%0 Journal Article
%T A Challenge to Ludwig von Mises¡¯s Theory of Probability
%A Mark R. Crovelli
%J Libertarian Papers
%D 2010
%I Ludwig von Mises Institute
%X The most interesting and completely overlooked aspect of Ludwig von Mises¡¯s theory of probability is the total absence of any explicit definition for probability in his theory. This paper examines Mises¡¯s theory of probability in light of the fact that his theory possesses no definition for probability. It is argued, first, that Mises¡¯s theory differs in important respects from his brother¡¯s famous theory of probability. A defense of the subjective definition for probability is then provided, which is subsequently used to critique Ludwig von Mises¡¯s theory. It is argued that only the subjective definition for probability comports with Mises¡¯s other philosophical positions. Since Mises did not provide an explicit definition for probability, it is suggested that he ought to have adopted a subjective definition.
%K libertarianism
%K probability theory
%U http://libertarianpapers.org/2010/23-crovelli-a-challenge-to-mises-theory-of-probability/