  An approach to induction is presented, based on the idea of analysing the
context of a given problem into `circumstances'. This approach, fully Bayesian
in form and meaning, provides a complement or in some cases an alternative to
that based on de Finetti's representation theorem and on the notion of infinite
exchangeability. In particular, it gives an alternative interpretation of those
formulae that apparently involve `unknown probabilities' or `propensities'.
Various advantages and applications of the presented approach are discussed,
especially in comparison to that based on exchangeability. Generalisations are
also discussed.
