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Fra said:Of course, standard probability will remain. It's not that we are redefining probability, in that sense I agree with you. But that's more about naming. I think the question is more like what is the physical theory of computing odds in a rational manner, and how are rational actions formed from these computations - as we already know, plain probability doesn't do the job, this is why we have quantum mechanics. Noone really so far has IMO produced a satisfactory explanation/understanding of this, the born rule and all that.
Plain probability does the job quite well
Probability can't ever explain anything physical. Using probability is either an admission that our theory is incomplete or that nature is inherently random and there's nothing there to explain.
Yes. Probability is axiomatic and analytic, making it objective.Fra said:- For example, is the concept of odds (as described probabilistically) objective?
No, it's not objective! The process is called science and it is empirical, subjective, and inductive. This is, of course, when you are referring to the probability of real events. I'll add that the pure calculation part is objective but the inference part is not.Fra said:- What does the process where by odds are inferred or calculated look like? Is this process objective?
The problem of induction in all of science, not just probabilistic models, is that we are always looking at the frequency of historical events. We assume that future events will behave with the same probabilities (whether the historical probability is 1 or some other number). Agreed, it doesn't seem satisfactory.Fra said:- What is the difference the conpcet of odds make anyway? Surely we are not talking about forming odds based on history just to write books about the frequency of things in the past, it's all about the future. So the odds make a difference to our actions, and intrinsic probabilities makes a different to physical actions. So the plain view as an odds as a simple relative frequency is not quite satisfactory.