Search and Active Learning With Correlated Information: Empirical Evidence from Mid-Atlantic Clam Fishermen

42 Pages Posted: 8 May 2007

See all articles by Philippe Marcoul

Philippe Marcoul

University of Alberta - Department of Rural Economy

Quinn Weninger

Iowa State University - Department of Economics

Date Written: March 2007

Abstract

This paper examines search with active learning and correlated information. We first develop a simple model to show how correlation affects the decision to acquire information. A unique data set on fishing site choice by mid-Atlantic clam fishermen is used to test the model predictions. Results find that clam fishermen search new sites when the catch at familiar sites declines, i.e., when the opportunity cost of gathering information is low, but also when catch at familiar sites is on the rise. Search following a catch decline occurs at spatially distant sites whereas search following a catch increase occurs at nearby sites. Correlated learning is crucial for explaining the site choice patterns in our data. These results provide new insights that may extend to a variety of economic search problems where correlated learning is important.

Keywords: Search, Correlated Information, Active Learning, Commercial Fisheries

JEL Classification: D8, C4, Q2

Suggested Citation

Marcoul, Philippe and Weninger, Quinn, Search and Active Learning With Correlated Information: Empirical Evidence from Mid-Atlantic Clam Fishermen (March 2007). Available at SSRN: https://ssrn.com/abstract=984308 or http://dx.doi.org/10.2139/ssrn.984308

Philippe Marcoul

University of Alberta - Department of Rural Economy ( email )

Edmonton, Alberta
Canada

Quinn Weninger (Contact Author)

Iowa State University - Department of Economics ( email )

260 Heady Hall
Ames, IA 50011
United States

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