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| === Bo === | | === Bo === |
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| Trust: Reputation system works so well, I don't need monitoring or contracts. | | Trust: Reputation system works so well, I don't need monitoring or contracts. |
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| === Ameet ===
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| Defintion:
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| ‘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.
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| Gambetta, Diego (2000). ‘Can we trust trust?’, in (D. Gambetta, ed.), Trust: Making and Breaking Cooperative Relations, pp. 213–27, Oxford: University of Oxford.
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| Examples:
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| 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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| == Rationalization == | | == Rationalization == |