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nydus/The Logic of Chance, 3rd EditionPublic
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THE SUBJECTIVE SIDE OF PROBABILITY. MEASUREMENT OF BELIEF.

by the ordinary principles of association, it would appear exceedingly likely that, not exactly a numerical condition of mind, but rather numerical associations, become inseparably connected with each particular event which we know to occur in a certain proportion of times. Once in six times a die gives ace; a knowledge of this fact, taken in combination with all the practical results to which it leads, produces, one cannot doubt, an inseparable notion of one-sixth connected with each single throw. But it surely cannot be called belief to the amount of one-sixth; at least it admits neither of justification nor explanation in these single cases, to which alone the fractional belief, if such existed, ought to apply.

It is in consequence, I apprehend, of such association that we act in such an unhesitating manner in reference to any single contingent event, even when we have no expectation of its being repeated. A die is going to be thrown up once, and once only. I bet 5 to 1 against ace, not, as is commonly asserted, because I feel one-sixth part of certainty in the occurrence of ace; but because I know that such conduct would be justified in the long run of such cases, and I apply to the solitary individual the same rule that I should apply to it if I knew it were one of a long series. This accounts for my conduct being the same in the two cases; by association, moreover, we probably experience very similar feelings in regard to them both.

§ 24. And here, on the view of the subject adopted in this Essay, we might stop. We are bound to explain the ‘measure of our belief’ in the occurrence of a single event when we judge solely from the statistical frequency with which such events occur, for such a series of events was our

starting-point; but we are not bound to inquire whether in every case in which persons have, or claim to have, a certain measure of belief there must be such a series to which to refer it, and by which to justify it. Those who start from the subjective side, and regard Probability as the science of quantitative belief, are obliged to do this, but we are free from the obligation.

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