Dutch Book

A Dutch book is a gambling term for a set of odds and bets that guarantees a profit, regardless of the outcome of the gamble. At the very least, one who practices self-consistent reasoning should not be susceptible to having a Dutch book made against them. If an individual is not susceptible to a Dutch book, their previsions are said to be coherent. A set of betting quotients is coherent if (Ramsey (1926), de Finetti (1937), Shimony (1955)) and only if (Kemeny (1955), Lehman (1955)) they satisfy the axioms of probability.

The Dutch book argument assumes that people are risk neutral, there is no "game theory", exact odds are required, the hypothesis they are betting on can be falsified and verified, that they are forced to bet and the bet is settled within a reasonable time frame.