The standard representation theorem for expected utility theory tells us that if a subject’s preferences conform to certain axioms, then she can be represented as maximising her expected utility given a particular set of credences and utilities—and, moreover, that having those credences and utilities is the only way that she could be maximising her expected utility. However, the kinds of agents these theorems seem apt to tell us anything about are highly idealised, being always probabilistically coherent with infinitely precise degrees (...) of belief and full knowledge of all a priori truths. Ordinary subjects do not look very rational when compared to the kinds of agents usually talked about in decision theory. In this paper, I will develop an expected utility representation theorem aimed at the representation of those who are neither probabilistically coherent, logically omniscient, nor expected utility maximisers across the board—that is, agents who are frequently irrational. The agents in question may be deductively fallible, have incoherent credences, limited representational capacities, and fail to maximise expected utility for all but a limited class of gambles. (shrink)

We generalize the Kolmogorov axioms for probability calculus to obtain conditions defining, for any given logic, a class of probability functions relative to that logic, coinciding with the standard probability functions in the special case of classical logic but allowing consideration of other classes of "essentially Kolmogorovian" probability functions relative to other logics. We take a broad view of the Bayesian approach as dictating inter alia that from the perspective of a given logic, rational degrees of belief are those representable (...) by probability functions from the class appropriate to that logic. Classical Bayesianism, which fixes the logic as classical logic, is only one version of this general approach. Another, which we call Intuitionistic Bayesianism, selects intuitionistic logic as the preferred logic and the associated class of probability functions as the right class of candidate representions of epistemic states (rational allocations of degrees of belief). Various objections to classical Bayesianism are, we argue, best met by passing to intuitionistic Bayesianism—in which the probability functions are taken relative to intuitionistic logic—rather than by adopting a radically non-Kolmogorovian, for example, nonadditive, conception of (or substitute for) probability functions, in spite of the popularity of the latter response among those who have raised these objections. The interest of intuitionistic Bayesianism is further enhanced by the availability of a Dutch Book argument justifying the selection of intuitionistic probability functions as guides to rational betting behavior when due consideration is paid to the fact that bets are settled only when/if the outcome bet on becomes known. (shrink)

Bayes' Theorem is a simple mathematical formula used for calculating conditional probabilities. It figures prominently in subjectivist or Bayesian approaches to epistemology, statistics, and inductive logic. Subjectivists, who maintain that rational belief is governed by the laws of probability, lean heavily on conditional probabilities in their theories of evidence and their models of empirical learning. Bayes' Theorem is central to these enterprises both because it simplifies the calculation of conditional probabilities and because it clarifies significant features of subjectivist position. Indeed, (...) the Theorem's central insight — that a hypothesis is confirmed by any body of data that its truth renders probable — is the cornerstone of all subjectivist methodology. (shrink)

De Finetti would claim that we can make sense of a draw in which each positive integer has equal probability of winning. This requires a uniform probability distribution over the natural numbers, violating countable additivity. Countable additivity thus appears not to be a fundamental constraint on subjective probability. It does, however, seem mandated by Dutch Book arguments similar to those that support the other axioms of the probability calculus as compulsory for subjective interpretations. These two lines of reasoning can be (...) reconciled through a slight generalization of the Dutch Book framework. Countable additivity may indeed be abandoned for de Finetti's lottery, but this poses no serious threat to its adoption in most applications of subjective probability. Introduction The de Finetti lottery Two objections to equiprobability 3.1 The ‘No random mechanism’ argument 3.2 The Dutch Book argument Equiprobability and relative betting quotients The re-labelling paradox 5.1 The paradox 5.2 Resolution: from symmetry to relative probability Beyond the de Finetti lottery. (shrink)

