The Effects of Risk Preference on the Choice of Adaptation Strategies of Small-scale Fishers in Response to Depleting Fisheries

To sustainably cope with the continuous depletion of fishery stock, the adaptation among small-scale fishers is imperative. This study was conducted to analyze the effects of small-scale fishers’ risk preference on their choice of adaptation strategies concerning fishery stock depletion. A multiple price list experiment was conducted to elicit the risk preference of the small-scale fishers. The results showed that small-scale fishers in Guimaras were slightly risk-averse. Meanwhile, various adaptation strategies were employed by the small-scale fishers as a response to fishery stock depletion. Based on the multivariate probit regression results, more risk-averse small-scale fishers were more likely to reduce fishing effort but less likely to modify fishing gear. These results highlight the need for planned intervention and streamlining of adaptation mechanisms in fishery governance to address fishery stock depletion, so the small-scale fishers’ livelihoods are not compromised in the process.