The Nature of Randomness and the Element of Chance

Volkan Hacıoğlu ()
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Volkan Hacıoğlu: Istanbul University

Chapter Chapter 2 in The Economic Analysis of Random Events, 2024, pp 5-21 from Springer

Abstract: Abstract After the introductory first chapter, the second chapter contains the discussion of the concept of randomness in relation to the element of chance with reference to the Commonplace Thesis. Subjective and objective probabilities are viewed from the perspective of modern approaches. The debate between the Frequentist and Bayesian approaches are also discussed. The Compensated Bayes’ rule function is introduced as a dynamic interpretation of classical Bayes’ rule. The facts and artifacts of scientific reality from personal beliefs to chance situations are investigated. Principles of chance are examined as they constitute building blocks for understanding the nature of randomness. The chapter is concluded with the epistemological demarcation between personal beliefs, knowledge and reality.

Keywords: Subjective probability; Objective probability; Randomness; The element of chance; Principles of chance; Commonplace Thesis; Compensated Bayes’ Rule function; Epistemological demarcation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-53078-4_2

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DOI: 10.1007/978-3-031-53078-4_2

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