INDIFFERENCE

in the mathematical theory of probability, classical principle stated by Bernoulli and formulated (and named) by the English economist John Maynard Keynes in A Treatise on Probability (1921): two cases are equally likely if no reason is known why either case should be the preferable one, this principle being introduced in order to deal with problems concerning the range theory of probability, which dealt with all possible alternatives of a situation only by the number of such alternatives and not necessarily by their relative frequencies or probabilities.