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Theory of Probability
Hardcover
Series: Wiley Probability and Statistics, Book 6
ISBN13: 9781119286370
Publisher: Wiley
Published: Mar 31 2017
Pages: 608
Weight: 2.35
Height: 1.30 Width: 6.90 Depth: 9.70
Language: English
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.
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