Abstract

The concept of subjective probability that principles of rational choice use changed during the history of decision theory. This paper compares the traditional concept with the modern operationalist concept. It compares them according to their power to explain the rationality of a choice. As a representative of proponents of the modern concept, it uses Jimmy Savage; and as representatives of the traditional concept, it uses J. Bernoulli, Laplace, De Morgan, and Keynes