Profiles

Absolute certainty in science can only be acquired by discovering propositions about the world that can be known to be true a priori.

Daniel James Sanchez's recent article offers a fascinating analysis of the use of probability and mathematical modeling in the financial markets. 1 He is highly critical of the use of probability and mathematical modeling for the purpose of predicting future economic conditions or future prices in...

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.

Abstract: The most interesting and completely overlooked aspect of Ludwig von Mises’s theory of probability is the total absence of any explicit definition for probability in his theory. This paper examines Mises’s theory of probability in light of the fact that his theory possesses no definition...