A betting interpretation for probabilities and Dempster–Shafer degrees of belief Original Research Article

There are at least two ways to interpret numerical degrees of belief in terms of betting: 1. You can offer to bet at the odds defined by the degrees of belief. 2. You can make the judgement that a strategy for taking advantage of such betting offers will not multiply the capital it risks by a large factor. Both interpretations can be applied to ordinary additive probabilities and used to justify updating by conditioning. Only the second can be applied to Dempster–Shafer degrees of belief and used to justify Dempster’s rule of combination.