de.Finetti.Game: de Finetti's Game
In LaplacesDemon: Complete Environment for Bayesian Inference
Description
Usage
Arguments
Details
Value
Author(s)
See Also
View source: R/de.Finetti.Game.R
Description
The de.Finetti.Game function estimates the interval of a
subjective probability regarding a possible event in the near future.
Usage
1
Arguments
width
This is the maximum acceptable width of the interval for
the returned subjective probability. The user must specify a width
between 0 and 1.
Details
This function is a variation on the game introduced by de Finetti,
who is one of the main developers of subjective probability,
along with Ramsey and Savage. In the original context, de Finetti
proposed a gamble regarding life on Mars one billion years ago.
The frequentist interpretation of probability defines the probability
of an event as the limit of its relative frequency in a large number
of trials. Frequentist inference is undefined, for example, when there
are no trials from which to calculate a probability. By defining
probability relative to frequencies of physical events, frequentists
attempt to objectify probability. However, de Finetti asserts that the
frequentist (or objective) interpretation always reduces to a subjective
interpretation of probability, because probability is a human
construct and does not exist independently of humans in
nature. Therefore, probability is a degree of belief, and is called
subjective or personal probability.
Value
The de.Finetti.Game function returns a vector of length
two. The respective elements are the lower and upper bounds of the
subjective probability of the participant regarding the possible event
in the near future.
Author(s)
Statisticat, LLC. software@bayesian-inference.com
See Also
LaplacesDemon documentation built on July 9, 2021, 5:07 p.m.
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Description Usage Arguments Details Value Author(s) See Also
View source: R/de.Finetti.Game.R
Description
The de.Finetti.Game function estimates the interval of a
subjective probability regarding a possible event in the near future.
Usage
1 |
Arguments
width |
This is the maximum acceptable width of the interval for the returned subjective probability. The user must specify a width between 0 and 1. |
Details
This function is a variation on the game introduced by de Finetti, who is one of the main developers of subjective probability, along with Ramsey and Savage. In the original context, de Finetti proposed a gamble regarding life on Mars one billion years ago.
The frequentist interpretation of probability defines the probability of an event as the limit of its relative frequency in a large number of trials. Frequentist inference is undefined, for example, when there are no trials from which to calculate a probability. By defining probability relative to frequencies of physical events, frequentists attempt to objectify probability. However, de Finetti asserts that the frequentist (or objective) interpretation always reduces to a subjective interpretation of probability, because probability is a human construct and does not exist independently of humans in nature. Therefore, probability is a degree of belief, and is called subjective or personal probability.
Value
The de.Finetti.Game function returns a vector of length
two. The respective elements are the lower and upper bounds of the
subjective probability of the participant regarding the possible event
in the near future.
Author(s)
Statisticat, LLC. software@bayesian-inference.com
See Also
R Package Documentation
Browse R Packages
We want your feedback!
Note that we can't provide technical support on individual packages. You should contact the package authors for that.
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