ABSTRACT
The subjective interpretation does not succeed in analyzing, or explaining, the traditional theory of games of chance. It fails in the analysis of chance-like or independent sequences. Nor can it explain the applicability of this theory. On the contrary, the assertions of the subjective theory are bound to clash with the classical results of Bernoulli and his successors. Thus the subjectivists are mistaken over a very important point: in analyzing the classical theory, they show, by their programme, that they fail to understand it.
