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Why the Definition of Probability Matters

  • Audio Mises Daily
January 26, 2011

Tags Calculation and KnowledgeSubjectivism

Human beings do not possess a mystical property of "probability" inside them; rather, they always act on their subjective beliefs and values. Probability in the human world is thus merely a measure of man's uncertainty about the subjective beliefs and values that influence the actions of other men, writes Mark R. Crovelli.

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