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Anders_H comments on Open Thread, Jul. 6 - Jul. 12, 2015 - Less Wrong Discussion

5 Post author: MrMind 06 July 2015 07:31AM

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Comment author: Anders_H 08 July 2015 11:15:18PM *  2 points [-]

While the words "odds" and "probability" are often used interchangeably in everyday speech, they are different scales. The definition of odds is odds=p/(1-p). To go from odds to probabilities, you just reverse that so that p = odds/(1+odds)

While probabilities are bounded by zero and 1, odds are bounded by zero and positive infinity. Odds of 10 would be a perfectly legitimate way to express a probability of 10/(10+1) = 0.909