This dissertation looks at a set of interconnected questions concerning the foundations of probability, and gives a series of interconnected answers. At its core is a piece of old-fashioned philosophical analysis, working out what probability is. Or equivalently, investigating the semantic question of what is the meaning of ‘probability’? Like Keynes and Carnap, I say that probability is degree of reasonable belief. This immediately raises an epistemological question, which degrees count as reasonable? To solve that in its full generality would (...) mean the end of human inquiry, so that won’t be attempted here. Rather I will follow tradition and merely investigate which sets of partial beliefs are coherent. -/- The standard answer to this question, what is commonly called the Bayesian answer, says that degrees of belief are coherent iff they form a probability function. I disagree with the way this is usually justified, but subject to an important qualification I accept the answer. The important qualification is that degrees of belief may be imprecise, or vague. Part one of the dissertation, chapters 1 to 6, looks largely at the consequences of this qualification for the semantic and epistemological questions already mentioned. It turns out that when we allow degrees of belief to be imprecise, we can discharge potentially fatal objections to some philosophically attractive theses. Two of these, that probability is degree of reasonable belief and that the probability calculus provides coherence constraints on partial beliefs, have been mentioned. Others include the claim, defended in chapter 4, that chance is probability given total history. -/- As well as these semantic and epistemological questions, studies of the foundations of probability usually include a detailed discussion of decision theory. For reasons set out in chapter 2, I deny we can gain epistemological insights from decision theory. Nevertheless, it is an interesting field to study on its own, and it might be expected that there would be decision theoretic consequences of allowing imprecise degrees of belief. As I show in part two, this expectation seems to be mistaken. Chapter 9 shows that there aren’t interesting consequences of this theory for decision theory proper, and chapters 10 and 11 show that Keynes’s attempt to use imprecision in degrees of belief to derive a distinctive theory of interest rates is unsound. -/- Chapters 7 and 8 provide a link between these two parts. In chapter 7 I look at some previous philosophical investigations into the effects of imprecision. In chapter 8 I develop what I take to be the best competitor to the theory defended here – a constructivist theory of probability. On this view degrees of belief are precise, but the relevant coherence constraint is a constructivist probability calculus. This view is, I think, mistaken, but the calculus has some intrinsic interest, and there are at least enough arguments for it to warrant a chapter-length examination. (shrink)

Reasoning from inconclusive evidence, or ‘induction’, is central to science and any applications we make of it. For that reason alone it demands the attention of philosophers of science. This Element explores the prospects of using probability theory to provide an inductive logic, a framework for representing evidential support. Constraints on the ideal evaluation of hypotheses suggest that overall support for a hypothesis is represented by its probability in light of the total evidence, and incremental support, or confirmation, indicated by (...) an increased probability given the evidence than otherwise. This proposal is shown to have the capacity to reconstruct many canons of the scientific method and inductive inference. Along the way, significant objections are discussed, such as the challenge from inductive scepticism and the objection that the probabilistic approach makes evidential support arbitrary. (shrink)

Quine taught us the difference between a theory’s ontology and its ideology. Ontology is the things a theory’s quantifiers must range over if it is true, Ideology is the primitive concepts that must be used to state the theory. This allows us to split the theoretical virtue of parsimony into two kinds: ontological parsimony and ideological parsimony. My goal is help illuminate the virtue of ideological parsimony by giving a criterion for ideological innocence—a rule for when additional ideology does not (...) count against parsimony. I propose the expressive power innocence criterion: if the ideology of theory one is expressively equivalent to that of theory two, then neither is ideologically simpler than the other. In its favor I offer the argument from accuracy, showing that any account of a theoretical virtue that is supposed to make theories that have it more likely to be true than theories that do not must respect it. Next I consider its ramifications, eliminating rival views and passing judgment on some arguments from parsimony that can be found in the literature. Finally, I consider two objections. First: I address an objection arising from the possibility of languages with a ‘primitive’ operator that allows us to list a theory’s primitives in the object-language. Second: I address an objection raised by Nelson Goodman against attempts to reckon simplicity by expressive power. Both objections fail. (shrink)

