Convention: assigning the higher probability outcome p & 1 or p & 0
In the course it mentions conventionally the outcome with the higher probability is assigned p & value 1. however in the graph in the video the higher probability outcome is assigned p & value of 0. which is the correct convention?
Thank you for reaching out!
What you will find most often in textbooks is:
- the event of "success" denoted with a 1, with a probability of p
- the event of "failure" denoted with a 0, with a probability of 1-p
You should rather think of 0 and 1 as the events of "failure" and "success" rather than the events with "lower" or "higher" probability.