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HAVKYST-Havet og kysten

Risk, Endogenous Preferences, and Investment Behavior in Norwegian Fisheries

Tildelt: kr 2,0 mill.

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 sustainab le 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 mak e 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 questi on this. The project aims to contribute to 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 ar e important from a Norwegian policy perspective. An excellent interdisciplinary team of young researchers with a proven track record of scientific impact will carry out the project. The project will act as a catalyst by bringing together this group of res earchers and by enabling a suite of interviews, experiments, and modeling efforts. The members of the core team come from established centers of marine research, SNF and CEES, and the project will trigger a new era of collaboration between the research gr oups in Bergen and Oslo. The project holds the clear potential to further strengthen and substantiate Norway's position as a leader in marine ecosystem-related research, a stated objective of the HAVKYST program.

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HAVKYST-Havet og kysten