CHANCE AND CHOICE WEST OF THE DARLING
Emilio M. Francisco and
Jock Anderson ()
Australian Journal of Agricultural Economics, 1972, vol. 16, issue 2, 12
Twenty-one pastoralists in the West Darling region of New South Wales were interviewed to gain an understanding of the attitudes of managers in this high-risk pastoral area to uncertain prospects. It was found that pastoralists had no difficulty in specifying subjective probabilities but in modifying probabilistic information they were conservative relative to the 'correct' revision implied by Bayes' Theorem. All the surveyed pastoralists were non-indifferent to risk, as evidenced by their non-linear utility functions for gains and losses.
Keywords: Livestock; Production/Industries (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18) Track citations by RSS feed
Downloads: (external link)
Journal Article: CHANCE AND CHOICE WEST OF THE DARLING (1972)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22798
Access Statistics for this article
More articles in Australian Journal of Agricultural Economics from Australian Agricultural and Resource Economics Society Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().