Revenue Targeting in Fisheries: The Case of Hawaii Longline Fishery

Quang Nguyen and PinngSun Leung

MPRA Paper from University Library of Munich, Germany

Abstract: We apply the target revenue model, a version of prospect theory, to investigate how fishermen adjust their trip length to changes in daily revenue. The key finding is that certain groups of fishermen seem more likely to behave according to the target revenue model rather than the standard model of labor supply. Asian American captains seem more likely to behave according to the target revenue model than Caucasian captains. We also find that vessel capacity has little effect on whether the captains seek target revenue. The study strongly supports the integration of prospect theory into the framework of fisheries studies.

Keywords: Behavioral economics; Fisheries; Hawaii Longline; Prospect Theory; Target revenue model (search for similar items in EconPapers)
JEL-codes: D01 D81 (search for similar items in EconPapers)
Date: 2009-09-05
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: Revenue Targeting in Fisheries: The Case of Hawaii Longline Fishery (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:17119

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