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Small-scale Fishermen and Risk Preferences

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Author Info
Eggert, Hakan
Lokina, Razack B.
Abstract

Using an experimental approach, we investigate the risk preferences of artisanal fishermen in Tanzania waters of Lake Victoria. The experiment concerns pairwise comparisons of hypothetical fishing trips that vary in expected mean and spread of the net revenue. The results show that about 34% of the fishermen can be considered as risk neutral, 32% as risk averse, and 34% as risk seekers. Econometric analysis indicates that the likelihood of belonging to the risk-seeking group increases if motorboats are used, if fishing is the main source of household income, and if the fisherman is targeting Nile perch. Asset ownership and perhaps socioeconomic variables influence risk preferences.

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Publisher Info
Article provided by Marine Resources Foundation in its journal Marine Resource Economics.

Volume (Year): 22 (2007)
Issue (Month): 1 ()
Pages:
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Handle: RePEc:ags:mareec:6271

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Related research
Keywords: Risk aversion; artisanal fishermen; Tanzania; Lake Victoria; Nile perch; dagaa; Institutional and Behavioral Economics; Resource /Energy Economics and Policy; Q22;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-75, June. [Downloadable!] (restricted)
  2. Daniel S. Holland & Jon G. Sutinen, 2000. "Location Choice in New England Trawl Fisheries: Old Habits Die Hard," Land Economics, University of Wisconsin Press, vol. 76(1), pages 133-149. [Downloadable!] (restricted)
  3. Matthew Rabin., 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Economics Working Papers E00-279, University of California at Berkeley. [Downloadable!]
  4. Joseph Golec & Maurry Tamarkin, 1998. "Bettors Love Skewness, Not Risk, at the Horse Track," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 205-225, February. [Downloadable!] (restricted)
  5. Matthew Rabin & Richard H. Thaler, 2001. "Anomalies: Risk Aversion," Journal of Economic Perspectives, American Economic Association, vol. 15(1), pages 219-232, Winter. [Downloadable!] (restricted)
  6. Eales, James & Wilen, James E., 1986. "An Examination of Fishing Location Choice in the Pink Shrimp Fishery," Marine Resource Economics, Marine Resources Foundation, vol. 2(4). [Downloadable!]
  7. Camerer, Colin F. & Hogarth, Robin M., 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Working Papers 1059, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  8. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March. [Downloadable!] (restricted)
  9. McConnell, Kenneth E. & Price, Michael, 2006. "The lay system in commercial fisheries: Origin and implications," Journal of Environmental Economics and Management, Elsevier, vol. 51(3), pages 295-307, May. [Downloadable!] (restricted)
  10. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  11. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December. [Downloadable!]
  12. Strand, Ivar E., Jr., 2004. "Spatial Variation In Risk Preferences Among Atlantic And Gulf Of Mexico Pelagic Longline Fishermen," Marine Resource Economics, Marine Resources Foundation, vol. 19(1). [Downloadable!]
  13. Camerer, Colin F & Hogarth, Robin M, 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 7-42, December. [Downloadable!] (restricted)
  14. Mistiaen, Johan A & Strand, Ivar E, 2000. " Location Choice of Commercial Fishermen with Heterogeneous Risk Preferences," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(5), pages 1184-90. [Downloadable!] (restricted)
  15. Ali, Mukhtar M, 1977. "Probability and Utility Estimates for Racetrack Bettors," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 803-15, August. [Downloadable!] (restricted)
  16. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September. [Downloadable!] (restricted)
  17. Håkan Eggert & Ragnar Tveteras, 2004. "Stochastic Production and Heterogeneous Risk Preferences: Commercial Fishers' Gear Choices," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 86(1), pages 199-212, 02. [Downloadable!] (restricted)
    Other versions:
  18. Dupont, Diane P., 1993. "Price Uncertainty, Expectations Formation and Fishers' Location Choices," Marine Resource Economics, Marine Resources Foundation, vol. 8(3). [Downloadable!]
  19. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June. [Downloadable!] (restricted)
  20. Matthew Rabin, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Econometrica, Econometric Society, vol. 68(5), pages 1281-1292, September.
  21. Matthew Rabin, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Department of Economics, Working Paper Series 1034, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nguyen, Quang, 2009. "Do fishermen have different preferences?: Insights from an experimental study and household data," MPRA Paper 16012, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-11-26.

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