Objectively reliable subjective probabilities

Abstract

Subjective Bayesians typically find the following objection difficult to answer: some joint probability measures lead to intuitively irrational inductive behavior, even in the long run. Yet well-motivated ways to restrict the set of “reasonable” prior joint measures have not been forthcoming. In this paper I propose a way to restrict the set of prior joint probability measures in particular inductive settings. My proposal is the following: where there exists some successful inductive method for getting to the truth in some situation, we ought to employ a (joint) probability measure that is inductively successful in that situation, if such a measure exists. In order to do show that the restriction is possible to meet in a broad class of cases, I prove a “Bayesian Completeness Theorem”, which says that for any solvable inductive problem of a certain broad type, there exist probability measures that a Bayesian could use to solve the problem. I then briefly compare the merits of my proposal with two other well-known proposals for constraining the class of “admissible” subjective probability measures, the “leave the door ajar” condition and the “maximize entropy” condition.