2.3 Conditional lower previsions

Let c02-math-0571 be a subset of the sampling space c02-math-0572, and consider a gamble c02-math-0573 on c02-math-0574. Walley's theory of coherent lower previsions gives two different interpretations of the conditional lower prevision c02-math-0575 of c02-math-0576 given c02-math-0577: the updating and the contingent one. Under the contingent interpretation, c02-math-0578 is our subject's current supremum buying price for the gamble c02-math-0579 contingent on c02-math-0580, that is, the supremum value of such that the gamble is desirable for our subject.

In order to relate the subject's ...

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