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Revenue targeting in fisheries

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  • Nguyen, Quang
  • Leung, Pingsun

Abstract

We apply the target revenue model, a version of prospect theory, to investigate how fishermen adjust their trip length to changes in daily revenue. The key finding is that certain groups of fishermen seem more likely to behave according to the target revenue model rather than to the standard model of labor supply. We also find that vessel capacity has little effect on whether the captains seek target revenue. The study strongly supports the integration of prospect theory into the framework of labor supply analysis.

Suggested Citation

  • Nguyen, Quang & Leung, Pingsun, 2013. "Revenue targeting in fisheries," Environment and Development Economics, Cambridge University Press, vol. 18(5), pages 559-575, October.
    • Handle: RePEc:cup:endeec:v:18:y:2013:i:05:p:559-575_00
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    Cited by:

    1. Jonathan R. Sweeney & Richard E. Howitt & Hing Ling Chan & Minling Pan & PingSun Leung, 2017. "How do fishery policies affect Hawaii's longline fishing industry? Calibrating a positive mathematical programming model," Papers 1707.03960, arXiv.org.
    2. Burgess, Matthew G. & Carrella, Ernesto & Drexler, Michael & Axtell, Robert L. & Bailey, Richard M. & Watson, James R. & Cabral, Reniel B. & Clemence, Michaela & Costello, Christopher & Dorsett, Chris, 2018. "Opportunities for agent-based modeling in human dimensions of fisheries," SocArXiv gzhm5, Center for Open Science.
    3. Hammarlund, Cecilia, 2018. "A trip to reach the target? – The labor supply of Swedish Baltic cod fishermen," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 75(C), pages 1-11.
    4. Barbos, Andrei & Kaisen, Joshua, 2022. "An Example of Negative Wage Elasticity for YouTube Content Creators," Journal of Economic Behavior & Organization, Elsevier, vol. 203(C), pages 382-400.

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