How To Gamble If You Must

Our title comes from a famous book by Lester Dubbins and Leonard Savage, which appeared at the beginning of the Bayesian Theoretical Resurgence (late 1970s), a movement which has by now infiltrated nearly all of academia. The next logical step (a pun!) on this road to a complete understanding of uncertainty is full-on logical probability. Academia is now far too distracted to venture down that road, so this trip will be some time coming.

Games of chance are always logical. Prove this by picking up any undergraduate text in statistics and find the chapter on probability. You will see examples like this: "A die has probability 1/6 of showing a 6; therefore, the probability of two die (or one die thrown twice) showing two 6s is 1/6 x 1/6 = 1/36."

Valid answer, but an invalid, or at least incomplete, argument.

Comment at more at : https://www.wmbriggs.com/post/44928/