Smith's theory of probability

Smith's theory of probability emphasizes that probabilities are subjective assessments based on individual knowledge and evidence, rather than fixed frequencies of past events. It suggests that probability reflects a person's degree of belief in a particular outcome, updated as new information becomes available. This approach treats probability as a rational way to quantify uncertainty, allowing for consistent decision-making. Essentially, Smith's theory bridges formal logic and personal knowledge, highlighting that probabilities are not just about numbers but about justified belief, adapting as our understanding and evidence change.