Subjective probability interpretations (Ramsey, Savage) require priors to be revealed through betting behavior, but no finite betting sequence uniquely determines a prior over hypothesis spaces.
?Rate how convincing each reason is below to see the overall strength.
No one has weighed in yet. Be the first to share reasons for or against this statement.
Sign in or register to share your perspective on this statement.
The idea that you can figure out what someone truly believes by watching what bets or wagers they're willing to accept—people's real confidence shows up in the risks they're willing to take.
Savage(credited with refining revealed preference theory)
Leonard Savage was a statistician and economist who improved Samuelson's theory to handle situations where people make decisions under uncertainty.
Subjective probability(as used in epistemology and decision theory)
The idea that probability isn't just about how often something happens in the real world, but about how confident a particular person is that something will happen based on their own beliefs and information.
uniquely determines(in logic and mathematics)
Fixes or specifies something in exactly one way with no ambiguity or other possibilities left open.