Do fishermen have different attitudes toward risk? An application of prospect theory to the study of Vietnamese fishermen
Article
Nguyen, Q. and Leung, P. 2009. Do fishermen have different attitudes toward risk? An application of prospect theory to the study of Vietnamese fishermen. Journal of Agricultural and Resource Economics. 34 (3), pp. 518-538.
Type | Article |
---|---|
Title | Do fishermen have different attitudes toward risk? An application of prospect theory to the study of Vietnamese fishermen |
Authors | Nguyen, Q. and Leung, P. |
Abstract | Field experiment and household survey data are combined to investigate whether working in a risky occupation such as fishing makes fishermen have different risk preferences than individuals in other occupations. Prospect theory is utilized as the main analytical framework and a structural model approach is developed to simultaneously correlate the parameters of the utility function under prospect theory with other socioeconomic variables. The key finding is that working in fishing makes economic agents less risk averse than others. Fishermen also tend to be less sensitive to probability weighting changes in the experiment. It is possible that fishermen have adapted to their unique environment by using specific heuristics for decision making under conditions of uncertainty. |
Publisher | Western Agricultural Economics Association |
Journal | Journal of Agricultural and Resource Economics |
ISSN | 1068-5502 |
Publication dates | |
01 Dec 2009 | |
Publication process dates | |
Deposited | 19 May 2015 |
Output status | Published |
Publisher's version | |
Copyright Statement | Original publication in Journal of Agricultural and Resource Economics 34(3):518–538. Copyright 2009 Western Agricultural Economics Association. Reproduced in the Middlesex University Research Repository as permitted journal's copyright terms. |
Web address (URL) | http://www.waeaonline.org/jareonline/archives/34.3%20-%20December%202009/JARE,Dec2009,pp518,Nguyen.pdf |
Language | English |
https://repository.mdx.ac.uk/item/85587
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