The Enigma Of Probability

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Abstract
Using “brute reason” I will show why there can be only one valid interpretation of probability. The valid interpretation turns out to be a further refinement of Popper’s Propensity interpretation of probability. Via some famous probability puzzles and new thought experiments I will show how all other interpretations of probability fail, in particular the Bayesian interpretations, while these puzzles do not present any difficulties for the interpretation proposed here. In addition, the new interpretation casts doubt on some concepts often taken as basic and unproblematic, like rationality, utility and expectation. This in turn has implications for decision theory, economic theory and the philosophy of physics.
Keywords Bayesianism  decision theory  expectation  expected utility  expected value  fair game  measurement problem  probability interpretation  St Petersburg paradox  two-envelope problem
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