Revenue targeting in fisheries
Date of Issue2013
School of Humanities and Social Sciences
We apply the target revenue model, a version of prospect theory, to investigate how fishermen adjust their trip length to changes in daily revenue. The key finding is that certain groups of fishermen seem more likely to behave according to the target revenue model rather than to the standard model of labor supply. We also find that vessel capacity has little effect on whether the captains seek target revenue. The study strongly supports the integration of prospect theory into the framework of labor supply analysis.
DRNTU::Social sciences::Economic development
Environment and development economics
© 2013 Cambridge University Press. This paper was published in Environment and Development Economics and is made available as an electronic reprint (preprint) with permission of Cambridge University Press. The paper can be found at the following official DOI: http://dx.doi.org/10.1017/S1355770X13000144. One print or electronic copy may be made for personal use only. Systematic or multiple reproduction, distribution to multiple locations via electronic or other means, duplication of any material in this paper for a fee or for commercial purposes, or modification of the content of the paper is prohibited and is subject to penalties under law.