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Adaptation to Uncertainty and Small Numbers Exchange: The New England Fresh Fish Market

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  • James A. Wilson

Abstract

Relatively inaccurate and slow dissemination of market information and location and ownership factors cause trading to take place under conditions of uncertainty and small numbers. The inefficiencies and inequities which might otherwise result in each individual transaction are mitigated by a pattern of very personal, long-term, bilateral agreements. These agreements deal with the efficiency and equity problems through a system of reciprocation over time. Nevertheless, the collective effect of the agreements, under certain common conditions, is to suppress further the flow of market information and seriously to impair product quality incentives and other measures of market performance.

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  • James A. Wilson, 1980. "Adaptation to Uncertainty and Small Numbers Exchange: The New England Fresh Fish Market," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 491-504, Autumn.
    • Handle: RePEc:rje:bellje:v:11:y:1980:i:autumn:p:491-504
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    Cited by:

    1. Benito Arruñada & Manuel González, 1997. "How competition controls team production: The case of fishing firms," Economics Working Papers 261, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Song, Yujing, 2022. "In the Provision of Supply Assurance: Market and Informal Relationships," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322549, Agricultural and Applied Economics Association.
    3. Altman, Ira J. & Klein, Peter G. & Johnson, Thomas G., 2006. "Scale as a Transaction Cost Variable in the U.S. Biopower Industry," 2006 Annual meeting, July 23-26, Long Beach, CA 21141, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Brown, James R. & Cobb, Anthony T. & Lusch, Robert F., 2006. "The roles played by interorganizational contracts and justice in marketing channel relationships," Journal of Business Research, Elsevier, vol. 59(2), pages 166-175, February.
    5. Carmen Pedroza-Gutiérrez & Juan M. Hernández, 2020. "Social Networks and Supply Chain Management in Fish Trade," SAGE Open, , vol. 10(2), pages 21582440209, June.
    6. González-Mon, Blanca & Bodin, Örjan & Crona, Beatrice & Nenadovic, Mateja & Basurto, Xavier, 2019. "Small-scale fish buyers' trade networks reveal diverse actor types and differential adaptive capacities," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    7. Kirman, Alan P. & Vriend, Nicolaas J., 2001. "Evolving market structure: An ACE model of price dispersion and loyalty," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 459-502, March.
    8. Carnaje, Gideon P., 2007. "Contractual Arrangements in Philippine Fisheries," Discussion Papers DP 2007-22, Philippine Institute for Development Studies.
    9. Nascimento, Douglas Macêdo & Alves, Rômulo Romeu Nóbrega & Barboza, Raynner Rilke Duarte & Schmidt, Anders Jensen & Diele, Karen & Mourão, José Silva, 2017. "Commercial relationships between intermediaries and harvesters of the mangrove crab Ucides cordatus (Linnaeus, 1763) in the Mamanguape River estuary, Brazil, and their socio-ecological implications," Ecological Economics, Elsevier, vol. 131(C), pages 44-51.

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