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Organizations and their effectiveness-2016/Key concept definitions
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== Trust == === Manuel === ''Definition:'' Willingness to rely on (and make oneself vulnerable to) the actions of another person because of a belief that the other person will honor this leap of faith and act in ways that benefit the relationship (and not only according to pure monetary self-interest). Note: this definition of trust differs from "economic trust" in repeated games, in which trust is sustained via the benefits of future cooperation. ''Examples:'' Trust game (Berg, Dickhaut & McCabe, 1995 Games and Econ Behav) or gift-exchange literature (Akerlof, 1982 QJE; Fehr, Kirchsteiger & Riedl, 1993 QJE) === Bob === I agree that it is important to save "trust" to mean something beyond the purely consequentialist logic sometimes called "calculative trust" in repeated games. Last week I called the repeated-game argument "assurance," following Yamagishi and Yamagishi (1994). See the Gibbons-Henderson (Org. Sci. 2012) reading from my second session last week for more discussion and references, as well as quarter-baked queries about whether the consequentialist logic might complement or crowd out real trust. That said, I think trust and assurance remain hard to separate, at least for me. For example, to my eye, the first part of Manuel's definition applies to both: "Willingness to rely on (and make oneself vulnerable to) the actions of another person because of a belief that the other person will honor this leap of faith and act in ways that benefit the relationship." It is the second part that then distinguishes between the two -- namely, " (and not only according to pure monetary self-interest)" -- although I would delete "monetary" from this phrase because there are of course repeated-game arguments that are entirely consequentialist but do not involve money (such as a repeated PD). So I guess I have moved from needing one definition to needing another: if you and I are playing a two-move game and I play "trust" in my first move (and it is common knowledge that the game is definitely over after your second move, and that we will never see each other again, and that you will never interact with third parties who knowhow you played in our game), is it the same thing to say (a) that I am trusting you and (b) that I have a view about your "type" that leads me to predict how you will act after I play "trust"? === Bo === Trust: Reputation system works so well, I don't need monitoring or contracts. === Ameet === Defintion: ‘When we say we trust someone or that someone is trustworthy – writes Gambetta (2000) – we implicitly mean that the probability that he will perform an action that is beneficial (…) is high enough for us to consider in engaging in some form of cooperation with him.’ In Gambetta’s (2000) definition trust is a belief, which can be measured as a probability. Gambetta, Diego (2000). ‘Can we trust trust?’, in (D. Gambetta, ed.), Trust: Making and Breaking Cooperative Relations, pp. 213–27, Oxford: University of Oxford. Examples: In the last 15 years, economists have increasingly paid attention to the role trust plays in economic activity. From economic growth (Knack and Keefer, 1997) to size of firms (La Porta et al., 1997; Bloom et al., 2009), from financial development (Guiso et al., 2004, 2008) to international trade and investments (Guiso et al., 2009), many economic phenomena have been related to the level of trust.
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