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


  • James A. Wilson


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.

Suggested Citation

  • 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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    References listed on IDEAS

    1. Samet, Dov & Tauman, Yair, 1982. "The Determination of Marginal Cost Prices under a Set of Axioms," Econometrica, Econometric Society, vol. 50(4), pages 895-909, July.
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    Cited by:

    1. 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.
    2. 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.
    3. Carnaje, Gideon P., 2007. "Contractual Arrangements in Philippine Fisheries," Discussion Papers DP 2007-22, Philippine Institute for Development Studies.
    4. 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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