We do ten experiments. A scientist observes the results, constructs a theory consistent with them, and uses it to predict the results of the next ten. We do them and the results fit his predictions. A second scientist now constructs a theory consistent with the results of all twenty experiments.
The two theories give different predictions for the next experiment. Which do we believe? Why?
One of the commenters links to Overcoming Bias, but as of 11PM on Sep 28th, David's blog's time, no one has given the exact answer that I would have given. It's interesting that a question so basic has received so many answers.
Upon first reading, I honestly thought this post was either a joke or a semantic trick (e.g., assuming the scientists were themselves perfect Bayesians which would require some "There are blue-eyed people" reasoning).
Because theories that can make accurate forecasts are a small fraction of theories that can make accurate hindcasts, the Bayesian weight has to be on the first guy.
In my mind, I see this visually as the first guy projecting a surface that contains the first 10 observations into the future and it intersecting with the actual future. The second guy just wrapped a surface around his present (which contains the first guy's future). Who says he projected it in the right direction?
But then I'm not as smart as Eliezer and could have missed something.