Betting Interpretations and Dutch Books

In a series of papers over the past twenty years, and in a new book, Igor Douven has argued that Bayesians are too quick to reject versions of inference to the best explanation that cannot be accommodated within their framework. In this paper, I survey their worries and attempt to answer them using a series of pragmatic and purely epistemic arguments that I take to show that Bayes’ Rule really is the only rational way to respond to your evidence.

We point out a yet unnoticed flaw in Dutch Book arguments that relates to a link between degrees of belief and betting quotients. We offer a set of precise conditions governing when a nonprobabilist is immune to the classical Dutch Book argument. We suggest that diachronic Dutch Book arguments are also affected.

There are three main points of the paper. 1. There are straightforward ways of manipulating expected gains and losses that result in a divergence between fair betting odds and credence. Such manipulations are familiar from tools of finance. One can easily see that the Sleeping Beauty case is structured in such a way as to result in a divergence between fair betting odds and credence. 2. The inspection of credences and betting odds in certain betting situations shows that the two (...) main extant positions, Elga's and Lewis's, are both mistaken. 3. My proposal may seem to require a revision of probability theory but it does not. The Sleeping Beauty case merely calls attention to a constraint on partitioning of possibility space that is usually satisfied as a matter of course but can in fact be violated. (shrink)

How do we ascribe subjective probability? In decision theory, this question is often addressed by representation theorems, going back to Ramsey (1926), which tell us how to define or measure subjective probability by observable preferences. However, standard representation theorems make strong rationality assumptions, in particular expected utility maximization. How do we ascribe subjective probability to agents which do not satisfy these strong rationality assumptions? I present a representation theorem with weak rationality assumptions which can be used to define or measure (...) subjective probability for partly irrational agents. (shrink)

An objection to shifty epistemologies such as subject-sensitive invariantism is that it predicts that agents are susceptible to guaranteed losses. Bob Beddor (Analysis, 81, 193–198, 2021) argues that these guaranteed losses are not a symptom of irrationality, on the grounds that forgetful agents are susceptible to guaranteed losses without being irrational. I agree that forgetful agents are susceptible to guaranteed losses without being irrational– but when we investigate why, the analogy with shifty epistemology breaks down. I argue that agents with (...) shifty epistemologies are susceptible to guaranteed losses in a way which is a symptom of irrationality. Along the way I make a suggestion about what it takes for an agent to be coherent over time. I close by offering a taxonomy of shifty epistemologies. (shrink)

What is structural rationality? Specifically, what is the distinctive feature of structural requirements of rationality? Some philosophers have argued, roughly, that the distinctive feature of structural requirements is coherence. But what does coherence mean, exactly? Or, at least, what do structuralists about rationality have in mind when they claim that structural rationality is coherence? This issue matters for making progress in various active debates concerning rationality. In this paper, I analyze three strategies for figuring out what coherence means in the (...) debates on structural rationality. I argue that these strategies face problems. (shrink)

Rescorla (Erkenntnis, 2020) has recently pointed out that the standard arguments for Bayesian Conditionalization assume that whenever I become certain of something, it is true. Most people would reject this assumption. In response, Rescorla offers an improved Dutch Book argument for Bayesian Conditionalization that does not make this assumption. My purpose in this paper is two-fold. First, I want to illuminate Rescorla’s new argument by giving a very general Dutch Book argument that applies to many cases of updating beyond those (...) covered by Conditionalization, and then showing how Rescorla’s version follows as a special case of that. Second, I want to show how to generalise R. A. Briggs and Richard Pettigrew’s Accuracy Dominance argument to avoid the assumption that Rescorla has identified (Briggs and Pettigrew in Noûs, 2018). In both cases, these arguments proceed by first establishing a very general reflection principle. (shrink)

State-dependent utility is a problem for the behavioural branch of decision theory under uncertainty. It questions the very possibility that beliefs be revealed by choice data. According to the current literature, all models of beliefs are equally exposed to the problem. Moreover, the problem is solvable only when the decision-maker can influence the resolution of uncertainty. This article gives grounds to reject these two views. The various models of beliefs can be shown to be unequally exposed to the problem of (...) state-dependent utility. The problem can be argued to be solved even when the decision-maker has no influence over the resolution of uncertainty. The implications of such reappraisal for a philosophical appreciation of the revealed preference methodology are discussed. (shrink)

Dutch book and accuracy arguments are used to justify certain rationality constraints on credence functions. Underlying these Dutch book and accuracy arguments are associated theorems, and I show that the interpretation of these theorems can vary along a range of dimensions. Given that the theorems can be interpreted in a variety of different ways, what is the status of the associated arguments? I consider three possibilities: we could aggregate the results of the differently interpreted theorems in some way, and motivate (...) rationality constraints based on this aggregation; we could be permissive, and accept the conclusions of the Dutch book and accuracy arguments under all interpretations of the associated theorems; or we could select one uniquely correct interpretation of the Dutch book or accuracy theorem, and use that to justify certain rationality constraints. I show that each possibility faces problems, and conclude that Dutch book and accuracy theorems cannot be used to justify any principle of rationality. (shrink)

The Dutch Book Argument for Probabilism assumes Ramsey's Thesis (RT), which purports to determine the prices an agent is rationally required to pay for a bet. Recently, a new objection to Ramsey's Thesis has emerged (Hedden 2013, Wronski & Godziszewski 2017, Wronski 2018)--I call this the Expected Utility Objection. According to this objection, it is Maximise Subjective Expected Utility (MSEU) that determines the prices an agent is required to pay for a bet, and this often disagrees with Ramsey's Thesis. I (...) suggest two responses to Hedden's objection. First, we might be permissive: agents are permitted to pay any price that is required or permitted by RT, and they are permitted to pay any price that is required or permitted by MSEU. This allows us to give a revised version of the Dutch Book Argument for Probabilism, which I call the Permissive Dutch Book Argument. Second, I suggest that even the proponent of the Expected Utility Objection should admit that RT gives the correct answer in certain very limited cases, and I show that, together with MSEU, this very restricted version of RT gives a new pragmatic argument for Probabilism, which I call the Bookless Pragmatic Argument. (shrink)

Dutch Book Arguments (DBAs) have been invoked to support various requirements of rationality. Some are plausible: probabilism and conditionalization. Others are less so: credal transparency and reflection. Anna Mahtani has argued for a new understanding of DBAs which, she claims, allow us to keep the DBAs for probabilism (and perhaps conditionalization) and reject the DBAs for credal transparency and reflection. I argue that Mahtani’s new account fails as (a) it does not support highly plausible requirements of rational coherence and (b) (...) it does not, even setting aside the first objection, succeed in undermining the DBAs for credal transparency or reflection. (shrink)

We deepen the study of conjoined and disjoined conditional events in the setting of coherence. These objects, differently from other approaches, are defined in the framework of conditional random quantities. We show that some well known properties, valid in the case of unconditional events, still hold in our approach to logical operations among conditional events. In particular we prove a decomposition formula and a related additive property. Then, we introduce the set of conditional constituents generated by $n$ conditional events and (...) we show that they satisfy the basic properties valid in the case of unconditional events. We obtain a generalized inclusion-exclusion formula, which can be interpreted by introducing a suitable distributive property. Moreover, under logical independence of basic unconditional events, we give two necessary and sufficient coherence conditions. The first condition gives a geometrical characterization for the coherence of prevision assessments on a family F constituted by n conditional events and all possible conjunctions among them. The second condition characterizes the coherence of prevision assessments defined on $F\cup K$, where $K$ is the set of conditional constituents associated with the conditional events in $F$. Then, we give some further theoretical results and we examine some examples and counterexamples. Finally, we make a comparison with other approaches and we illustrate some theoretical aspects and applications. (shrink)

In this paper, I investigate the betting behavior of a decision-maker who can influence the likelihood of the events upon which she is betting. In decision theory, this is best known as a situation of moral hazard. Focusing on a particularly simple case, I sketch the first systematic analysis of moral hazard in the canonical Savage framework. From the results of this analysis, I draw two philosophical conclusions. First, from an observational and a descriptive point of view, there need to (...) be no incompatibility between moral hazard and the Savage framework. This qualifies the incompatibility view, that is ubiquitous in decision theory. Second, in general, moral hazard is not sufficient to overcome the challenges posed by state-dependent utility to the behavioral identification of beliefs. This qualifies the sufficiency view, that is influential in decision theory. These two philosophical conclusions are the main contributions of my paper. (shrink)

In this contribution we will present a generalization of de Finetti's betting game in which a gambler is allowed to buy and sell unknown events' betting odds from more than one bookmaker. In such a framework, the sole coherence of the books the gambler can play with is not sucient, as in the original de Finetti's frame, to bar the gambler from a sure-win opportunity. The notion of joint coherence which we will introduce in this paper characterizes those coherent books (...) on which sure- win is impossible. Our main results provide geometric characterizations of the space of all books which are jointly coherent with a xed one. As a consequence we will also show that joint coherence is decidable. (shrink)

