Stochastic Production and Heterogeneous Risk Preferences: Commercial Fishers' Gear Choices
建立了一个考虑生产技术异质性和风险偏好的渔具选择模型，利用瑞典拖网渔船面板数据估计随机收入函数，并用随机参数Logit模型分析预期收入均值和标准差对渔具选择的影响，发现多数渔民风险厌恶且偏好沿用上次渔具。
We present a model of fishers' gear choice, which allows for heterogeneity both in production technology and risk preferences and apply it on a panel of Swedish trawlers. Stochastic revenue functions are estimated and used to predict the mean and standard deviation of revenue for each trip. In a random‐parameters logit model, we test if these predicted values explain gear choice. A majority of fishers respond positively to increased mean and negatively to increased variability of expected landing values, indicating risk aversion, but also show a strong tendency to choose the same gear used on the previous trip.