Are Commercial Fishers Risk Lovers? Public Deposited

http://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/mp48sf14h

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  • The result of changes in regulation or monitoring and enforcement of commercial fisheries are highly dependent on fishers’ supply response decisions. One central determinant of fishers’ reactions to such changes is their risk preferences. Empirical studies of fishers’ preferences have found that most fishers are risk averse. In this paper, we conduct a stated choice experiment with Swedish commercial fishers to elicit fishers’ risk preferences. The fishers face a series of binary choices of hypothetical fish trips where net income is assumed to follow a uniform distribution and varies in terms of mean and variance. We find that almost half or 49% of the fishers can be characterized as risk neutral or risk lovers, 17% are modestly risk averse while 34% state strong risk averse preferences. The fraction of a household’s income generated from fishing is a significant variable in explaining risk attitudes, the higher fraction the more risk averse. Fishers’ opinions about individual quotas (IQ) was also significant, the more positive to IQs, the more risk averse. The choice of gear type did not appear to influence risk attitudes and the same applied for our proxies of wealth. Neither boat size nor having a taxed wealth could explain differences in risk attitudes. This indicates that the short run decision of where and how to allocate a fishing trip of a few days does not depend on initial wealth level.
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  • Eggert, Hakan, Peter Martinsson. 2002. Are Commercial Fishers Risk Lovers? Peer Review: No. In: Proceedings of the Eleventh Biennial Conference of the International Institute of Fisheries Economics and Trade, August 19-22, 2002, Wellington, New Zealand: Fisheries in the Global Economy. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2002. CD ROM.
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