Decision making: Fishing production and fishers in the Black Sea

This paper explores empirical evidence as well as a theoretical model of fisheries in the Black Sea which have become depleted as a result of both environmental degradation and overexploitation. We examine overfishing and the optimal fish catch, and derive evolutionary stable strategies (ESS) from a game theory perspective by using agent risk profiles. We explain how risk-averse fishers may choose to fish at unsustainable levels, even though it may reduce their overall fish catch in the long run. Risk attitudes of artisanal fishers within the frameworks of expected utility and prospect theories also have implications on risk aversion and non-cooperation. We explore how social norms between fishers could encourage cooperation in fishing at sustainable levels, but find that these norms and information networks have not developed enough in the Black Sea to be effective.