
Example- your lottery ticket winning vs everyone else's.
empirical- probability of an event based on the results of an actual experiment conducted several times.
Example- the probability of a washing machine needing repairs is high based off of 6 years of data collected.
subjective- probability derived from an individual's personal judgment about whether a specific outcome is likely to occur.
Example- an analyst feels that a certain stock's probability of decreasing is low.
