What is Dutch book argument for the first axiom of probability(the one that says that the probability of a sentence is never less than 0 or more than 1)?
Anyone know that theory?
Since your post asked for a limited explanation in 100-200 words of the Dutch book theory, I tried my best to express the concept in a short presentation as possible. I wanted to give you an introduction on how the argument came about (why Dutch Book?) and how it is used in Philosophy. In order to present some equations (Remember that the Dutch Book Theory in philosophy ties itself to probability calculus) I decided to give you some ‘key terms’ that are related to or inhibit the Dutch Book Theory, especially on the first Axiom of Probability & the idea of Probabilism. I encourage you to read more of the argument using the references I cited as there are various view points on its validity. I have attached a word version of this solution, print it out for your reference. Good luck & thank you for using Brainmass.
A Practical …
The Solution defines the Dutch book argument of probability and expands it further by providing practical mathematical equations & examples that can be used in confronting a ‘dutch book probability’ problem. Note that this solution centers on the first axiom of probability. The solution also provides a glossary of key terms to help clarify the often confusing topic of the ‘dutch book’, axioms of probability, its ties to calculus & how it is used as an argumentative tool in philosophy.