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Updating Probabilities for a Mineral Exploration Project

Bell, Peter (2018): Updating Probabilities for a Mineral Exploration Project.

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Abstract

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.

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