Do fishermen have different preferences?: Insights from an experimental study and household data
AbstractWe combine an artefactual field experiments and household survey data to investigate whether involvement in a unique occupation such as fishery makes the fishermen exhibit different risk and time preferences than those in other occupations. Using a structural model approach, we integrate prospect theory and hyperbolic time discounting into a single framework to simultaneously estimate and correlate the parameters of both risk and time preferences with other demographic variables. The key finding is that fishermen are found to be less risk-averse and more patient than others.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 16012.
Date of creation: 01 Jul 2009
Date of revision:
Experimental Economics; Prospect Theory; Hyperbolic Discounting; Risk Behavior; Vietnam fishermen;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-11 (All new papers)
- NEP-DEV-2009-07-11 (Development)
- NEP-EXP-2009-07-11 (Experimental Economics)
- NEP-UPT-2009-07-11 (Utility Models & Prospect Theory)
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