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The Two Envelopes Problem is a beautiful and quite confusing problem in decision theory which is ca. 35 years old and has provoked at least 150 papers directly addressing the problem and displaying a surprising variety of different responses. This paper finds decisive progress in an approach of...
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De Finetti's treatise on the theory of probability begins with the provocative statement PROBABILITY DOES NOT EXIST …, meaning that probability does not exist in an objective sense. Rather, probability exists only subjectively within the minds … paper, I argue that de Finetti was right all along: PROBABILITY, considered as a numerical measure of pure belief …
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