Heterogeneous and Correlated Risk Preferences in Commercial Fishermen: <Emphasis Type="Italic">The Perfect Storm</Emphasis> Dilemma |
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| Authors: | Email author" target="_blank">Martin?D?SmithEmail author James?E?Wilen |
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| Institution: | (1) Nicholas School of the Environment and Earth Sciences, and Department of Economics, Duke University, Box 90328, Durham, NC, 27708;(2) Department of Agricultural and Resource Economics, University of California, Davis, One Shields Avenue, Davis, CA, 95616 |
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| Abstract: | Commercial fishing involves both physical and financial risks. This combination questions whether fishermen are inherently risk-loving, whether physical and financial risk preferences are correlated, and how much preferences vary across fishermen. This paper addresses these questions with a panel data set of daily participation decisions in the California sea urchin dive fishery. Weather buoy data and the prevalence of great white sharks at a particular fishing site proxy for physical risk. Overall, urchin fishermen are not risk-loving on average, risk preferences are heterogeneous, and there is some evidence that risk preferences are positively correlated across physical and financial domains.JEL Classification: Q22, D81 |
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| Keywords: | risk domains risk preferences fishing behavior |
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