One of the most straightforward understandings of degree of belief is that credences are interpreted in terms of an agent’s limiting willingness to bet. This is an idea which goes back to Ramsey (1926) and de Finetti (1964, 1990 [1974]). The idea is that your credence in \(X\) is \(\alpha\) just in case \(\alpha\) is the value at which you are indifferent between the gambles: