ABSTRACT

The theme of expectation, the act of the invention of possibilities and of their assessment as to their capacity to come true and as to their attractiveness in their formal character regardless of realism, is an illustration deeply significant for economists. It is the unending capacity of the list of answers to be added to, and especially it is the expectation-former's awareness of this unendingness, that imposes upon a special requirement in the choice of a language for the analysis of expectation. To use the language of subjective probability is the results of intellectual process an expression in the terms and frame of that probability which is capable of exhibiting and justifying publicly its basis and procedure. The axiomatic treatment can give to any one of many concepts of probability a vast range in application. In the axiomatic treatment, the meaning of probability is internal to the system of propositions.