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Modeling Interdependence: An Approach to Simulation and Elicitation
Author(s) -
Fackler Paul L.
Publication year - 1991
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1242437
Subject(s) - interdependence , computer science , random variable , econometrics , statistics , mathematics , law , political science
A method for eliciting probability information about jointly dependent random variables and incorporating that information directly in a method for generating simulated random variables is developed. The method is particularly useful in situations in which information on several interdependent variables is required. Applications in agriculture include whole‐farm planning with uncertainty about multiple crop yields and prices.