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On The Notion Of Probability: A Survey

Author

Listed:
  • de Leede, E.
  • Koerts, J.

Abstract

Different interpretations of the probability concept are considered. In a situation of repeated trials, indepedent in the frequentistic sense, the frequentistic theory appears to be adequate only if a sufficiently large number of observations is available. In those cases where only a limited number of observations is available, the subjectivistic approach towards probability might be of help. The underlying assumptions of this notion of probability are considered. From the fundamentals of normative probabilities, the ambiguity of a prior distribution for an "unknown" parameter is shown: Sometimes such a prior distribution can be considered as a reflection of (personal) beliefs, sometimes it must be considered as a derivative of the learning process that is chosen. When these two .interpretations overlap, the meaning of a prior distribution becomes rather vague.

Suggested Citation

  • de Leede, E. & Koerts, J., 1977. "On The Notion Of Probability: A Survey," Econometric Institute Archives 272144, Erasmus University Rotterdam.
    • Handle: RePEc:ags:eureia:272144
    DOI: 10.22004/ag.econ.272144
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    Cited by:

    1. Dubbelman, C., 1977. "A Note On Theil'S Device For Choosing A Blus Base," Econometric Institute Archives 272147, Erasmus University Rotterdam.
    2. Nooteboom, B., 1977. "A Mathematical Theory of Store Operation," Econometric Institute Archives 272145, Erasmus University Rotterdam.

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