It's very interesting and I don't think there's an obvious correct answer. It's hard to formally model mathematically.
Here's a game-theoretic perspective. In general, when an event has a 1/3 chance of happening, an idealized gambler would be indifferent between the following two bets or lottery tickets: (A) win $2 if the event happens; (B) win $1 if the event doesn't happen. (Notice her average payoff is 2/3 no matter which bet she takes.)
Now in the sleeping beauty problem where tails is two awakenings and heads is one, a gambler would be indifferent between (A) winning $2 every time she wakes up and the coin is heads, and (B) winning $1 every time she wakes up and the coin is tails. This suggests that her "belief" is 1/3.
Another way to put it might be that for a risk-neutral agent, doubling the payoff in one state of the world is equivalent to doubling its "perceived probability". In the sleeping beauty problem, doubling the payoff is like experiencing everything twice.
Here's a game-theoretic perspective. In general, when an event has a 1/3 chance of happening, an idealized gambler would be indifferent between the following two bets or lottery tickets: (A) win $2 if the event happens; (B) win $1 if the event doesn't happen. (Notice her average payoff is 2/3 no matter which bet she takes.)
Now in the sleeping beauty problem where tails is two awakenings and heads is one, a gambler would be indifferent between (A) winning $2 every time she wakes up and the coin is heads, and (B) winning $1 every time she wakes up and the coin is tails. This suggests that her "belief" is 1/3.
Another way to put it might be that for a risk-neutral agent, doubling the payoff in one state of the world is equivalent to doubling its "perceived probability". In the sleeping beauty problem, doubling the payoff is like experiencing everything twice.