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What is it to believe something might be the case? We develop a puzzle that creates difficulties for standard answers to this question. We go on to propose our own solution, which integrates a Bayesian approach to belief with a dynamic semantics for epistemic modals. After showing how our account solves the puzzle, we explore a surprising consequence: virtually all of our beliefs about what might be the case provide counterexamples to the view that rational belief is closed under logical implication.

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