Do Fishermen Have Different Attitudes Toward Risk? An Application of Prospect Theory to the Study of Vietnamese Fishermen
AbstractField experiment and household survey data are combined to investigate whether working in a risky occupation such as fishing makes fishermen have different risk preferences than individuals in other occupations. Prospect theory is utilized as the main analytical framework and a structural model approach is developed to simultaneously correlate the parameters of the utility function under prospect theory with other socioeconomic variables. The key finding is that working in fishing makes economic agents less risk averse than others. Fishermen also tend to be less sensitive to probability weighting changes in the experiment. It is possible that fishermen have adapted to their unique environment by using specific heuristics for decision making under conditions of uncertainty.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 34 (2009)
Issue (Month): 3 (December)
experimental economics; prospect theory; risk behavior; Vietnamese fishermen; Resource /Energy Economics and Policy; Risk and Uncertainty;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Kimberly Rollins & Mimako Kobayashi, 2010. "Embedding a Field Experiment in Contingent Valuation to Measure Context-Dependent Risk Preferences: Does Prospect Theory Explain Individual Responses for Wildfire Risk?," Working Papers 10-003, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
- Liebenehm, Sabine & Waibel, Hermann, 2012. "Simultaneous estimation of risk and time preferences among small-scale cattle farmers in West Africa," Diskussionspapiere der Wirtschaftswissenschaftlichen FakultÃ¤t der Leibniz UniversitÃ¤t Hannover dp-501, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.