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by lottin
2022 days ago
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You say indifference, but indifference with regards to what? In economics, an individual is said to be indifferent between two alternatives if those alternatives result in the same level of utility for him or her, utility being an abstract concept representing well-being. But you don't say why this person is indifferent to the coin showing one face or the other. Because if it's because he or she thinks both options are equally likely, then we again have a problem, since we don't know what "likely" means. |
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0) I tossed a coin, it lies flat on my desk
1) You have some degree of belief about the statements H:“the coin shows heads” and T:“the coin shows tails”
2) You want to quantify that degree of belief
3) You postulate that you can put a number on your degree of belief about some statement A with the following properties:
3a) p(A) it is between 0 (false) and 1 (true)
3b) p(A or B) = p(A) + p(B) - p(A and B)
3c) p(A and B) = p(A given B) p(B) = p(B given A) p(A)
4) p(H) + p(T) = 1
5) Unless your degree of belief about H is higher than your degree of belief about T
or your degree of belief about T is higher than your degree of belief about H ...
6) ... it follows that p(H) = p(T) = 0.5