Decisions involving risk are usually taken in the presence of other insurable or non-insurable risks, the latter type … called background risk. We examine how changing background risk influences risk-taking based on panel data with monthly … observations from Senegalese fishermen. Fishing income is volatile and income risk depends on weather conditions and on …

high coefficients of constant relative risk aversion. -- Fishery economics ; environmental uncertainty ; constant … of uncertainty on the optimal size of a fish stock is ambiguous, depending on the prudence of the value function. For the … case of a risk-neutral fishery manager, the overall effect depends on the relative magnitude of two opposing effects, the …