(a) Compare and contrast the degrees of belief and model-based frequentist interpretations of probability.

(b) Explain why the criticism that the model-based frequentist interpretation of probability is of very limited scope because it is only applicable in the case of IID data is misplaced.

(c) Explain the “long-run” metaphor associated with the frequency interpretation of probability by paying particular attention to the key feature of replicability, and discuss Keynes’ comment that “in the long-run we will all be dead.”