According to the preference-centric approach to understanding partial belief, the connection between partial beliefs and preferences is key to understanding what partial beliefs are and how they’re measured. As Ramsey put it, the ‘degree of a belief is a causal property of it, which we can express vaguely as the extent to which we are prepared to act on it’ The Foundations of Mathematics and Other Logical Essays, Routledge, Oxon, pp 156–198, 1931). But this idea is not as popular as (...) it once was. Nowadays, the preference-centric approach is frequently dismissed out-of-hand as behaviouristic, unpalatably anti-realist, and/or prone to devastating counterexamples. Cases like Eriksson and Hájek’s :183–213, 2007) preferenceless Zen monk and Christensen’s :356–376, 2001) other roles argument have suggested to many that any account of partial belief that ties them too closely to preferences is irretrievably flawed. In this paper I provide a defence of preference-centric accounts of partial belief. (shrink)

We generalize, by a progressive procedure, the notions of conjunction and disjunction of two conditional events to the case of n conditional events. In our coherence-based approach, conjunctions and disjunctions are suitable conditional random quantities. We define the notion of negation, by verifying De Morgan’s Laws. We also show that conjunction and disjunction satisfy the associative and commutative properties, and a monotonicity property. Then, we give some results on coherence of prevision assessments for some families of compounded conditionals; in particular (...) we examine the Fréchet-Hoeffding bounds. Moreover, we study the reverse probabilistic inference from the conjunction Cn+1 of n + 1 conditional events to the family {Cn,En+1|Hn+1}. We consider the relation with the notion of quasi-conjunction and we examine in detail the coherence of the prevision assessments related with the conjunction of three conditional events. Based on conjunction, we also give a characterization of p-consistency and of p-entailment, with applications to several inference rules in probabilistic nonmonotonic reasoning. Finally, we examine some non p-valid inference rules; then, we illustrate by an example two methods which allow to suitably modify non p-valid inference rules in order to get inferences which are p-valid. (shrink)

Ramsey (1926) sketches a proposal for measuring the subjective probabilities of an agent by their observable preferences, assuming that the agent is an expected utility maximizer. I show how to extend the spirit of Ramsey's method to a strictly wider class of agents: risk-weighted expected utility maximizers (Buchak 2013). In particular, I show how we can measure the risk attitudes of an agent by their observable preferences, assuming that the agent is a risk-weighted expected utility maximizer. Further, we can leverage (...) this method to measure the subjective probabilities of a risk-weighted expected utility maximizer. (shrink)

This paper considers fair betting odds for certain bets that might be placed in the situation discussed in the so-called Sleeping Beauty Problem. This paper examines what Thirders, Halfers, and Double Halfers must say about the odds as determined by various decision theoretic approaches and argues that Thirders and Halfers have difficulties formulating plausible and coherent positions concerning the relevant betting odds. Double Halfers do not face this problem and that is an important consideration in favor of Double Halfers.

This paper examines the preference-based approach to the identification of beliefs. It focuses on the main problem to which this approach is exposed, namely that of state-dependent utility. First, the problem is illustrated in full detail. Four types of state-dependent utility issues are distinguished. Second, a comprehensive strategy for identifying beliefs under state-dependent utility is presented and discussed. For the problem to be solved following this strategy, however, preferences need to extend beyond choices. We claim that this a necessary feature (...) of any complete solution to the problem of state-dependent utility. We also argue that this is the main conceptual lesson to draw from it. We show that this lesson is of interest to both economists and philosophers. (shrink)

In this paper, I present an argument for a rational norm involving a kind of credal attitude called a quantificational credence – the kind of attitude we can report by saying that Lucy thinks that each record in Schroeder’s collection is 5% likely to be scratched. I prove a result called a Dutch Book Theorem, which constitutes conditional support for the norm. Though Dutch Book Theorems exist for norms on ordinary and conditional credences, there is controversy about the epistemic significance (...) of these results. So, my conclusion is that if Dutch Book Theorems do, in general, support norms on credal states, then we have support for the suggested norm on quantificational credences. Providing conditional support for this norm gives us a fuller picture of the normative landscape of credal states. (shrink)

