that all which Probability discusses is the statistical frequency of events, or, if we prefer so to put it, the quantity of belief with which any one of these events should be individually regarded, but leaves all the subsequent conduct dependent upon that frequency, or that belief, to the choice of the agents. Suppose there are two travellers in the predicament in question: shall they keep together, or separate in opposite directions? In either case alike the chance of safety to each is the same, viz.[** TN: space] one-half, but clearly their circumstances must decide which course it is preferable to adopt. If they are husband and wife, they will probably prefer to remain together; if they are sole depositaries of an important state secret, they may decide to part. In other words, we have to select here between the two alternatives of the certainty of a single loss, and the even chance of a double loss; alternatives which the common mathematical statement of their chances has a decided tendency to make us regard as indistinguishable from one another. But clearly the decision must be grounded on the desires, feelings, and conscience of the agents. Probability cannot say a word upon this question. As I have pointed out elsewhere, there has been much confusion on this matter in applications of the science to betting, and in the discussion of the Petersburg problem.
We have thus examined the doctrine in question with a minuteness which may seem tedious, but in consequence of the eminence of its supporters it would have been presumptuous to have rejected it without the strongest grounds. The objections which have been urged might be summarised as follows:—the amount of our belief of any given proposition, supposing it to be in its nature capable of accurate determination (which does not seem to be the case), depends upon a great variety of causes, of which statistical frequency—the subject of Probability—is but one. That even if we confine our attention to this one cause, the natural amount of our belief is not necessarily what theory would assign, but has to be checked by appeal to experience. The subjective side of Probability therefore, though very interesting and well deserving of examination, seems a mere appendage of the objective, and affords in itself no safe ground for a science of inference.