- Volume 10, Number 5 (2004), 861-872.
Dutch book against some `objective' priors
`Dutch book' and `strong inconsistency' are generally equivalent: there is a system of bets that makes money for the gambler, whatever the state of nature may be. As de Finetti showed, an odds-maker who is not a Bayesian is subject to a Dutch book, under certain highly stylized rules of play - a fact often used as an argument against frequentists. However, so-called `objective' or `uninformative' priors may also be subject to a Dutch book. This note explains, in a relatively simple and self-contained way, how to make Dutch book against a frequently recommended uninformative prior for covariance matrices.
Bernoulli, Volume 10, Number 5 (2004), 861-872.
First available in Project Euclid: 4 November 2004
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Eaton, Morris L.; Freedman, David A. Dutch book against some `objective' priors. Bernoulli 10 (2004), no. 5, 861--872. doi:10.3150/bj/1099579159. https://projecteuclid.org/euclid.bj/1099579159