Behavioral responses to risk and uncertainty among Norwegian fishers
About the project
The project centers on risk, endogenous preferences, and investment behavior in Norwegian fisheries. We combine sociology, economics, and biology in an innovative way to obtain a more holistic view of a problem that is crucial for successful and sustainable management of marine resources: What determines the dynamics of catch capacity and how does this affect fish stocks? Clearly, the question cannot be understood without accounting for the larger natural and social environment of the individuals that make the investment decisions in the fishery.
The proposed research is timely for at least two reasons. First, in light of evidence on the impact of humans on marine resources, it is imperative to develop integrated, long term management plans with a solid, research-based foundation. Second, a paradigm shift is coming in the economic profession. After holding tight to the construct of a rational, utility-maximizing agent with stable preferences for many years, recent theoretical and empirical results question this. The project aims to contributemto this growing literature by analyzing how the environment shapes risk preferences.
The research questions are at the frontier of current economic research, have large implications for resource management, and are important from a Norwegian policy perspective.
This project is funded by The Research Council of Norway.
01.01.2013 - 30.09.2015