Dutch Bookies and Money Pumps
Dutch Bookies and Money Pumps
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荷兰博彩公司和资金泵
DOI:
10.2307/2026054
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发表时间:
1986
期刊:
影响因子:
--
通讯作者:
F. Schick
中科院分区:
文献类型:
--
作者:
F. Schick
C ONCLUSIVE arguments in philosophy are rare, so any such argument we find we prize. If it is not only conclusive but clever, all the better for it. The Dutch book arguments of the theory of probability seem to fill the bill. The idea behind them was first presented by Frank Ramseyl and by Bruno deFinetti.' It was fully developed in three independent papers in 1955.' The arguments offer us something worth having; they offer a rationale for the whole theory. They have now become a settled part of the literature. I want to show that they all fail. They seem to do the job only because of an assumption they all take for granted, an assumption that may often be false. Where this assumption is dropped, the arguments no longer work. Very similar arguments have been offered in support of some basic principles of preference, and these fail too, and in the same way. The moral is not that our theories of probability and of preference are in any trouble, but only that they are not as easy to justify as is believed. I A Dutch book argument has this form. There are several possible bets-say that there are three. Suppose I am willing to pay x for the first, y for the second, and z for the third. The sum of these prices I am willing to pay is x-t y-t z, but the bets at issue are such that, come what may, I will win less than this sum if I place all the bets at these prices. I can therefore be made a sap of by any bookie who sells me the three bets together. What puts me in this fix are the probabilities that I set, for it is these (along with the stakes) that determine what I will pay. My probabilities are thus jointly improper: they can be said to be incoherent.