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Does a sea fishing legacy explain differences in risk attitudes?

Author

Listed:
  • Xiqian Cai

    (Institute of Economics, School of Economics and Wang Yanan Institute for Studies in Economics, Xiamen University)

  • Lata Gangadharan

    (Department of Economics, Monash Business School, Monash University)

  • Yi Lu

    (School of Economics and Management, Tsinghua University)

  • Xiaojian Zhao

    (Department of Economics, Monash Business School, Monash University)

Abstract

In the modern economy, entrepreneurship is associated with individuals' tendency to invest in risky projects. We conjecture that societies with a historical background in sea fishing are more likely than other societies to exhibit risk taking behaviors in modern times, as the earliest sea fishers needed to be sufficiently risk seeking to venture into the unpredictable ocean. We examine the effect of a sea fishing legacy on risk attitudes in modern societies and find that ancestors' dependence on sea fishing increases risk-taking preferences and eco- nomically related characteristics. This approach provides a novel explanation for the origin of individuals'preference for risk.

Suggested Citation

  • Xiqian Cai & Lata Gangadharan & Yi Lu & Xiaojian Zhao, 2022. "Does a sea fishing legacy explain differences in risk attitudes?," Monash Economics Working Papers 2022-17, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:2022-17
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    References listed on IDEAS

    as
    1. Paola Giuliano & Nathan Nunn, 2018. "Ancestral Characteristics of Modern Populations," Economic History of Developing Regions, Taylor & Francis Journals, vol. 33(1), pages 1-17, January.
    2. Armin Falk & Anke Becker & Thomas Dohmen & Benjamin Enke & David B. Huffman & Uwe Sunde, 2017. "Global Evidence on Economic Preferences," NBER Working Papers 23943, National Bureau of Economic Research, Inc.
    3. Armin Falk & Anke Becker & Thomas Dohmen & David Huffman & Uwe Sunde, 2023. "The Preference Survey Module: A Validated Instrument for Measuring Risk, Time, and Social Preferences," Management Science, INFORMS, vol. 69(4), pages 1935-1950, April.
    4. Armin Falk & Anke Becker & Thomas Dohmen & Benjamin Enke & David Huffman & Uwe Sunde, 2018. "Global Evidence on Economic Preferences," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(4), pages 1645-1692.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Risk preferences; Sea-fishing legacy; Cross-country differences;
    All these keywords.

    JEL classification:

    • Z10 - Other Special Topics - - Cultural Economics - - - General

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