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1 - The concept of chance

Published online by Cambridge University Press:  05 June 2012

Toby Handfield
Affiliation:
Monash University, Victoria
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Summary

An unlucky gamble

Suppose you were offered the chance to play a simple gambling game, in which you are invited to bet on the outcome of a die-roll. There are only two bets allowed. You can wager that the die will land 6, or you can wager that it will land any of 1, 2, 3, 4, or 5. In either case, if your wager is successful, you will win the same prize: one dollar.

So the bets are:

Die lands 1–5 Pays $1.

Die lands 6 Pays $1.

Assume that you know, moreover, that the die has no significant asymmetry in its construction. It does not have a physical bias to one or more sides.

Which bet ought you to take? Assuming you would prefer more money to less, it is obvious that you ought to take the bet on 1–5, rather than the bet on 6.

Now suppose that you really do play this game, and you play it at the same time as a friend. You sensibly choose to bet on 1–5. Your friend, bizarrely, insists that she has a hunch that the die will land 6; so that is the bet she takes. The die lands 6. Your friend wins.

Type
Chapter
Information
A Philosophical Guide to Chance
Physical Probability
, pp. 1 - 33
Publisher: Cambridge University Press
Print publication year: 2012

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  • The concept of chance
  • Toby Handfield, Monash University, Victoria
  • Book: A Philosophical Guide to Chance
  • Online publication: 05 June 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9781139012096.002
Available formats
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  • The concept of chance
  • Toby Handfield, Monash University, Victoria
  • Book: A Philosophical Guide to Chance
  • Online publication: 05 June 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9781139012096.002
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • The concept of chance
  • Toby Handfield, Monash University, Victoria
  • Book: A Philosophical Guide to Chance
  • Online publication: 05 June 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9781139012096.002
Available formats
×