Individual time preferences and adoption of destructive extraction methods 1.0.0
This model provides description of the adoption of destructive extraction methods in the context of small-scale fisheries. The model particularly focuses on how an individual´s valuation of future outcomes as compared to current outcomes (or in other words time preferences) influences her decision to chose a destructive extraction method.
In our model agents have limited information about the extraction methods and rely on their social network to gain more information from those employing different extraction methods. Using this information agents decide whether to stick with their own extraction method or to adopt a different extraction method. This decision is based on agent´s perception of the extra income she will be able to generate during her planning time horizon by using one extraction method or the other.