Abstract

Beliefs about fair prices for betting arrangements can obviously vary depending upon how the contingencies are described, even though each of the different descriptions is correct. This sort of variation in beliefs on the part of an agent has been Iinked by Ramsey and Skyrms with the agent’s susceptibility to a dutch book situation involving some combination of bets on which there is a mathematically-guaranteed net loss as the overall outcome. Clarifying the nature of that Iinkage is the purpose of this paper. After a framework for analysis has been developed, it is shown precisely how several important conditions for having correct beliefs are interrelated.