What roles does physical probability play in science? What are its properties? One central property of chance is that, when known, it constrains rational belief to take the same numerical value. David Lewis called this the Principal Principle, (3.3 & 3.5) a term that philosophers have mostly adopted. For example, suppose you are certain that a particular biased coin has propensity 0.32 to land heads every time it is tossed. What is then the correct price for a gamble that pays $1 if the coin lands heads, and nothing otherwise? According to the Principal Principle, the fair price is 32 cents.
What roles does physical probability play in science What are its properties One central property of chance is that when known it constrains rational belief to take the same numerical value David Lewis called this the Principal Principle (33 & 35) a term that philosophers have mostly adopted For example suppose you are certain that a particular biased coin has propensity 032 to land heads every time it is tossed What is then the correct price for a gamble that pays $1 if the coin lands heads and nothing otherwise According to the Principal Principle the fair price is 32 cents