Get DE FINETTI WAS RIGHT: PROBABILITY DOES NOT EXIST

De Finetti's theorem states that the probability distribution of any infinite exchangeable sequence of Bernoulli random variables is a "mixture" of the probability distributions of independent and identically distributed sequences of Bernoulli random variables.

Probability theory is the mathematical framework that allows us to analyze chance events in a logically sound manner. The probability of an event is a number indicating how likely that event will occur. This number is always between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

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.

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.

Subjective Probability Does Not Exist.

Theorem 1: The sum of probability of happening and not happening of any given event is always unity, i.e., equals 1. Theorem 2: The probability of an impossible event is always equal to 0. Theorem 3: The sure events always have 1 as a probability. Theorem 4: The probability of any event is always between 0 to 1.

Objective probability refers to the chances or the odds that an event will occur based on the analysis of concrete measures rather than hunches or guesswork. Each measure is a recorded observation, a hard fact, or part of a long history of collected data.

probability theory, a branch of mathematics concerned with the analysis of random phenomena. The outcome of a random event cannot be determined before it occurs, but it may be any one of several possible outcomes. The actual outcome is considered to be determined by chance.