Forgot your password?  

Not What You Meant?  There are 8 definitions for Regret.  Also try: Decision.

Probability and Chance | Research & Encyclopedia Articles

Print-Friendly   Order the PDF version   Order the RTF version
About 43 pages (12,814 words)
Decision theory Summary

Purchase our Probability and Chance


Probability and Chance

The weather report says that the chance of a hurricane arriving later today is 90 percent. Forewarned is forearmed: Expecting a hurricane, before leaving home I pack my hurricane lantern.

Probability enters into this scenario twice, first in the form of a physical probability, sometimes called a chance, quantifying certain aspects of the local weather that make a hurricane very likely, and second in the form of an epistemic probability capturing a certain attitude to the proposition that a hurricane will strike, in this case one of considerable confidence.

It is not immediately obvious that these two probabilities are two different kinds of thing, but a prima facie case can be made for their distinctness by observing that they can vary independently of one another: For example, if the meteorologists are mistaken, the chance of a hurricane may be very low though both they and I am confident that one is on its way.

Most philosophers now believe that the apparent distinctness is real. They are therefore also inclined to say that my belief that the physical probability of a hurricane is very high is distinct from my high epistemic probability for a hurricane. There must be some principle of inference that takes me from one to the other, a principle that dictates the epistemic impact of the physical probabilities—or at least, of my beliefs about the physical probabilities—telling me, in the usual cases, to expect what is physically probable and not what is physically improbable.

This page contains 201 words.

Purchase our Probability and Chance article Probability and Chance article
Read the rest of this article.
This article contains 12,814 words (approx. 43 pages at 300 words per page).
Ask any question on Decision theory and get it answered FAST!
Answer questions in BookRags Q&A and earn points toward
discounted or even FREE Study Guides and other BookRags products!
Learn more about BookRags Q&A
Copyrights
Probability and Chance from Encyclopedia of Philosophy. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.

Join BookRagslearn moreJoin BookRags

Join BookRagslearn moreJoin BookRags