probabilities or discover the probability distributions. This means that Smith rejected the classical interpretation of probability … of La Place and the Bernoulli brothers, the limiting frequency-relative frequency interpretation of probability, and the … approaches to probability claim that ALL probabilities can be represented by a single numeral between 0 and 1 and the decision …

Eight centuries ago, Thomas Aquinas clearly differentiated between probability and uncertainty in decision making. He … viewed probability eclectically as having elements that involved propositions about events, frequency of events, and single … from the A Treatise on Probability and confidence from Keynes’s General Theory, as well as Adam Smith’s views on …

Both Smith and Keynes have very similar conceptual approaches to what probability is, how it is used and applied and … the areas of application in which it can aid a decision maker. They both accept an interval approach to probability based … approach to probability. Bentham’s views on probability and decision making are directly opposed to those of Smith and Keynes …