Probability as understood today, namely as a quantitative notion expressible by means of a function ranging in the interval between 0–1, took shape in the mid-17th century, and presents both a mathematical and a philosophical aspect. Of these two sides, the second is by far the most controversial, and fuels a heated debate, still ongoing. After a short historical sketch of the birth and developments of probability, its major interpretations are outlined, by referring to the work of their most prominent (...) representatives. The final section addresses the question of whether any of such interpretations can presently be considered predominant, which is answered in the negative. (shrink)

Pragmatism, taken not just as a philosophical movement but as a way of addressing problems, strongly influenced the debate on the foundations of probability during the first half of the twentieth century. Upholders of different interpretations of probability such as Hans Reichenbach, Ernest Nagel, Rudolf Carnap, Frank Ramsey, and Bruno de Finetti, acknowledged their debt towards pragmatist philosophers, including Charles Sanders Peirce, William James, Clarence Irving Lewis, William Dewey and Giovanni Vailati. In addition, scientist-philosophers like Ernst Mach, Ludwig Boltzmann, Henri (...) Poincaré, Pierre Duhem, and Karl Pearson, who heralded a conception of science and knowledge at large that was close to pragmatism, were very influential in that debate. Among the main interpretations of probability – frequentism, propensionism, logicism and subjectivism -, the latter is no doubt the closest to the pragmatist outlook. This paper concentrates on three representatives of the subjective theory, namely Frank Ramsey, Bruno de Finetti and Émile Borel. (shrink)

From its first significant appearance in physics, the notion of probability has been linked in the minds of physicists with the notion of uncertainty. But the link may prove to be tenuous, if quantum mechanics, construed in terms of the Everett interpretation, is anything to go by.

Harold Jeffreys' ideas on the interpretation of probability and epistemology are reviewed. It is argued that with regard to the interpretation of probability, Jeffreys embraces a version of logicism that shares some features of the subjectivism of Ramsey and de Finetti. Jeffreys also developed a probabilistic epistemology, characterized by a pragmatical and constructivist attitude towards notions such as ‘objectivity’, ‘reality’ and ‘causality’. 1 Introductory remarks 2 The interpretation of probability 3 Jeffreys' probabilistic epistemology.

This paper investigates the kind of empiricism combined with an operationalist perspective that, in the first decades of our Century, gave rise to a turning point in theoretical physics and in probability theory. While quantum mechanics was taking shape, the classical (Laplacian) interpretation of probability gave way to two divergent perspectives: frequentism and subjectivism. Frequentism gained wide acceptance among theoretical physicists. Subjectivism, on the other hand, was never held to be a serious candidate for application to physical theories, despite the (...) fact that its philosophical back-ground strongly resembles that underlying quantum mechanics, at least according to the Copenhagen interpretation. The reasons for this are explored. (shrink)

In the insurance literature, it is often argued that private markets can provide insurance against ‘risks’ but not against ‘uncertainties’ in the sense of Knight ([1921]) or Keynes ([1921]). This claim is at odds with the standard economic model of risk exchange which, in assuming that decision-makers are always guided by point-valued subjective probabilities, predicts that all uncertainties can, in theory, be insured. Supporters of the standard model argue that the insuring of highly idiosyncratic risks by Lloyd's of London proves (...) that this is so even in practice. The purpose of this article is to show that Bruno de Finetti, famous as one of the three founding fathers of the subjective approach to probability assumed by the standard model, actually made a theoretical case for uncertainty within the subjectivist approach. We draw on empirical evidence from the practice of underwriters to show how this case may help explain the reluctance of insurers to cover highly uncertain contingencies. (shrink)

Richard Jeffrey has labelled his philosophy of probability radical probabilism and qualified this position as Bayesian, nonfoundational and anti-rationalist. This paper explores the roots of radical probabilism, to be traced back to the work of Frank P. Ramsey and Bruno de Finetti.