**Abstract:**

I'm concerned with our understanding of the consequences of Bell's
Theorem and the associated experimental results. In this talk, I
will present some ideas about entangled states based on considerations
from information theory. Two notions of "separability" emerge.
The first of these applies to physical states construed as probability
measures, while the second applies to states construed in terms of
"elements of physical reality". The former is found to be
logically equivalent to the "completeness" constraint (i.e., "outcome
independence" or "factorizabilility") in Bell-type arguments.
Moreover, it is found that there are theories that are separable in the
first sense that are empirically equivalent to no theory that is
separable in the second sense. I will offer some speculations
about the significance of these and a few related results.

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