The paper's target is the historically influential betting interpretation of subjective
probabilities due to Ramsey and de Finetti. While there are several classical and well-known
objections to this interpretation, the paper focuses on just one fundamental problem: There
is a sense in which degrees of belief cannot be interpreted as betting rates. The reasons
differ in different cases, but there's one crucial feature that all these cases have in common:
The agent's degree of belief in a proposition A does not coincide with her degree of belief in …