Frank Ramsey in his paper ‘Truth and Probability’ was the first to develop a theory of utility based on a representation theorem, and a theory of partial belief based on utility-valued odds. But his proof of the multiplication theorem, on which in his system the law of addition depends, contains a step for which there seems to be no justification, and Ramsey provided no clue as to how to supply one. I conjecture that the missing justification appeals naturally to a (...) three-valued logic that de Finetti later described in his own discussion of the multiplication theorem. If this is the case then Ramsey’s paper is even more strikingly original than has been thought. (shrink)

De Finetti is one of the founding fathers of the subjective school of probability. He held that probabilities are subjective, coherent degrees of expectation, and he argued that none of the objective interpretations of probability make sense. While his theory has been influential in science and philosophy, it has encountered various objections. I argue that these objections overlook central aspects of de Finetti’s philosophy of probability and are largely unfounded. I propose a new interpretation of de Finetti’s theory that highlights (...) these aspects and explains how they are an integral part of de Finetti’s instrumentalist philosophy of probability. I conclude by drawing an analogy between misconceptions about de Finetti’s philosophy of probability and common misconceptions about instrumentalism. (shrink)

De Finetti is one of the founding fathers of the subjective school of probability. He held that probabilities are subjective, coherent degrees of expectation, and he argued that none of the objective interpretations of probability make sense. While his theory has been influential in science and philosophy, it has encountered various objections. I argue that these objections overlook central aspects of de Finetti’s philosophy of probability and are largely unfounded. I propose a new interpretation of de Finetti’s theory that highlights (...) these aspects and explains how they are an integral part of de Finetti’s instrumentalist philosophy of probability. I conclude by drawing an analogy between misconceptions about de Finetti’s philosophy of probability and common misconceptions about instrumentalism. (shrink)

The new Bayesian paradigm in the psychology of reasoning aims to integrate the study of human reasoning, decision making, and rationality. It is supported by two findings. One, most people judge the probability of the indicative conditional, P(if A then B), to be the conditional probability, P(B|A), as implied by the Ramsey test. Two, they judge if A then B to be void when A is false. Their three-valued response table used to be called ‘defective’, but should be termed the (...) de Finetti table. We show how to study general de Finetti truth tables for negations, conjunctions, disjunctions, and conditionals. (shrink)

A study is reported testing two hypotheses about a close parallel relation between indicative conditionals, if A then B , and conditional bets, I bet you that if A then B . The first is that both the indicative conditional and the conditional bet are related to the conditional probability, P(B|A). The second is that de Finetti's three-valued truth table has psychological reality for both types of conditional— true , false , or void for indicative conditionals and win , lose (...) , or void for conditional bets. The participants were presented with an array of chips in two different colours and two different shapes, and an indicative conditional or a conditional bet about a random chip. They had to make judgements in two conditions: either about the chances of making the indicative conditional true or false or about the chances of winning or losing the conditional bet. The observed distributions of responses in the two conditions were generally related to the conditional probability, supporting the first hypothesis. In addition, a majority of participants in further conditions chose the third option, “void”, when the antecedent of the conditional was false, supporting the second hypothesis. (shrink)