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What is axiomatic approach?
Axiomatic approach to probability is a different way of defining probability of an event. According to this approach, some rules are followed to define probability. If the result of an experiment cannot be predicted with 100% assurance before the experiment is performed, then it is called a random experiment.
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Presentation of axiomatic approach:
Let O be the set of all possible outcomes of such a random experiment. Let us assume P to be a real valued function from power set of O to [0,1]. This P is defined as probability function if it follows the below three axioms:-
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