[A] concept cognate with that of probability is the concept of “chance”; which non-pragmatists have, by very loose thinking, identified with ignorance of conditions. The pragmatist will say that it consists in a variety of results with no corresponding and definitely known variety of conditions. It is divisible into apparent, or “subjective”, chance (though the word “subjective” is objectionable,) where a variety of conditions is supposed to be known in a general way, though not singly, and real, or “objective” chance, where there is no reason to suppose any variety in the conditions.