Theory of Probability: A Critical Introductory Treatment: 6 (Wiley Series in Probability and Statistics) - Hardcover

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FIRST ISSUED IN TRANSLATION AS A TWO–VOLUME WORK IN 1975, THIS CLASSIC BOOK PROVIDES THE FIRST COMPLETE DEVELOPMENT OF THE THEORY OF PROBABILITY FROM A SUBJECTIVIST VIEWPOINT. IT PROCEEDS FROM A DETAILED DISCUSSION OF THE PHILOSOPHICAL MATHEMATICAL ASPECTS TO A DETAILED MATHEMATICAL TREATMENT OF PROBABILITY AND STATISTICS. DE FINETTI S THEORY OF PROBABILITY IS ONE OF THE FOUNDATIONS OF BAYESIAN THEORY. DE FINETTI STATED THAT PROBABILITY IS NOTHING BUT A SUBJECTIVE ANALYSIS OF THE LIKELIHOOD THAT SOMETHING WILL HAPPEN AND THAT THAT PROBABILITY DOES NOT EXIST OUTSIDE THE MIND.  IT IS THE RATE AT WHICH A PERSON IS WILLING TO BET ON SOMETHING HAPPENING.  THIS VIEW IS DIRECTLY OPPOSED TO THE CLASSICIST/ FREQUENTIST VIEW OF THE LIKELIHOOD OF A PARTICULAR OUTCOME OF AN EVENT, WHICH ASSUMES THAT THE SAME EVENT COULD BE IDENTICALLY REPEATED MANY TIMES OVER, AND THE 'PROBABILITY' OF A PARTICULAR OUTCOME HAS TO DO WITH THE FRACTION OF THE TIME THAT OUTCOME RESULTS FROM THE REPEATED TRIALS.

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