Small-scale Fishermen and Risk Preferences

Håkan Eggert A · Razack Bakari Lokina

59 citations0/0 files storedMarine Resource Economics

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

Using an experimental approach, we investigate the risk preferences of artisanal fishermen in Tanzania waters of Lake Victoria. The experiment concerns pairwise comparisons of hypothetical fishing trips that vary in expected mean and spread of the net revenue. The results show that about 34% of the fishermen can be considered as risk neutral, 32% as risk averse, and 34% as risk seekers. Econometric analysis indicates that the likelihood of belonging to the risk-seeking group increases if motorboats are used, if fishing is the main source of household income, and if the fisherman is targeting Nile perch. Asset ownership and perhaps socioeconomic variables influence risk preferences.

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References

1988Prospect theory: An analysis of decision under risk 1972Conditional logit analysis of qualitative choice behavior 1970On the measurement of inequality 2002Risk Aversion and Incentive Effects 1976Risk Aversion in the Small and in the Large 1972Essays in the Theory of Risk-Bearing.2000Risk Aversion and Expected-utility Theory: A Calibration Theorem 1980Attitudes Toward Risk: Experimental Measurement in Rural India

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