According to the traditional Bayesian view of credence, its structure is that of precise probability, its objects are descriptive propositions about the empirical world, and its dynamics are given by conditionalization. Each of the three essays that make up this thesis deals with a different variation on this traditional picture. The first variation replaces precise probability with sets of probabilities. The resulting imprecise Bayesianism is sometimes motivated on the grounds that our beliefs should not be more precise than the evidence (...) calls for. One known problem for this evidentially motivated imprecise view is that in certain cases, our imprecise credence in a particular proposition will remain the same no matter how much evidence we receive. In the first essay I argue that the problem is much more general than has been appreciated so far, and that it’s difficult to avoid without compromising the initial evidentialist motivation. The second variation replaces descriptive claims with moral claims as the objects of credence. I consider three standard arguments for probabilism with respect to descriptive uncertainty—representation theorem arguments, Dutch book arguments, and accuracy arguments—in order to examine whether such arguments can also be used to establish probabilism with respect to moral uncertainty. In the second essay, I argue that by and large they can, with some caveats. First, I don’t examine whether these arguments can be given sound non-cognitivist readings, and any conclusions therefore only hold conditional on cognitivism. Second, decision-theoretic representation theorems are found to be less convincing in the moral case, because there they implausibly commit us to thinking that intertheoretic comparisons of value are always possible. Third and finally, certain considerations may lead one to think that imprecise probabilism provides a more plausible model of moral epistemology. The third variation considers whether, in addition to conditionalization, agents may also change their minds by becoming aware of propositions they had not previously entertained, and therefore not previously assigned any probability. More specifically, I argue that if we wish to make room for reflective equilibrium in a probabilistic moral epistemology, we must allow for awareness growth. In the third essay, I sketch the outline of such a Bayesian account of reflective equilibrium. Given that this account gives a central place to awareness growth, and that the rationality constraints on belief change by awareness growth are much weaker than those on belief change by conditionalization, it follows that the rationality constraints on the credences of agents who are seeking reflective equilibrium are correspondingly weaker. (shrink)

Both Representation Theorem Arguments and Dutch Book Arguments support taking probabilistic coherence as an epistemic norm. Both depend on connecting beliefs to preferences, which are not clearly within the epistemic domain. Moreover, these connections are standardly grounded in questionable definitional/metaphysical claims. The paper argues that these definitional/metaphysical claims are insupportable. It offers a way of reconceiving Representation Theorem arguments which avoids the untenable premises. It then develops a parallel approach to Dutch Book Arguments, and compares the results. In each case (...) preferencedefects serve as a diagnostic tool, indicating purely epistemic defects. (shrink)

Cílem této práce je rozebrat možnosti argumentu holandské sázky ve prospěch probabilismu a stanovit jeho meze. Existuje mnoho podob argumentu, proto se nejprve budu věnovat popisu argumentu v jeho klasické podobě. Následně je podroben kritice ve třech oblastech: (1) problémy behaviorismu, (2) užitku peněz, (3) vztah koherence, jisté ztráty a racionality. Zásadní je dle mého především třetí oblast týkající se neschopnosti jednoduše propojit probabilistickou nekoherenci stupňů přesvědčení s jistou ztrátou a pragmatickou racionalitou. Věnuji se třem současným reinterpretacím argumentu ve prospěch (...) probabilistických norem (Armendt, Howson, Christensen), přičemž v textu docházím k závěru, že ani jedna z nich není uspokojivá. Selhávají v řešení problémů (Armendt, Christensen), nebo neříkají nic zajímavého ve prospěch probabilismu (Howson). Proto se domnívám, že rozbor argumentu především ukazuje, že pragmatická obhajoba epistemických norem racionality, jako je ta v argumentu holandské sázky, není pro probabilismus schůdnou cestou. Závěr se snaží nastínit, proč tomu tak je. (shrink)

De Finetti is one of the founding fathers of the subjective school of probability. He held that probabilities are subjective, coherent degrees of expectation, and he argued that none of the objective interpretations of probability make sense. While his theory has been influential in science and philosophy, it has encountered various objections. I argue that these objections overlook central aspects of de Finetti’s philosophy of probability and are largely unfounded. I propose a new interpretation of de Finetti’s theory that highlights (...) these aspects and explains how they are an integral part of de Finetti’s instrumentalist philosophy of probability. I conclude by drawing an analogy between misconceptions about de Finetti’s philosophy of probability and common misconceptions about instrumentalism. (shrink)

The foundations of probability are viewed through the lens of the subjectivist interpretation. This article surveys conditional probability, arguments for probabilism, probability dynamics, and the evidential and subjective interpretations of probability.

Showcasing original arguments for well-defined positions, as well as clear and concise statements of sophisticated philosophical views, this volume is an ...

