How Fishermen Make Eeconomic Decisions?
Insights from Behavioral and Experimental Economics
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This book provides readers with additional insights into the economic behaviors of fishermen. In particular, we look at how a fishing vessel s captain or owner makes two of the most important decisions in the fishing business. One decision relates to the choice of remuneration practice; the other is concerned with the fishing trip length. The underlying factor of these decision-making processes is the risk behavior of the vessel s captain or owner. The role of risk preferences in the decision-making process is especially emphasized in the context of such a risky profession as fishery. Given th...
This book provides readers with additional insights
into the economic behaviors of fishermen. In
particular, we look at how a fishing vessel s
captain or owner makes two of the most important
decisions in the fishing business. One decision
relates to the choice of remuneration practice; the
other is concerned with the fishing trip length. The
underlying factor of these decision-making processes
is the risk behavior of the vessel s captain or
owner. The role of risk preferences in the decision-
making process is especially emphasized in the
context of such a risky profession as fishery. Given
that, we also explore the question whether fishermen
have different risk patterns from workers in other
occupations. Most previous studies addressed this
question from the expected utility theory
perspective and assumed that fishermen like other
workers are risk-averse. We address this question by
applying prospect theory and experimental economics
methodology to directly estimate the parameters used
as proxy for risk behavior as well as to explore how
these parameters are determined by socioeconomic and
cultural factors.
into the economic behaviors of fishermen. In
particular, we look at how a fishing vessel s
captain or owner makes two of the most important
decisions in the fishing business. One decision
relates to the choice of remuneration practice; the
other is concerned with the fishing trip length. The
underlying factor of these decision-making processes
is the risk behavior of the vessel s captain or
owner. The role of risk preferences in the decision-
making process is especially emphasized in the
context of such a risky profession as fishery. Given
that, we also explore the question whether fishermen
have different risk patterns from workers in other
occupations. Most previous studies addressed this
question from the expected utility theory
perspective and assumed that fishermen like other
workers are risk-averse. We address this question by
applying prospect theory and experimental economics
methodology to directly estimate the parameters used
as proxy for risk behavior as well as to explore how
these parameters are determined by socioeconomic and
cultural factors.
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