Stochastic Production and Heterogeneous Risk Preferences: Commercial Fishers' Gear Choices
建立渔具选择模型，利用瑞典底拖网渔船面板数据估计随机收入函数，发现渔民倾向于沿用上次渔具，且对预期收益增加反应积极、对收益波动增加反应消极，表明风险规避。
As long as total effort cannot be completely controlled, a more thorough understanding of fishers' supply\nresponse decisions will be beneficial for fishery managers. In this paper, we present a model of fishers'\ngear choice, which is empirically estimated on a panel of Swedish demersal trawlers. The approach allows\nfor heterogeneity both in production technology and in risk preferences. Stochastic revenue functions with\nfixed effects are estimated and used to predict expected revenue and standard deviation for each trip. We\nemploy a linear utility function in the mean-standard deviation framework and then analyze the gear\nchoices, using the predicted values together with vessel capacity and lagged variables for the previous trip\nin a random parameters-logit model, which allows for heterogeneous risk preferences. The results indicate\nthat fishers have a strong tendency to choose the same gear used on the previous trip, while in general they\nreact to changes in economic and biological conditions by responding positively to increases in expected\nlanding values and negatively to increases in the variability of the expected landing values, indicating risk\naversion.