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We present a method to compute the probability distribution function of the(true) Hubble constant and the age of the universe, given the estimate of theHubble constant in our nearby galaxy samples. Our method takes into accountboth the observational errors and the cosmic variance, and enables toquantitatively compute the constraints on the cosmological models. Based on thepresent local observation $H_0=80\pm17$ km/s/Mpc, the probability of $H_0<50$km/s/Mpc is about 6\% for the Einstein -- de Sitter universe ($\Omega_0=1$) and4\% for an open ($\Omega_0=0.2$) universe. These probabilities are reduced to0.8\% and 0.03\%, respectively, if the accuracy of the observationaluncertainty is improved within 10\%. Similar probabilistic constraints on $t_0$are also discussed.Comment: 8 pages, 3 figures (uuencoded postscript

Probability Distribution of the Hubble Constant and the Age of the Universe Inferred from Local Observations