This paper describes a cubic water tank equipped with a movable partition receiving various amounts of liquid used to represent joint probability distributions. This device is applied to the investigation of deductive inferences under uncertainty. The analogy is exploited to determine by qualitative reasoning the limits in probability of the conclusion of twenty basic deductive arguments (such as Modus Ponens, And-introduction, Contraposition, etc.) often used as benchmark problems by the various theoretical approaches to reasoning under uncertainty. The probability bounds imposed (...) by the premises on the conclusion are derived on the basis of a few trivial principles such as "a part of the tank cannot contain more liquid than its capacity allows", or "if a part is empty, the other part contains all the liquid". This stems from the equivalence between the physical constraints imposed by the capacity of the tank and its subdivisions on the volumes of liquid, and the axioms and rules of probability. The device materializes de Finetti's coherence approach to probability. It also suggests a physical counterpart of Dutch book arguments to assess individuals' rationality in probability judgments in the sense that individuals whose degrees of belief in a conclusion are out of the bounds of coherence intervals would commit themselves to executing physically impossible tasks. (shrink)

In this paper I present a new way of understanding Dutch Book Arguments: the idea is that an agent is shown to be incoherent iff he would accept as fair a set of bets that would result in a loss under any interpretation of the claims involved. This draws on a standard definition of logical inconsistency. On this new understanding, the Dutch Book Arguments for the probability axioms go through, but the Dutch Book Argument for Reflection fails. The question of (...) whether we have a Dutch Book Argument for Conditionalization is left open. (shrink)

Systems of logico-probabilistic (LP) reasoning characterize inference from conditional assertions interpreted as expressing high conditional probabilities. In the present article, we investigate four prominent LP systems (namely, systems O, P, Z, and QC) by means of computer simulations. The results reported here extend our previous work in this area, and evaluate the four systems in terms of the expected utility of the dispositions to act that derive from the conclusions that the systems license. In addition to conforming to the dominant (...) paradigm for assessing the rationality of actions and decisions, our present evaluation complements our previous work, since our previous evaluation may have been too severe in its assessment of inferences to false and uninformative conclusions. In the end, our new results provide additional support for the conclusion that (of the four systems considered) inference by system Z offers the best balance of error avoidance and inferential power. Our new results also suggest that improved performance could be achieved by a modest strengthening of system Z. (shrink)

In this article, I introduce the term “cognitivism” as a name for the thesis that degrees of belief are equivalent to full beliefs about truth-valued propositions. The thesis (of cognitivism) that degrees of belief are equivalent to full beliefs is equivocal, inasmuch as different sorts of equivalence may be postulated between degrees of belief and full beliefs. The simplest sort of equivalence (and the sort of equivalence that I discuss here) identifies having a given degree of belief with having a (...) full belief with a specific content. This sort of view was proposed in [C. Howson and P. Urbach, Scientific reasoning: the Bayesian approach. Chicago: Open Court (1996)].In addition to embracing a form of cognitivism about degrees of belief, Howson and Urbach argued for a brand of probabilism. I call a view, such as Howson and Urbach’s, which combines probabilism with cognitivism about degrees of belief “cognitivist probabilism”. In order to address some problems with Howson and Urbach’s view, I propose a view that incorperates several of modifications of Howson and Urbach’s version of cognitivist probabilism. The view that I finally propose upholds cognitivism about degrees of belief, but deviates from the letter of probabilism, in allowing that a rational agent’s degrees of belief need not conform to the axioms of probability, in the case where the agent’s cognitive resources are limited. (shrink)

The Reflection Principle can be defended with a Diachronic Dutch Book Argument (DBA), but it is also defeated by numerous compelling counter-examples. It seems then that Diachronic DBAs can lead us astray. Should we reject them en masse—including Lewis’s Diachronic DBA for Conditionalization? Rachael Briggs’s “suppositional test” is supposed to differentiate between Diachronic DBAs that we can safely ignore (including the DBA for Reflection) and Diachronic DBAs that we should find compelling (including the DBA for Conditionalization). I argue that Brigg’s (...) suppositional test is wrong: it sets the bar for coherence too high and places certain cases of self-doubt on the wrong side of the divide. Given that the suppositional test is unsatisfactory, we are left without any justification for discriminating between Diachronic DBAs and ought to reject them all—including the DBA for Conditionalization. (shrink)

Jeff Paris proves a generalized Dutch Book theorem. If a belief state is not a generalized probability then one faces ‘sure loss’ books of bets. In Williams I showed that Joyce’s accuracy-domination theorem applies to the same set of generalized probabilities. What is the relationship between these two results? This note shows that both results are easy corollaries of the core result that Paris appeals to in proving his dutch book theorem. We see that every point of accuracy-domination defines a (...) dutch book, but we only have a partial converse. (shrink)