How does deductive logic constrain probability? This question is difficult for subjectivistic approaches, according to which probability is just strength of (prudent) partial belief, for this presumes logical omniscience. This paper proposes that the way in which probability lies always between possibility and necessity can be made precise by exploiting a minor theorem of de Finetti: In any finite set of propositions the expected number of truths is the sum of the probabilities over the set. This is generalized to apply (...) to denumerable languages. It entails that the sum of probabilities can neither exceed nor be exceeded by the cardinalities of all consistent and closed (within the set) subsets. In general any numerical function on sentences is said to be logically coherent if it satisfies this condition. Logical coherence allows the relativization of necessity: A function p on a language is coherent with respect to the concept T of necessity iff there is no set of sentences on which the sum of p exceeds or is exceeded by the cardinality of every T-consistent and T-closed (within the set) subset of the set. Coherence is easily applied as well to sets on which the sum of p does not converge. Probability should also be relativized by necessity: A T-probability assigns one to every T-necessary sentence and is additive over disjunctions of pairwise T-incompatible sentences. Logical T-coherence is then equivalent to T-probability: All and only T-coherent functions are T-probabilities. (shrink)

Many people regard utility theory as the only rigorous foundation for subjective probability, and even de Finetti thought the betting approach supplemented by Dutch Book arguments only good as an approximation to a utility-theoretic account. I think that there are good reasons to doubt this judgment, and I propose an alternative, in which the probability axioms are consistency constraints on distributions of fair betting quotients. The idea itself is hardly new: it is in de Finetti and also Ramsey. What is (...) new is that it is shown that probabilistic consistency and consequence can be defined in a way formally analogous to the way these notions are defined in deductive (propositional) logic. The result is a free-standing logic which does not pretend to be a theory of rationality and is therefore immune to, among other charges, that of “logical omniscience”. (shrink)

The Dutch Book argument, like Route 66, is about to turn 80. It is arguably the most celebrated argument for subjective Bayesianism. Start by rejecting the Cartesian idea that doxastic attitudes are ‘all-or-nothing’; rather, they are far more nuanced degrees of belief, for short credences, susceptible to fine-grained numerical measurement. Add a coherentist assumption that the rationality of a doxastic state consists in its internal consistency. The remaining problem is to determine what consistency of credences amounts to. The Dutch Book (...) argument, in a nutshell, says that if your credences do not obey the probability calculus, you are ‘incoherent’—susceptible to sure losses at the hands of a ‘Dutch Bookie’—and thus irrational. Conclusion: rationality requires your credences to obey the probability calculus. And like Route 66, the fortunes of the Dutch Book argument have been mixed. Opinions on the argument are sharply divided. The list of its proponents is quite a ‘who’s who’ of philosophers of probability; they include de Finetti (1937, 1980), Carnap (1950, 1962, and more fully, 1955), Kemeny (1955), Lehman (1955), Shimony (1955), Adams (1962), Mellor (1971), Rosenkrantz (1981), van Fraassen (1989), Jeffrey (1983, 1992). (shrink)

In this paper, I present a simple and straightforward logic of induction: a consequence relation characterized by a proof theory and a semantics. This system will be called LI. The premises will be restricted to, on the one hand, a set of empirical data and, on the other hand, a set of background generalizations. Among the consequences will be generalizations as well as singular statements, some of which may serve as predictions and explanations.

Decision-theoretic representation theorems have been developed and appealed to in the service of two important philosophical projects: in attempts to characterise credences in terms of preferences, and in arguments for probabilism. Theorems developed within the formal framework that Savage developed have played an especially prominent role here. I argue that the use of these ‘Savagean’ theorems create significant difficulties for both projects, but particularly the latter. The origin of the problem directly relates to the question of whether we can have (...) credences regarding acts currently under consideration and the consequences which depend on those acts; I argue that such credences are possible. Furthermore, I argue that attempts to use Jeffrey’s non-Savagean theorem in the service of these two projects may not fare much better. (shrink)

This paper considers how explanatory factors can play a role in our ampliative inferential practices. Van Fraassen has argued that there is no possible rational rule that governs ampliative inferences and includes weightings for explanatory beauty. In opposition to van Fraassen, Douven has argued that ampliative inferential rules that include weightings for explanatory factors can be rationally followed. There is, however, a crucial difficulty with Douven's approach: applying the ampliative rule that he suggests leads into irrational belief states. A way (...) to remove the difficulties with Douven's account is suggested. The implications of rationally including explanatory factors in ampliative inferences are then considered. Introduction The proposed interpretations Van Fraassen's justification of the Bayesian approach A rational non-Bayesian interpretation? Further restrictions on D(A,B) Conclusion. (shrink)