Martinsson, PeterEggert, Håkan2006-12-132007-02-092007-02-0920031403-2465http://hdl.handle.net/2077/2811Empirical 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.25 pages387540 bytesapplication/pdfenExpected utility; Prospect theory; Risk preferences; Stated preferences; Swedish fisheriesReportEconomics