Heterogeneous and Correlated Risk Preferences in Commercial Fishermen: The Perfect Storm Dilemma

Martin Smith () and James Wilen

Journal of Risk and Uncertainty, 2005, vol. 31, issue 1, 53-71

Abstract: Commercial fishing involves both physical and financial risks. This combination questions whether fishermen are inherently risk-loving, whether physical and financial risk preferences are correlated, and how much preferences vary across fishermen. This paper addresses these questions with a panel data set of daily participation decisions in the California sea urchin dive fishery. Weather buoy data and the prevalence of great white sharks at a particular fishing site proxy for physical risk. Overall, urchin fishermen are not risk-loving on average, risk preferences are heterogeneous, and there is some evidence that risk preferences are positively correlated across physical and financial domains. Copyright Springer Science + Business Media, Inc. 2005

Keywords: risk domains; risk preferences; fishing behavior (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (25)

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DOI: 10.1007/s11166-005-2930-7

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