Revenue Targeting in Fisheries: The Case of Hawaii Longline Fishery
AbstractWe 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 the standard model of labor supply. Asian American captains seem more likely to behave according to the target revenue model than Caucasian captains. We also find that vessel capacity has little effect on the captain’s decision making behavior. The study strongly supports the integration of prospect theory into the framework of labor supply analysis.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13846.
Date of creation: 07 Mar 2009
Date of revision:
Behavioral economics; Fisheries; Hawaii Longline; Prospect Theory; Target revenue model;
Other versions of this item:
- Nguyen, Quang & Leung, PinngSun, 2009. "Revenue Targeting in Fisheries: The Case of Hawaii Longline Fishery," MPRA Paper 17119, University Library of Munich, Germany.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-03-14 (All new papers)
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