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de Finetti’s theory of probability and its Jaynesian critique

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  • K. Velupillai

Abstract

For aesthetic, strategic and pragmatic reasons, Jaynes (Probability: The Logic of Science, Cambridge University Press, Cambridge, 2003 , Appendix A) objects to Bruno de Finetti’s founding of probability theory on the basis of the notion of coherence. In this paper an attempt is made to diffuse this critique, as well as to point out, briefly, that these, and the remarks on a variety of foundational issues in mathematics and metamathematics (op.cit, Appendix B) are misguided. Copyright Springer International Publishing Switzerland 2015

Suggested Citation

  • K. Velupillai, 2015. "de Finetti’s theory of probability and its Jaynesian critique," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 32(1), pages 85-95, April.
    • Handle: RePEc:spr:epolit:v:32:y:2015:i:1:p:85-95
    DOI: 10.1007/s40888-015-0005-z
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    References listed on IDEAS

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    1. de Finetti, Bruno, 1985. "Cambridge Probability Theorists," The Manchester School of Economic & Social Studies, University of Manchester, vol. 53(4), pages 348-363, December.
    2. Velupillai, K., 2000. "Computable Economics: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198295273.
    3. Ramsey, Frank P., 1926. "Truth and Probability," Histoy of Economic Thought Chapters, in: Braithwaite, R. B. (ed.),The Foundations of Mathematics and other Logical Essays, chapter 7, pages 156-198, McMaster University Archive for the History of Economic Thought.
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    More about this item

    Keywords

    Aesthetics; Coherence; Betting; Robot; Turing machine; C02; C11; C18; C44;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory

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