 There are several problems that undermine Howson and Urbach’s approach. The most basic is that an agent with degree of belief \(q\) in \(M\) need not regard bets of the above form as fair for a variety of reasons. To begin with she may simply lack the concept of a fair bet. Secondly, she could have credence \(q\), yet acknowledge the bet above as explicitly unfair. For instance, if she knows \(M\) to be either a logical truth or a logical falsehood, but has no idea which, her confidence that it is true could be ½, though she may well know that this would not be a fair betting quotient for it. Casting credences in terms of the bets that are regarded as fair is also problematic in that it appears to associate degrees of belief with having certain full beliefs, which some take to be problematic. The argument also clearly falters over the additivity axiom, since even if an agent regards each of a set of bets as individually fair, they may not be collectively fair by her lights, so she need not evaluate the bets required to produce a book as fair bets. Here, and in the basic assumption about the individual bets that an agent finds fair, it is in effect assumed that money acts as a measure of value. Not only is this not generally true, it calls attention to the fact that the argument has not really been depragmatized. While Howson and Urbach do not rely on either the assumption that agents will (or should) act in accordance with their degrees of belief or that they should be willing to accept either direction of a fair bet, they do assume that agents make evaluations of bets, which are tied to the concept of pragmatic value. Maher (1997) argues that their way of spelling out fairness in terms of a primitive concept of advantage, so as to avoid the notions of preference and utility, fails. Indeed, it is hard to see that the latter notions can be avoided in explicating the concept of fairness, upon which their argument depends.