Contracts, livestock, and the Bernoulli process: an application of statistics to B. Traven's 'Cattle Drive'
AbstractOne of the pivotal devices B. Traven employs in his short story 'The Cattle Drive' is a contract between the cattle owner and the trail boss who brings the livestock to market. By specifying a per-diem rate, the contract appears to encourage a wage-maximizing trail boss to delay the delivery of the cattle. However, a statistical model of the contract demonstrates that a rational trail boss has an incentive to maintain a rapid rate of travel. The article concludes that statistics can be applied in non-traditional ways such as to the analysis of the plot of a fictional story. The statistical model suggests plausible alternative endings to the story based on various parameter assumptions. Finally, it demonstrates that a well-crafted story can provide an excellent case study of how contracts create incentives and influence decision-making.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Applied Statistics.
Volume (Year): 35 (2008)
Issue (Month): 2 ()
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