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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.

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Contact Mark R. Crovelli

Mark R. Crovelli writes from Denver, Colorado.

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