Exchange Relationships in Inshore Fisheries1

Research on the long‐term, informal exchange strategies of harvesters and dealers working in inshore fisheries has been important to theory surrounding economic exchange. In transaction costs economics, this research provides evidence for economic exchange governed by trust, and in exchange theory, it provides evidence for the emergence of cooperation and trust. In this article I examine the emergence of economic exchange relationships in the new sea urchin fishery. The research is ethnographic in nature, utilizing a variety of data sources including participant observation, in‐depth interviews, and existing quantitative data. I find that, just as experience or improved efficiency can have an impact on the emergence of trust between exchange partners, potential exchange partners can be deemed untrustworthy based on general characteristics unrelated to the particular individual. Once established, these assessments become part of the strategic context of exchange in the fishery.