Interpretation of probability expressions by financial directors and auditors of UK companies

2002 ◽  
Vol 11 (3) ◽  
pp. 601-629 ◽  
Author(s):  
Jon Simon
2012 ◽  
pp. 1-10
Author(s):  
Gary Koop ◽  
Dale J. Poirier ◽  
Justin L. Tobias

2021 ◽  
pp. 125-142
Author(s):  
Andrew C. A. Elliott

Gambling is an ancient human activity. We indulge ourselves by allowing ourselves to experience the dangers and thrills of chance in a somewhat controlled way. The history of lotteries and related games is explored. The chances of drawing various poker hands are laid out. The role of probability in horse racing is described, and how the odds quoted are not strictly statements of probability, but terms on which business is to be done. Political prediction betting markets give us a further interpretation of probability as a way of expressing strength of opinion in a quantifiable, albeit flawed way. Wagers encourage boasters to put their money where their mouth is, and so to quantify their degree of belief.


Author(s):  
Margaret Schabas

Keynes is best known as an economist but, in the tradition of John Stuart Mill and William Stanley Jevons, he also made significant contributions to inductive logic and the philosophy of science. Keynes’ only book explicitly on philosophy, A Treatise on Probability (1921), remains an important classic on the subject. It develops a non-frequentist interpretation of probability as the key to sound judgment and scientific reasoning. His General Theory of Employment, Interest and Money (1936) is the watershed of twentieth-century macroeconomics. While not, strictly speaking, a philosophical work, it nonetheless advances distinct readings of rationality, uncertainty and social justice.


2018 ◽  
Vol 10 (3) ◽  
pp. 7
Author(s):  
Pierpaolo Angelini ◽  
Angela De Sanctis

Affine properties are more general than metric ones because they are independent of the choice of a coordinate system. Nevertheless, a metric, that is to say, a scalar product which takes each pair of vectors and returns a real number, is meaningful when $n$ vectors, which are all unit vectors and orthogonal to each other, constitute a basis for the $n$-dimensional vector space $\mathcal{A}$. In such a space $n$ events $E_i$, $i = 1, \ldots, n$, whose Cartesian coordinates turn out to be $x^i$, are represented in a linear form. A metric is also meaningful when we transfer on a straight line the $n$-dimensional structure of $\mathcal{A}$ into which the constituents of the partition determined by $E_1, \ldots, E_n$ are visualized. The dot product of two vectors of the $n$-dimensional real space $\mathbb{R}^n$ is invariant: of these two vectors the former represents the possible values for a given random quantity, while the latter represents the corresponding probabilities which are assigned to them in a subjective fashion.We deduce these original results, which are the foundation of our next and extensive study concerning the formulation of a geometric, well-organized and original theory of random quantities, from pioneering works which deal with a specific geometric interpretation of probability concept, unlike the most part of the current ones which are pleased to keep the real and deep meaning of probability notion a secret because they consider a success to give a uniquely determined answer to a problem even when it is indeterminate.Therefore, we believe that it is inevitable that our references limit themselves to these pioneering works.


Sign in / Sign up

Export Citation Format

Share Document