If an agent believes that the probability of E being true is 1/2, should she accept a bet on E at even odds or better? Yes, but only given certain conditions. This paper is about what those conditions are. In particular, we think that there is a condition that has been overlooked so far in the literature. We discovered it in response to a paper by Hitchcock (2004) in which he argues for the 1/3 answer to the Sleeping Beauty problem. (...) Hitchcock argues that this credence follows from calculating her fair betting odds, plus the assumption that Sleeping Beauty’s credences should track her fair betting odds. We will show that this last assumption is false. Sleeping Beauty’s credences should not follow her fair betting odds due to a peculiar feature of her epistemic situation. (shrink)

The idea that beliefs may be stake-sensitive is explored. This is the idea that the strength with which a single, persistent belief is held may vary and depend upon what the believer takes to be at stake. The stakes in question are tied to the truth of the belief—not, as in Pascal’s wager and other cases, to the belief’s presence. Categorical beliefs and degrees of belief are considered; both kinds of account typically exclude the idea and treat belief as stake-invariant (...) , though an exception is briefly described. The role of the assumption of stake-invariance in familiar accounts of degrees of belief is also discussed, and morals are drawn concerning finite and countable Dutch book arguments. (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)

Colin Howson (1995 ) offers a counter-example to the rule of conditionalization. I will argue that the counter-example doesn't hit its target. The problem is that Howson mis-describes the total evidence the agent has. In particular, Howson overlooks how the restriction that the agent learn 'E and nothing else' interacts with the de se evidence 'I have learnt E'.

Certain situations seem to call for acknowledging the possibility that one’s own beliefs are biased or distorted. On the other hand, certain sorts of epistemic self-doubts (such as ‘I believe it’s raining, but it’s not’) seem paradoxical. And some have put forth epistemic principles requiring rational agents to regard their own credences as so-called ‘expert functions’. This paper examines the question of whether rationality requires agents to respect their own credences in a way in which they need not respect the (...) credences of others. (shrink)

Although written in Japanese, 確率としての信念（Belief as Probability） pursues a good explanation of Ramsey's subjective theory of probability.

If an agent believes that the probability of E being true is 1/2, should she accept a bet on E at even odds or better? Yes, but only given certain conditions. This paper is about what those conditions are. In particular, we think that there is a condition that has been overlooked so far in the literature. We discovered it in response to a paper by Hitchcock (2004) in which he argues for the 1/3 answer to the Sleeping Beauty problem. (...) Hitchcock argues that this credence follows from calculating her fair betting odds, plus the assumption that Sleeping Beauty’s credences should track her fair betting odds. We will show that this last assumption is false. Sleeping Beauty’s credences should not follow her fair betting odds due to a peculiar feature of her epistemic situation. (shrink)

On the work of Frank Ramsey, emphasizing topics most relevant to philosophy of science.

De Finetti would claim that we can make sense of a draw in which each positive integer has equal probability of winning. This requires a uniform probability distribution over the natural numbers, violating countable additivity. Countable additivity thus appears not to be a fundamental constraint on subjective probability. It does, however, seem mandated by Dutch Book arguments similar to those that support the other axioms of the probability calculus as compulsory for subjective interpretations. These two lines of reasoning can be (...) reconciled through a slight generalization of the Dutch Book framework. Countable additivity may indeed be abandoned for de Finetti's lottery, but this poses no serious threat to its adoption in most applications of subjective probability. Introduction The de Finetti lottery Two objections to equiprobability 3.1 The ‘No random mechanism’ argument 3.2 The Dutch Book argument Equiprobability and relative betting quotients The re-labelling paradox 5.1 The paradox 5.2 Resolution: from symmetry to relative probability Beyond the de Finetti lottery. (shrink)

Both Representation Theorem Arguments and Dutch Book Arguments support taking probabilistic coherence as an epistemic norm. Both depend on connecting beliefs to preferences, which are not clearly within the epistemic domain. Moreover, these connections are standardly grounded in questionable definitional/metaphysical claims. The paper argues that these definitional/metaphysical claims are insupportable. It offers a way of reconceiving Representation Theorem arguments which avoids the untenable premises. It then develops a parallel approach to Dutch Book Arguments, and compares the results. In each case (...) preferencedefects serve as a diagnostic tool, indicating purely epistemic defects. (shrink)

