I think that we should follow Jaynes and insist upon ‘probability’ as the name of the subjective entity. But so-called objective probability should be called ‘propensity’. Frequency is the term for describing actual data. Propensity is objectively expected frequency. Probability is subjectively expected frequency. That is the way I would vote.
I think that we should follow Jaynes and insist upon ‘probability’ as the name of the subjective entity. But so-called objective probability should be called ‘propensity’. Frequency is the term for describing actual data. Propensity is objectively expected frequency. Probability is subjectively expected frequency. That is the way I would vote.