A pragmatic way of thinking about probability: it doesn’t matter what probability ‘really’ is, so long as it satisfies the right mathematical rules. In particular, Bayesian statistics encodes beliefs as values between 0 and 1, which satisfy the rules of probability (Kolomogrov laws). This encoding (belief) as probability is sometimes called plausibility or reasonable expectation). Contrast with frequentist and idealist.

Defined on page 8

Used on page 8