Publications [#267465] of Martin D. Smith

Papers Published

1. Smith, MD; Wilen, JE, Heterogeneous and correlated risk preferences in commercial fishermen: The perfect storm dilemma, Journal of Risk and Uncertainty, vol. 31 no. 1 (2005), pp. 53-71, Springer Nature, ISSN 0895-5646 [doi]
   (last updated on 2024/04/19)

   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. © 2005 Springer Science + Business Media, Inc.