“One common objection to de Finetti’s theorem is that this betting game is rather contrived. For example, what if one refuses to bet? Does that end the argument? The answer is that the betting game is an abstract model for the decision-making situation in which every agent is unavoidably involved at every moment. Every action (including inaction) is a kind of bet, and every outcome can be seen as a payoff of the bet. Refusing to bet is like refusing to allow time to pass.”
I think a fair bet presupposes that both opponents will have access to the same amount of information, which is not the case in Dialogue 1. The bets in life are not always fair, but that has nothing to do with belief in probability axioms.
That Russell & Norvig quote doesn’t appear to be a very good response to the objection it’s addressing. De Finetti’s argument is supposed to be a pragmatic argument for probabilism. In response to someone asking “Why should my beliefs obey the probability calculus?”, de Finetti says “If you don’t, you’ll end up getting screwed (by being susceptible to dutch books).”
The response to de Finetti that Russell & Norvig are considering is “There are ways to get around susceptibility to dutch books other than accepting probabilism. For instance, I could formulate a policy of refusing to accept bets. Why is probabilism the right way to deal with susceptibility to dutch books?” Russell & Norvig are saying “Well, this is a thought experiment situation in which you are forced to bet.”
OK, but that completely ruins the pragmatic appeal of de Finetti’s theorem. I can feel the attraction of probabilism if it’s the only way I’m protected against being screwed in reality. But not if it’s the only way I’m protected against being screwed in an abstract model that doesn’t match reality. Why should I care about getting screwed in a thought experiment?
Russel & Norvig:
“One common objection to de Finetti’s theorem is that this betting game is rather contrived. For example, what if one refuses to bet? Does that end the argument? The answer is that the betting game is an abstract model for the decision-making situation in which every agent is unavoidably involved at every moment. Every action (including inaction) is a kind of bet, and every outcome can be seen as a payoff of the bet. Refusing to bet is like refusing to allow time to pass.”
I think a fair bet presupposes that both opponents will have access to the same amount of information, which is not the case in Dialogue 1. The bets in life are not always fair, but that has nothing to do with belief in probability axioms.
That Russell & Norvig quote doesn’t appear to be a very good response to the objection it’s addressing. De Finetti’s argument is supposed to be a pragmatic argument for probabilism. In response to someone asking “Why should my beliefs obey the probability calculus?”, de Finetti says “If you don’t, you’ll end up getting screwed (by being susceptible to dutch books).”
The response to de Finetti that Russell & Norvig are considering is “There are ways to get around susceptibility to dutch books other than accepting probabilism. For instance, I could formulate a policy of refusing to accept bets. Why is probabilism the right way to deal with susceptibility to dutch books?” Russell & Norvig are saying “Well, this is a thought experiment situation in which you are forced to bet.”
OK, but that completely ruins the pragmatic appeal of de Finetti’s theorem. I can feel the attraction of probabilism if it’s the only way I’m protected against being screwed in reality. But not if it’s the only way I’m protected against being screwed in an abstract model that doesn’t match reality. Why should I care about getting screwed in a thought experiment?