Among statisticians, there are three distinct interpretations of probability:
- Due to the phenomenon known as Statistical Regularity, relative frequency is universally accepted as a legitimate interpretation of probability. This interpretation is most clearly demonstrated with Games of Chance. Consisistency with this interpretation has provoked some conceptual complexities in Statistical Inference which introductory courses attempt to convey to students. <a href="http://curry.edschool.virginia.edu/teacherlink/math/probability/history/contributors/vonMises.html">Richard von Mises</a> is one of the better known advocates of this point of view.
- Logical probability is an attempt to extend formal logic with truth values intermediate to the conventional end points of false (zero probability) and true (unit probability). This interpretation has been favored by economists like <a href="http://www-groups.dcs.st-andrews.ac.uk/~history/Mathematicians/Keynes.html">John Maynard Keynes</a>, <a href="http://www-groups.dcs.st-andrews.ac.uk/history/Mathematicians/Ramsey.html">Frank Ramsey</a>, and B. O. Koopman.
- Personal probability
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