Theory of Probability
Author | : Bruno de Finetti |
Publisher | : John Wiley & Sons |
Total Pages | : 611 |
Release | : 2017-04-17 |
ISBN-10 | : 9781119286370 |
ISBN-13 | : 1119286379 |
Rating | : 4/5 (379 Downloads) |
Download or read book Theory of Probability written by Bruno de Finetti and published by John Wiley & Sons. This book was released on 2017-04-17 with total page 611 pages. Available in PDF, EPUB and Kindle. Book excerpt: First issued in translation as a two-volume work in 1975, this classic book provides the first complete development of the theory of probability from a subjectivist viewpoint. It proceeds from a detailed discussion of the philosophical mathematical aspects to a detailed mathematical treatment of probability and statistics. De Finetti's theory of probability is one of the foundations of Bayesian theory. De Finetti stated that probability is nothing but a subjective analysis of the likelihood that something will happen and that that probability does not exist outside the mind. It is the rate at which a person is willing to bet on something happening. This view is directly opposed to the classicist/ frequentist view of the likelihood of a particular outcome of an event, which assumes that the same event could be identically repeated many times over, and the 'probability' of a particular outcome has to do with the fraction of the time that outcome results from the repeated trials.