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Bruno de Finetti (1906–1985) is the founder of the subjective interpretation of probability, together with the British philosopher Frank Plumpton Ramsey. His related notion of “exchangeability” revolutionized the statistical methodology. This book (based on a course held in 1979) explains in a language accessible also to non-mathematicians the fundamental tenets and implications of subjectivism, according to which the probability of any well specified fact F refers to the degree of belief actually held by someone, on the ground of her whole knowledge, on the truth of the assertion that F obtains.
Truth and probability; Foresight: its logical laws, its subjective sources; The bases of probability; Subjective probability as the measure of a non-measurable set; The elicitation of personal probabilities; Probability: beware of falsifications; Probable knowledge.
Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.