a measure of the degree of belief that an event will3.2 occur.This is the kind of definition that one finds in Bayesian books[11,19,29,30,31] and the formulation cited here is that given in the ISO Guide[3], of which we will talk later.
At first sight this definition does not seem to be superior to the combinatorial or the frequentistic ones. At least they give some practical rules to calculate ``something''. Defining probability as ``degree of belief'' seems too vague to be of any use. We need, then, some explanation of its meaning; a tool to evaluate it - and we will look at this tool (Bayes' theorem) later. We will end this section with some explanatory remarks on the definition, but first let us discuss the advantages of this definition.
To get a better understanding of the subjective definition of
probability let us take a look at odds in betting.
The higher the
degree of belief
that an event will occur, the higher
the amount of money that someone (``a rational better'')
is ready to pay in order to receive a sum of money
if the event
occurs. Clearly the bet must be acceptable
in both directions (``coherent''
is the correct adjective), i.e. the amount of money
must be smaller or equal to
and not negative (who would accept such a bet?).
The cases of
and
mean that the events are considered
to be false or true, respectively,
and obviously it is not worth betting on certainty.
They are just limit cases, and in fact they can be
treated with standard logic.
It seems reasonable3.3
that the amount of money
that one is willing to pay
grows linearly
with the degree of belief.
It follows that if someone thinks that
the probability of the event
is
, then he
will bet
to get
if the event occurs, and to lose
if it does not. It is easy to
demonstrate that the condition of ``coherence''
implies that
.
What has gambling to do with physics? The
definition of probability through
betting odds has to be considered operational, although there is no
need to make a bet (with whom?) each time one
presents a result. It has the important role of forcing
one to make an
honest assessment of the value of probability that
one believes. One could replace money with other forms
of gratification or penalization, like the increase or
the loss of scientific reputation. Moreover, the
fact that this operational procedure is not to
be taken literally should not be surprising. Many
physical quantities are defined in a similar way.
Think, for example, of the textbook definition of
the electric field, and try to use it
to measure
in the proximity of an electron.
A nice example comes from the definition of a poisonous chemical
compound: it would be lethal if ingested.
Clearly it is preferable to keep this operational definition
at a hypothetical level, even though it is the
best definition of the concept.