Bayesian probability
back to Probability
Recognizing that different people view the same proposition with different degrees of belief, the concept of 'personal probability was championed by L. J. Savage and Bruno deFinetti and others such as Frank P. Ramsey. They created the idea of defining rational belief as an abstraction of betting behavior subject to the constraint that one doesn't want to be inconsistent in his behavior. This approach has been called Bayesian, subjective or personal probability. A series of critiques of statistical methods was based on this concept and formed the basis of the debate during the decades of 1950 and 1960. Today, there are a variety of applications of personal probability that have gained wide acceptance.