1955
DOI: 10.2307/2268221
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On confirmation and rational betting

Abstract: The purpose of this paper is to analyze rational betting. In particular, we concentrate on one necessary feature of rational betting, the avoidance of certainty of losing to a clever opponent. If a bettor is quite foolish in his choice of the rates at which he will bet, ah opponent can win money from him no matter what happens.This phenomenon is well known to professional bettors—especially bookmakers, who must as a matter of practical necessity avoid its occurrence. Such a losing book is called by them a “dut… Show more

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Cited by 94 publications
(48 citation statements)
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“…0 ), condition (b) easily follows, Suppose now that (b) holds, and take any event E " H3G;Go : then either there exists such that P ? (H)90, and so (since H is union of atoms generated by C) the probability P(E " H) can be determined by formula (24); or the event H is such that P ? (H):0 for every .1, and so we can give to E " H a (coherent) probability…”
Section: Strengthening Coherencementioning
confidence: 99%
“…0 ), condition (b) easily follows, Suppose now that (b) holds, and take any event E " H3G;Go : then either there exists such that P ? (H)90, and so (since H is union of atoms generated by C) the probability P(E " H) can be determined by formula (24); or the event H is such that P ? (H):0 for every .1, and so we can give to E " H a (coherent) probability…”
Section: Strengthening Coherencementioning
confidence: 99%
“…Shortly after, the converse was established by Kemeny in [21], a result proved independently in [24]. The Shimony-Kemeny characterisation is obtained under far more restrictive conditions than those yielding de Finetti's theorem, which 1991 Mathematics Subject Classification.…”
mentioning
confidence: 96%
“…Converse Dutch book theorems [51,59] purport to show that any agent who obeys the probability calculus is immune to a Dutch book. Yet other Dutch book theorems purport to show that any agent who violates Conditionalisation, Reflection, etc.…”
Section: Dutch Book Argumentsmentioning
confidence: 99%