This dissertation looks at a set of interconnected questions concerning the foundations of probability, and gives a series of interconnected answers. At its core is a piece of old-fashioned philosophical analysis, working out what probability is. Or equivalently, investigating the semantic question of what is the meaning of ‘probability’? Like Keynes and Carnap, I say that probability is degree of reasonable belief. This immediately raises an epistemological question, which degrees count as reasonable? To solve that in its full generality would (...) mean the end of human inquiry, so that won’t be attempted here. Rather I will follow tradition and merely investigate which sets of partial beliefs are coherent. -/- The standard answer to this question, what is commonly called the Bayesian answer, says that degrees of belief are coherent iff they form a probability function. I disagree with the way this is usually justified, but subject to an important qualification I accept the answer. The important qualification is that degrees of belief may be imprecise, or vague. Part one of the dissertation, chapters 1 to 6, looks largely at the consequences of this qualification for the semantic and epistemological questions already mentioned. It turns out that when we allow degrees of belief to be imprecise, we can discharge potentially fatal objections to some philosophically attractive theses. Two of these, that probability is degree of reasonable belief and that the probability calculus provides coherence constraints on partial beliefs, have been mentioned. Others include the claim, defended in chapter 4, that chance is probability given total history. -/- As well as these semantic and epistemological questions, studies of the foundations of probability usually include a detailed discussion of decision theory. For reasons set out in chapter 2, I deny we can gain epistemological insights from decision theory. Nevertheless, it is an interesting field to study on its own, and it might be expected that there would be decision theoretic consequences of allowing imprecise degrees of belief. As I show in part two, this expectation seems to be mistaken. Chapter 9 shows that there aren’t interesting consequences of this theory for decision theory proper, and chapters 10 and 11 show that Keynes’s attempt to use imprecision in degrees of belief to derive a distinctive theory of interest rates is unsound. -/- Chapters 7 and 8 provide a link between these two parts. In chapter 7 I look at some previous philosophical investigations into the effects of imprecision. In chapter 8 I develop what I take to be the best competitor to the theory defended here – a constructivist theory of probability. On this view degrees of belief are precise, but the relevant coherence constraint is a constructivist probability calculus. This view is, I think, mistaken, but the calculus has some intrinsic interest, and there are at least enough arguments for it to warrant a chapter-length examination. (shrink)

The most immediately appealing model for formal constraints on degrees of belief is provided by probability theory, which tells us, for instance, that the probability of P can never be greater than that of (P v Q). But while this model has much intuitive appeal, many have been concerned to provide arguments showing that ideally rational degrees of belief would conform to the calculus of probabilities. The arguments most frequently used to make this claim plausible are the so-called "Dutch Book" (...) arguments. (shrink)

One guide to an argument's significance is the number and variety of refutations it attracts. By this measure, the Dutch book argument has considerable importance.2 Of course this measure alone is not a sure guide to locating arguments deserving of our attention—if a decisive refutation has really been given, we are better off pursuing other topics. But the presence of many and varied counterarguments at least suggests that either the refutations are controversial, or that their target admits of more than (...) one interpretation, or both. The main point of this paper is to focus on a way of understanding the Dutch Book argument (DBA) that avoids many of the well-known criticisms, and to consider how it fares against an important criticism that still remains: the objection that the DBA presupposes value-independence of bets. (shrink)

A critical examination of the Reflection principle in Bayesian epistemology, and of the diachronic Dutch-book-style arguments that have been invoked to support Reflection and Conditionalization.

Dutch Book arguments have been presented for static belief systems and for belief change by conditionalization. An argument is given here that a rule for belief change which under certain conditions violates probability kinematics will leave the agent open to a Dutch Book.

I analyze a recent exchange between Adam Elga and Julian Jonker concerning unsharp (or imprecise) credences and decision-making over them. Elga holds that unsharp credences are necessarily irrational; I agree with Jonker's reply that they can be rational as long as the agent switches to a nonlinear valuation. Through the lens of computational complexity theory, I then argue that even though nonlinear valuations can be rational, they come in general at the price of computational intractability, and that this problematizes their (...) use in defining rationality. I conclude that the meaning of "rationality" may be philosophically vague. (shrink)

Peter Walley argues that a vague credal state need not be representable by a set of probability functions that could represent precise credal states, because he believes that the members of the representor set need not be countably additive. I argue that the states he defends are in a way incoherent.