Savage's Concept of Probability

Starting with personal preference, Savage [3] constructs a foundation theory for probability from the qualitative probability to the quantitative probability and to utility. There are some profound logic connections between three steps in Savage's theory; that is, quantitative concepts properly represent qualitative concepts. Moreover, Savage's definition of subjective probability is in accordance with probability theory, and the theory gives us a rational decision model only if we assume that the weak ...

Starting with personal preference, Savage [3] constructs a foundation theory for probability from the qualitative probability to the quantitative probability and to utility. There are some profound logic connections between three steps in Savage s theory; that is, quantitative concepts properly represent qualitative concepts. Moreover, Savage s definition of subjective probability is in accordance with probability theory, and the theory gives us a rational decision model only if we assume that the weak orde...