Risk and Risk Exposure in Norwegian Fisheries

Fishing is a risky occupation and fishers strive to minimize variance as well as maximize mean profits. In this paper, we present a near complete set of landing tickets between 2004 and 2013 and analyze it to study diversification trends in Norwegian fisheries for different fleets or regulatory types. We find no signs for different trends in diversification as a risk-mitigating strategy across different fleets or regulatory types. Moreover, develop a model of risk exposure by utilizing trip-level landings data to better understand what characterizes the risk exposure of Norwegian fishing vessels.