AREC3005 Practice Questions – Mid semester exam
Question 1 : To analyse decision making under risk, agricultural economists sometimes need to incorporate a farmer’s beliefs about risky events. Suggest two different methods that economists might use to elicit the subjective probabilities that a farmer has about whether there might be a drought next year or not. Choose one and describe the steps in the method of elicitation. Do you think it is important to use these methods as opposed to just asking the farmer what they think the chance of drought next year is? Why or why not?
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