Does a sea fishing legacy explain differences in risk attitudes?

Xiqian Cai (), Lata Gangadharan (), Yi Lu and Xiaojian Zhao
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Xiqian Cai: Institute of Economics, School of Economics and Wang Yanan Institute for Studies in Economics, Xiamen University

No 2022-17, Monash Economics Working Papers from Monash University, Department of Economics

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.

Keywords: Risk preferences; Sea-fishing legacy; Cross-country differences (search for similar items in EconPapers)
JEL-codes: Z10 (search for similar items in EconPapers)
Date: 2022-07
New Economics Papers: this item is included in nep-evo and nep-rmg
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