Updating Probabilities for a Mineral Exploration Project
Peter Bell ()
MPRA Paper from University Library of Munich, Germany
This paper describes a mineral exploration project conducted by a junior mining company within a probabilistic framework. In particular, it shows how beliefs about a project can be updated in response to a series of new pieces of information about the project associated with exploration activities using subjective probabilities. Several alternative frameworks are briefly mentioned as ways to improve on this simplified model.
Keywords: Mineral Exploration; Subjective Probability; Uncertainty; Information (search for similar items in EconPapers)
JEL-codes: C00 C02 G1 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:84457
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