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Rational Decisions by Ken Binmore

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6

Frequency

6.1 Interpreting Classical Probability

Kolmogorov’s classical theory of probability is entirely mathematical, and so says nothing whatever about the world. To apply the theory, we need to find an interpretation of the objects that appear in the theory that is consistent with whatever facts we are treating as given in whatever model of the world we choose to maintain.

The literature recognizes three major interpretations of probability:

• Objective probability

• Subjective probability

• Logical probability

Donald Gillies’s (2000) excellent book Philosophical Theories of Probability surveys the literature very thoroughly from a perspective close to mine, and so I need only sketch the different interpretations.

Objective probability ...

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