We prove that de Finetti coherence is preserved under taking products of coherent books on two sets of independent events. This establishes a desirable closure property of coherence: were it not the case it would raise a question mark over the utility of de Finetti’s notion of coherence.

Chang's MV algebras are the algebras of the infinite-valued sentential calculus of ukasiewicz. We introduce finitely additive measures (called states) on MV algebras with the intent of capturing the notion of average degree of truth of a proposition. Since Boolean algebras coincide with idempotent MV algebras, states yield a generalization of finitely additive measures. Since MV algebras stand to Boolean algebras as AFC*-algebras stand to commutative AFC*-algebras, states are naturally related to noncommutativeC*-algebraic measures.

This paper sheds new light on the subtle relation between probability and logic by (i) providing a logical development of Bruno de Finetti's conception of events and (ii) suggesting that the subjective nature of de Finetti's interpretation of probability emerges in a clearer form against such a logical background. By making explicit the epistemic structure which underlies what we call Choice-based probability we show that whilst all rational degrees of belief must be probabilities, the converse doesn't hold: some probability values (...) don't represent decision-relevant quantifications of uncertainty. (shrink)

This paper introduces a logical analysis of convex combinations within the framework of Łukasiewicz real-valued logic. This provides a natural link between the fields of many-valued logics and decision theory under uncertainty, where the notion of convexity plays a central role. We set out to explore such a link by defining convex operators on MV-algebras, which are the equivalent algebraic semantics of Łukasiewicz logic. This gives us a formal language to reason about the expected value of bounded random variables. As (...) an illustration of the applicability of our framework we present a logical version of the Anscombe–Aumann representation result. (shrink)