CodalSearch this book — or all of Codal…⌘K
nydus/The Logic of Chance, 3rd EditionPublic

This work examines the physical foundations of probability by analyzing the formation and behavior of statistical series. It explores the nature of laws of error, the processes of causation, and the empirical methods required to establish and prove probabilistic data.

Page 101 of 310
Table of Contents

THE SUBJECTIVE SIDE OF PROBABILITY. MEASUREMENT OF BELIEF.

justification becomes still more extensive. We can assign a very intelligible sense to the assertion that it is 999 to 1 that I shall not get a prize in a lottery, even if this be stated in the form that my belief in my so doing is represented by the fraction 1/1000th of certainty. Properly it means that in a very large number of throws I should gain once in 1000 times. If we include other contingencies of the same kind, as described in the last section, each individual may be supposed to reach to something like this experience within the limits of his own life. He could not do it in this particular line of conduct alone, but he could do it in this line combined with others. Now introduce the possibility of each man feeling that the gain of others offers some analogy to his own gains, which we may conceive his doing except in the case of the gains of those against whom he is directly competing, and the above justification becomes still more extensively applicable.

The following would be a fair illustration to test this view. I know that I must die on some day of the week, and there are but seven days. My belief, therefore, that I shall die on a Sunday is one-seventh. Here the contingent event is clearly one that does not admit of repetition; and yet would not the belief of every man have the value assigned it by the formula? It would appear that the same principle will be found to be at work here as in the former examples. It is quite true that I have only the opportunity of dying once myself, but I am a member of a class in which deaths occur with frequency, and I form my opinion upon evidence drawn from that class. If, for example, I had insured my life for £1000, I should feel a certain propriety in demanding

£7000 in case the office declared that it would only pay in the event of my dying on a Sunday. I, indeed, for my own private part, might not find the arrangement an equitable one; but mankind at large, in case they acted on such a principle, might fairly commute their aggregate gains in such a way, whilst to the Insurance Office it would not make any difference at all.

§ 26. The results of the last few sections might be summarised as follows:—the different amounts of belief which we entertain upon different events, and which are recognized by various phrases in common use, have undoubtedly some meaning. But the greater part of their meaning, and certainly their only justification, are to be sought in the series of corresponding events to which they belong; in regard to [TN: ** shewn changed to shown] which it may be shown that far more events are capable of being referred to a series than might be supposed at first sight. The test and justification of belief are to be found in conduct; in this test applied to the series as a whole, there is nothing peculiar, it differs in no way from the similar test when we are acting on our belief about any single event. But so applied, from the nature of the case it is applied successively to each of the individuals of the series; here our conduct generally admits of being separately considered in reference to each particular event; and this has been understood to denote a certain amount of belief which should be a fraction of certainty. Probably on the principles of association, a peculiar condition of mind is produced in reference to each single event. And these associations are not unnaturally retained even when we contemplate any one of these single events isolated from any series to which it belongs. When it is found alone we treat it, and feel towards it, as we do when it is in company with the rest of the series.

§ 27. We may now see, more clearly than we could before, why it is that we are free from any necessity of assuming the existence of causation, in the sense of necessary invariable sequence, in the case of the events which compose our series. Against such a view it might very plausibly be urged, that we constantly talk of the probability of a single event; but how can this be done, it may reasonably be said, if we once admit the possibility of that event occurring fortuitously? Take an

101