An infinite lottery machine is used as a foil for testing the reach of inductive inference, since inferences concerning it require novel extensions of probability. Its use is defensible if there is some sense in which the lottery is physically possible, even if exotic physics is needed. I argue that exotic physics is needed and describe several proposals that fail and at least one that succeeds well enough.

A conception of probability as an irreducible feature of the physical world is outlined. Propensity analyses of probability are examined and rejected as both formally and conceptually inadequate. It is argued that probability is a non-dispositional property of trial-types; probabilities are attributed to outcomes as event-types. Brier's Rule in an objectivist guise is used to forge a connection between physical and subjective probabilities. In the light of this connection there are grounds for supposing physical probability to obey some standard set (...) of axioms. However, there is no a priori reason why this should be the case. (shrink)

This paper addresses the problem of why the conditions under which standard proofs of the Dutch Book argument proceed should ever be met. In particular, the condition that there should be odds at which you would be willing to bet indifferently for or against are hardly plausible in practice, and relaxing it and applying Dutch book considerations gives only the theory of upper and lower probabilities. It is argued that there are nevertheless admittedly rather idealised circumstances in which the classic (...) form of the Dutch Book argument is valid. (shrink)

Many people believe that there is a Dutch Book argument establishing that the principle of countable additivity is a condition of coherence. De Finetti himself did not, but for reasons that are at first sight perplexing. I show that he rejected countable additivity, and hence the Dutch Book argument for it, because countable additivity conflicted with intuitive principles about the scope of authentic consistency constraints. These he often claimed were logical in nature, but he never attempted to relate this idea (...) to deductive logic and its own concept of consistency. This I do, showing that at one level the definitions of deductive and probabilistic consistency are identical, differing only in the nature of the constraints imposed. In the probabilistic case I believe that R.T. Cox's ‘scale-free’ axioms for subjective probability are the most suitable candidates. 1 Introduction 2 Coherence and Consistency 3 The Infinite Fair Lottery 4 The Puzzle Resolved—But Replaced by Another 5 Countable Additivity, Conglomerability and Dutch Books 6 The Probability Axioms and Cox's Theorem 7 Truth and Probability 8 Conclusion: ‘Logical Omniscience’ CiteULike Connotea Del.icio.us What's this? (shrink)

It is sometimes alleged that arguments that probability functions should be countably additive show too much, and that they motivate uncountable additivity as well. I show this is false by giving two naturally motivated arguments for countable additivity that do not motivate uncountable additivity.

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)