we are betting upon it, we shall not object to paying £1 every time that head comes, on condition of receiving £1 every time that head does not come. This is nothing else than the translation, as we may call it, into practice, of our belief that head and tail occur equally often.
Now it will be obvious, on a moment's consideration, that our conduct is capable of being slightly varied: of being varied, that is, in form, whilst it remains identical in respect of its results. It is clear that to pay £1 every time we lose, and to get £1 every time we gain, comes to precisely the same thing, in the case under consideration, as to pay ten shillings every time without exception, and to receive £1 every time that head occurs. It is so, because heads occur, on the average, every other time. In the long run the two results coincide; but there is a marked difference between the two cases, considered individually. The difference is two-fold. In the first place we depart from the notion of a payment every other time, and come to that of one made every time. In the second place, what we pay every time is half of what we get in the cases in which we do get anything. The difference may seem slight; but mark the effect when our conduct is translated back again into the subjective condition upon which it depends, viz.
into our belief. It is in consequence of such a translation, as it appears to me, that the notion has been acquired that we have an accurately determinable amount of belief as to every such proposition. To have losses and gains of equal amount, and to incur them equally often, was the experience connected with our belief that the two events, head and tail, would occur equally often. This was quite intelligible, for it referred to the long run. To find that this could be commuted for a payment made every time without exception, a payment, observe, of half the amount of what we occasionally receive, has very naturally been interpreted to mean that there must be a state of half-belief which refers to each individual throw.
§ 23. One such example, of course, does not go far towards establishing a theory. But the reader will bear in mind that almost all our conduct tends towards the same result; that it is not in betting only, but in every course of action in which we have to count the events, that such a numerical apportionment of our conduct is possible. Hence, by the ordinary principles of association, it would appear exceedingly likely that, not exactly a numerical condition of mind, but rather numerical associations, become inseparably connected with each particular event which we know to occur in a certain proportion of times. Once in six times a die gives ace; a knowledge of this fact, taken in combination with all the practical results to which it leads, produces, one cannot doubt, an inseparable notion of one-sixth connected with each single throw. But it surely cannot be called belief to the amount of one-sixth; at least it admits neither of justification nor explanation in these single cases, to which alone the fractional belief, if such existed, ought to apply.
It is in consequence, I apprehend, of such association that we act in such an unhesitating manner in reference to any single contingent event, even when we have no expectation of its being repeated. A die is going to be thrown up once, and once only. I bet 5 to 1 against ace, not, as is commonly asserted, because I feel one-sixth part of certainty in the occurrence of ace; but because I know that such conduct would be justified in the long run of such cases, and I apply to the solitary individual the same rule that I should apply to it if I knew it were one of a long series. This accounts for my conduct being the same in the two cases; by association, moreover, we probably experience very similar feelings in regard to them both.
§ 24. And here, on the view of the subject adopted in this Essay, we might stop. We are bound to explain the ‘measure of our belief’ in the occurrence of a single event when we judge solely from the statistical frequency with which such events occur, for such a series of events was our starting-point; but we are not bound to inquire whether in every case in which persons have, or claim to have, a certain measure of belief there must be such a series to which to refer it, and by which to justify it. Those who start from the subjective side, and regard Probability as the science of quantitative belief, are obliged to do this, but we are free from the obligation.
Still the question is one which is so naturally raised in connection with this subject, that it cannot be altogether passed by. I think that to a considerable extent such a justification as that mentioned above will be found applicable in other cases. The fact is that we are very seldom called upon to decide and act upon a single contingency which cannot be viewed as being one of a series. Experience introduces us, it must be remembered, not merely to a succession of events neatly arranged in a single series (as we have hitherto assumed them to be for the purpose of illustration), but to an infinite number belonging to a vast variety of different series. A man is obliged to be acting, and therefore exercising his belief about one thing or another, almost the whole of every day of his life. Any one person will have to decide in his time about a multitude of events, each one of which may never recur again within his own experience. But by the very fact of there being a multitude, though they are all of different kinds, we shall still find that order is maintained, and so a course of conduct can be justified. In a plantation of trees we should find that there is order of a certain kind if we measure them in any one direction, the trees being on an average about the same distance from each other. But a somewhat similar order would be found if we were to examine them in any other direction whatsoever. So in nature generally; there is regularity in a succession of events of the same kind. But there may also be regularity if we form a series by taking successively a number out of totally distinct kinds.
It is in this circumstance that we find an extension of the practical justification of the measure of our belief. A man, say, buys a life annuity, insures his life on a railway journey, puts into a lottery, and so on. Now we may make a series out of these acts of his, though each is in itself a single event which he may never intend to repeat. His conduct, and therefore his belief, measured by the result in each individual
instance, will not be justified, but the reverse, as shown in § 19. Could he indeed repeat each kind of action often enough it would be justified; but from this, by the conditions of life, he is debarred. Now it is perfectly conceivable that in the new series, formed by his successive acts of different kinds, there should be no regularity. As a matter of fact, however, it is found that there is regularity. In this way the equalization of his gains and losses, for which he cannot hope in annuities, insurances, and lotteries taken separately, may yet be secured to him out of these events taken collectively. If in each case he values his chance at its right proportion (and acts accordingly) he will in the course of his life neither gain nor lose. And in the same way if, whenever he has the alternative of different courses of conduct, he acts in accordance with the estimate of his belief described above, i.e.
chooses the event whose chance is the best, he will in the end gain more in this way than by any other course. By the existence, therefore, of these cross-series, as we may term them, there is an immense addition to the number of actions which may be fairly considered to belong to those courses of conduct which offer many successive opportunities of equalizing gains and losses. All these cases then may be regarded as admitting of justification in the way now under discussion.