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Do fishermen have different preferences?: Insights from an experimental study and household data

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  • Nguyen, Quang

Abstract

We 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.

Suggested Citation

  • Nguyen, Quang, 2009. "Do fishermen have different preferences?: Insights from an experimental study and household data," MPRA Paper 16012, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:16012
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    References listed on IDEAS

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    Cited by:

    1. Kerri Brick & Martine Visser & Justine Burns, 2012. "Risk Aversion: Experimental Evidence from South African Fishing Communities," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 94(1), pages 133-152.
    2. Bocqueho, Geraldine & Jacquet, Florence & Reynaud, Arnaud, 2011. "Expected Utility or Prospect Theory Maximizers? Results from a Structural Model based on Field-experiment Data," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114257, European Association of Agricultural Economists.
    3. Loheac, Youenn & Combris, Pierre & Issancou, Sylvie, 2010. "Food Decision, Information And Personality," 115th Joint EAAE/AAEA Seminar, September 15-17, 2010, Freising-Weihenstephan, Germany 116434, European Association of Agricultural Economists.
    4. Sundar, B. & Virmani, Vineet, 2013. "“Impatience” of Forest Dependent Communities - Evidence from Andhra Pradesh," IIMA Working Papers WP2013-12-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    5. Louise S. L. Teh & Lydia C. L. Teh & U. Rashid Sumaila, 2011. "Low Discounting Behavior among Small-Scale Fishers in Fiji and Sabah, Malaysia," Sustainability, MDPI, vol. 3(6), pages 1-17, June.

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    More about this item

    Keywords

    Experimental Economics; Prospect Theory; Hyperbolic Discounting; Risk Behavior; Vietnam fishermen;
    All these keywords.

    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

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