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Why the Definition of Probability Matters

Audio Mises Daily

Tags Calculation and KnowledgeSubjectivism

01/26/2011Mark R. Crovelli

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.

This audio Mises Daily is narrated by Steven Ng.


Contact Mark R. Crovelli

Mark R. Crovelli writes from Denver, Colorado.

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