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Risk and Risk Exposure in Norwegian Fisheries

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  • Fishing is risky business. Managers and Fishermen therefore care not only about the average income, but also about its variation. In spite of its importance, little is known about the observed risk exposure of fishing firms and its determinants. We have obtained complete landing tickets data for a significant share of Norwegian fishing vessels over the past 5-10 years from the Norwegian Directorate of Fisheries. The dataset contains information on where and when the fish was caught and landed, equipment used, prices obtained, quality, etc. Our paper uses this panel to (1) describe the distribution and the trends in the boat-specific risk exposure of Norwegian fishing firms (measured as the Conditional-Value-at-Risk, CVaR), and to (2) explain what characterizes differences in risk exposure while controlling for fixed effects such as the skipper’s risk aversion. Based on this, we then seek to uncover behavioral responses and institutional constrains that determine the trade-off between risk and revenue on an annual basis.
  • Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.
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  • Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Stefani J. Evers and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.
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  • 0976343290

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