An elementary proof of de Finetti's theorem

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Abstract: A sequence of random variables is called exchangeable if the joint distribution of the sequence is unchanged by any permutation of the indices. De Finetti's theorem characterizes all 0,1-valued exchangeable sequences as a "mixture" of sequences of independent random variables. We present an new, elementary proof of de Finetti's Theorem. The purpose of this paper is to make this theorem accessible to a broader community through an essentially self-contained proof.





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