Answer to Question #138455 in Economics for DOGE

Question

Assignment III

Part 1: (150 words) (20%)
Note: The answer to this question needs to show your understanding of Bayesian learning.

New neighbours moved next to your friend’s house. They are from Arova (a made up country). Not you nor your friend had ever met a person from Arova before.

You friend says that he thought that Arovians would be good people with a 50-50 chance. But now that he met this family, he updated this belief about people from Aroba. He says they are very rude people.

In relation to the learning videos you watched, what would you say to your friend who now has unfavourable probability assessment of the Arovians?

Answer 1

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