Wednesday, March 19, 2008

Gone Fishing!

I’m leaving for a trip with my wife and in-laws in Oklahoma, which will include some bass fishing!

I thought I would post some bass fishing related economics analysis.
Just like other sports there are pro-bass fishers. In fact by 2007, 17 anglers had career earning of over 1 million dollars. However, unlike major team sports salary as I understand it these pro fisherman have to pay their own way to tournaments and buy their own equipment or get sponsorships.

One pro-angler (and University of Oklahoma Economics Graduate), Jeff Kriet, who was fifth in the Bassmaster 2007 angler-of-the-year points list. Discussed the difficulties of making a living as a pro-bass fisherman in this article (here).
"The past four years, Kriet said, he earned $200,000-$300,000 a year from winnings and sponsorships. “You need to win $150,000 to put money away,” he said. “This sport is expensive.”

Or as Skeet Reese one of pro bass fishing legends describes bass fishing:
“It’s no different than wanting to become a neurosurgeon. It takes a lot of time and schooling, time on the water, to become proficient”

So what have we learned? When considering wages or profits you cannot just take into account earnings you also have to look at costs. When there are a limited number of jobs and that job is also reasonably enjoyable people will work hard to get those jobs making the competition tougher.

As I have only fished a handful of times, I’ll stick to the pro-economics circuit, where I have a better chance at $1 million dollars in career earnings. If you are thinking of going pro, here’s what it takes.

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