This article examines the entrepreneurial artisanal fisher's problem of choosing a set of targets that minimize variability in net trip revenues given limited inputs and the carrying capacity constraints of an artisanal vessel in an open-access fishery. Specifically, it explores the fishing behaviour and targeting options of fishermen in Dominica, with the objective of identifying catch-sets that can reduce the variance in the mean net income earned by artisanal fishers over a fishing season. The objective therein is to enable fishers to earn a more stable income, thus reducing their vulnerability to economic shocks. This is explored within the context of a risk tradeoff model for mean-variance portfolio optimization. Literature supports the view that the high degree of variability in mean catch rate contributes to the unprofitability and vulnerability of fishers and may also encourage their use of unsustainable harvesting practices in an attempt to improve fishing net revenue. The article also estimates the efficacy of targeting strategies employed by artisanal fishers, as evidenced by the ability to land the ex ante target species. The results show that there exists catch portfolios capable of reducing variance in net trip revenue across a fishing season returns for all sites, and that some fishers are in fact able to effectively land ex ante targets, which are important to overall reduction in the variability of trip net revenue. This suggests that there is scope for increasing the profitability of artisanal fishing activity in Dominica with existing vessels and gear operations of the artisanal fleet.

JEL Classification Codes: G11, C61