stevendaryl said:
your subjective probability of "heads" is given by:
Why? only if you subjectively believe that the coin is fair. if your subjective belief is that the coin is forged, the subjective probability can take any value between 0 and 1 depending on your belief - independent of whether this beleif is correct or incorrect.
stevendaryl said:
Any time you make a choice to do X or Y, based on probability, you're betting in a sense.
In a scientific discussion you should use the words in the common normative way. You are making a decision, not a bet. A bet means waging money with a particular odds.
Moreover, most of the decisions you were discussing earlier were not based on probability but based on a not further specified uncertainty. We rarely have perfect information, hence our decisions are also less than perfect, but in general this has nothing to do with probability. only if the uncertainty is of an
aleatoric nature (rather than epistemic), a probabilistic model is adequate. To be reliable, aleatoric uncertainty must be quatified by objective statistics, not by subjective assignment of probabilities. And epistemic uncertainty costs must be treated completely differently. At least if one doesn't want to make more regrettable decisions than unavoidable! (I
published a number of papers on uncertainty modeling in real life situation, so I know.)
stevendaryl said:
a "definition" of a physical quantity is operational: the quantity describes what would happen if you were to perform a particular operation.
But there you ask Nature, which is objective, rather than a person, which is subjective. Precisely this makes the difference.
You cannot in principle ask Nature how much it bets, since betting and money are social conventions. The only way to ask Nature (i.e., to be objective) is to make statistics, and this is the frequentist approach. While asking for betting odds means extracting subjective probabilities of the particular person asked.
Maybe you are motivated to read Chapter 3 of
my FAQ before continuing the discussion here...