Abstract

The inductive reliability of Bayesian methods is explored. The first result presented shows that for any solvable inductive problem of a general type, there exists a subjective prior which yields a Bayesian inductive method that solves the problem, although not all subjective priors give rise to a successful inductive method for the problem. The second result shows that the same does not hold for computationally bounded agents, so that Bayesianism is "inductively incomplete" for such agents. Finally a consistency proof shows that inductive agents do not need to disregard inductive failure on sets of subjective probability 0 in order to be ideally rational. Together the results reveal the inadequacy of the subjective Bayesian norms for scientific methodology