Calibration of probabilities: The state of the art to 1980

Abstract

From the subjectivist point of view (de Finetti, 1937/1964), a probability is a degree of belief in a proposition. It expresses a purely internal state; there is no “right,” “correct,” or “objective” probability residing somewhere “in reality” against which one's degree of belief can be compared. In many circumstances, however, it may become possible to verify the truth or falsity of the proposition to which a probability was attached. Today, one assesses the probability of the proposition “it will rain tomorrow.” Tomorrow, one looks at the rain gauge to see whether or not it has rained. When possible, such verification can be used to determine the adequacy of probability assessments.