Description Usage Arguments Details Value Author(s) See Also

View source: R/de.Finetti.Game.R

The `de.Finetti.Game`

function estimates the interval of a
subjective probability regarding a possible event in the near future.

1 |

`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. |

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.

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.

Statisticat, LLC. [email protected]

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