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1 results

  • 4 - Contracting for Geothermal in Hot Springs

  • J. Mark Ramseyer, Harvard Law School, Massachusetts
  • Book:
    Contracting in Japan
    Published online:
    10 August 2023
    Print publication:
    27 July 2023, pp 91-115

  • Summary

    Given the returns to modern equipment, many fishermen face economies of scale they cannot afford. To survive, some entrepreneurial fishermen are moving deliberately up-scale. Rather than sell on the mass-market, they create and service a niche market for premium, high-quality fish. To compete in this market, the entrepreneurial fishermen purposely raise the stakes: on internet sales sites, they post their broader reputations as a bond. In doing so, they increase their vulnerability to a dissatisfied customer. In effect, the fisherman creates among his customers a network of overlapping ties that together constitute closed social capital. In the process, he builds a network that lets him more credibly promise high quality – precisely because his buyers can contact each other, learn how he has behaved in the past, and punish him if he reneges.