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Are Commercial Fishers Risk Lovers?

Abstract
Empirical studies of fishers’ preferences have found that most fishers are risk-averse, while expected-utility theory predicts risk neutrality even for sizable stakes. We test this prediction using data from a stated choice experiment with Swedish commercial fishers. Our results show that almost 90% of the respondents do not behave as expected-utility maximizers. 48% of the fishers can be broadly characterized as risk-neutral, 26% as modestly risk-averse, while 26% are strongly risk-averse. Fishers are more risk-neutral the higher the fraction of their household’s income comes from fishing, while fishers with a positive attitude to individual quotas are more risk-averse. Sensitivity testing implies that decisions with modest stakes like a few days of fishing are not influenced by wealth level.
University
Göteborg University. School of Business, Economics and Law
URI
http://hdl.handle.net/2077/2811
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  • Working papers
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gunwpe0090.pdf (378.4Kb)
Date
2003
Author
Martinsson, Peter
Eggert, Håkan
Keywords
Expected utility; Prospect theory; Risk preferences; Stated preferences; Swedish fisheries
Publication type
Report
ISSN
1403-2465
Series/Report no.
Working Papers in Economics, nr 90
Language
en
Metadata
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