Quote:
Originally Posted by lastcardcharlie
Maybe it is, but what I have been meaning to ask is this. Is there a recognized interpretation of probability where the probability of an event is defined as the total money bet on the event divided by the total money bet on the experiment, and any other definition of what probability means is illusory?
The frequentist interpretation of the probability of an Event is the long run frequency the Event happens over numerous repeated trials of the experiment.
From Wiki -
"Bayesian probability (/ˈbeɪziən/ BAY-zee-ən or /ˈbeɪʒən/ BAY-zhən)[1] is an interpretation of the concept of probability, in which, instead of frequency or propensity of some phenomenon, probability is interpreted as reasonable expectation[2] representing a state of knowledge[3] or as quantification of a personal belief.[4]
The Bayesian interpretation of probability can be seen as an extension of propositional logic that enables reasoning with hypotheses;[5][6] that is, with propositions whose truth or falsity is unknown. In the Bayesian view, a probability is assigned to a hypothesis, whereas under frequentist inference, a hypothesis is typically tested without being assigned a probabiity.
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I'm not sure what the name might be for what you're describing. Maybe the "Mutual Betting Pool" interpretation of probability. For example, the horse racing odds at a hypothetical race track where there's no money removed from the mutual pool for expenses or fees or whatever.
Regardless, remember the original problem doesn't ask for a probability.
The OP -
Any time Sleeping beauty is awakened and interviewed, she is asked, "What is your credence now for the proposition that the coin landed heads?"
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