Theory of Probability. A Critical Introductory Treatment

First Issued In Translation As A Two-volume Work In 1975, This Classic Book Provides The First Complete Development Of The Theory Of Probability From A Subjectivist Viewpoint. It Proceeds From A Detailed Discussion Of The Philosophical Mathematical Aspects To A Detailed Mathematical Treatment Of Probability And Statistics. 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. It Is The Rate At Which A Person Is Willing To Bet On Something Happening. This View Is Directly Opposed To The Classicist/ Frequentist View Of The Likelihood Of A Particular Outcome Of An Event, Which Assumes That The Same Event Could Be Identically Repeated Many Times Over, And The 'probability' Of A Particular Outcome Has To Do With The Fraction Of The Time That Outcome Results From The Repeated Trials.