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What is Dutch Book

Adapting Human Thinking and Moral Reasoning in Contemporary Society
A hypothetical combination of symmetric bets, where the player or the banker can switch each other’s bets, such that it will lead to a sure win (or a sure loss).
Published in Chapter:
What Society Can and Cannot Learn From Coherence: Theoretical and Practical Considerations
Niki Pfeifer (University of Regensburg, Germany) and Andrea Capotorti (University of Perugia, Italy)
DOI: 10.4018/978-1-7998-1811-3.ch008
Abstract
Society is facing uncertainty on a multitude of domains and levels: usually, reasoning and decisions about political, economic, or health issues must be made under uncertainty. Among various approaches to probability, this chapter presents the coherence approach to probability as a method for uncertainty management. The authors explain the role of uncertainty in the context of important societal issues like legal reasoning and vaccination hesitancy. Finally, the chapter presents selected psychological factors which impact probabilistic representation and reasoning and discusses what society can and cannot learn from the coherence approach from theoretical and practical perspectives.
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Subjective Probability
A set of odds and bets which guarantees a profit.
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