Fair Betting Quotient (FBQ)
Your fair betting quotient (FBQ) for A is p if you think that the following is a fair bet (you are willing to take either side):
- If A is true, you win $(1 - p)S$
- If A is not true, you lose $pS$
Betting table is different from decision tables. Columns are different bets.
|A||Bet for A||Bet against A|
Suppose a set of credences (or FBQ’s) is incoherent. We can always construct a Dutch Book. Have the agent bet for propositions with credences (or FBQs) that are too high, and against propositions with credences (or FBQs) that are too low.