CHANCE AND CHOICE WEST OF THE DARLING

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.


Issue Date:
1972-08
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/22798
Published in:
Australian Journal of Agricultural Economics, Volume 16, Number 2
Page range:
82-93
Total Pages:
12




 Record created 2017-04-01, last modified 2017-08-24

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