Even those generally skeptical of propensity interpretations of probability must now grant the following two points. First, the above single-case propensity interpretation meets recognized formal conditions for being a genuine interpretation of probability. Second, this interpretation is not logically reducible to a hypothetical relative frequency interpretation, nor is it only vacuously different from such an interpretation.The main objection to this propensity interpretation must be not that it is too vague or vacuous, but that it is metaphysically too extravagant. It asserts (...) not only that there are physical possibilities in nature, but further that nature itself contains innate tendencies toward these possibilities, tendencies which have the logical structure of probabilities. Thus the basic dispute between advocates of an actualist relative frequency interpretation and a single-case propensity interpretation is not a matter of epistemology, but metaphysics. The frequency theorist wishes to maintain that claims about physical probabilities are nothing more than claims about relative frequencies that will occur in the actual history of the world, be it infinite or no. It is a substantial, though hardly conclusive, argument for the propensity view that the mathematical structures commonly employed in studies of stochastic processes and statistical inference are richer than can be accommodated by a relative frequency interpretation. Whether it is possible to bridge this gap without going beyond an actualist metaphysics remains to be seen.38. (shrink)

Epistemic theories of objective chance hold that chances are idealised epistemic probabilities of some sort. After giving a brief history of this approach to objective chance, I argue for a particular version of this view, that the chance of an event E is its epistemic probability, given maximal knowledge of the possible causes of E. The main argument for this view is the demonstration that it entails all of the commonly-accepted properties of chance. For example, this analysis entails that chances (...) supervene on the physical facts, that the chance function is an expert probability, that the existence of stable frequencies results from invariant chances in repeated experiments, and that chances are probably close to long-run relative frequencies in repeated experiments. Despite these virtues, epistemic approaches to chance have been neglected in recent decades, on account of their conflict with accepted views about closely related topics such as causation, laws of nature, and epistemic probability. However, existing views on these topics are also very problematic, and I believe that the epistemic view of chance is a key piece of this puzzle that, once in place, allows all the other pieces to fit together into a new and coherent way. I also respond to some criticisms of the epistemic theory that I favour. (shrink)

Quantum mechanics is a fundamentally probabilistic theory (at least so far as the empirical predictions are concerned). It follows that, if one wants to properly understand quantum mechanics, it is essential to clearly understand the meaning of probability statements. The interpretation of probability has excited nearly as much philosophical controversy as the interpretation of quantum mechanics. 20th century physicists have mostly adopted a frequentist conception. In this paper it is argued that we ought, instead, to adopt a logical or Bayesian (...) conception. The paper includes a comparison of the orthodox and Bayesian theories of statistical inference. It concludes with a few remarks concerning the implications for the concept of physical reality. (shrink)

Single-case and long-run propensity theories are among the main objective interpretations of probability. There have been various objections to these theories, e.g. that it is difficult to explain why propensities should satisfy the probability axioms and, worse, that propensities are at odds with these axioms, that the explication of propensities is circular and accordingly not informative, and that single-case propensities are metaphysical and accordingly non-scientific. We consider various propensity theories of probability and their prospects in light of these objections. We (...) argue that while propensity theories face challenges, these challenges do not undermine their validity as prospective interpretations of probability in science. (shrink)