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In this paper a theory of relative probability measures (RPMs) is developed and related to the standard theory of probability measures. An RPM assigns a non-negative real or infinity to any pair of events. This number should be interpreted as relative probability. An RPM distinguishes possible from impossible events, allows to describe Bayesian updating on null sets, and induces an intuitive notion of independence. JEL classification: C 60fatcat:n4vi6mghvba77dmzl4tuuixftq