Suppose That Two Independent Geologists Begin with Different Prior Assessments

question 30

Essay

Suppose that two independent geologists begin with different prior assessments concerning the chance of oil and natural gas at a particular site. They both observe the results of a seismic test. Will they agree concerning their revised probabilities? In what instance, would their revised probabilities be identical?

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Definitions:

For Deposit Only

An endorsement on a check specifying that the check is to be deposited into an account and not cashed directly.

Over-The-Counter

A decentralized market where securities that are not listed on formal exchanges are traded, usually through a network of dealers.

Cash Receipts

The collection of money, typically in the form of cash or checks, received by a business.

Electronic Cash Registers

Machines or systems used at retail checkout points to calculate and record sales transactions, accept payments, and store cash.