The Concept of Probability Is Not as Simple as You Think

The gambler, the quantum physicist and the juror all reason about probabilities: the probability of winning, of a radioactive atom decaying, of a defendant’s guilt. But despite their ubiquity, experts dispute just what probabilities are. This leads to disagreements on how to reason about, and with, probabilities – disagreements that our cognitive biases can exacerbate, such as our tendency to ignore evidence that runs counter to a hypothesis we favour.

Clarifying the nature of probability, then, can help to improve our reasoning.

Three popular theories analyse probabilities as either frequencies, propensities or degrees of belief. Suppose I tell you that a coin has a 50% probability of landing heads up. These theories, respectively, say that this is:

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