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Forms of Trust and Conditions for their Stability

Reynaud, Bénédicte (2017), Forms of Trust and Conditions for their Stability, Cambridge Journal of Economics, 41, 1, p. 127-145. 10.1093/cje/bew001

Type
Article accepté pour publication ou publié
External document link
http://www.benedicte-reynaud.com/texte/Reynaud_CJE-2016.pdf
Date
2017
Journal name
Cambridge Journal of Economics
Volume
41
Number
1
Publisher
Oxford University Press
Pages
127-145
Publication identifier
10.1093/cje/bew001
Metadata
Show full item record
Author(s)
Reynaud, Bénédicte cc
Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Abstract (EN)
Of the three principal approaches to trust, we decided to investigate in greater detail the one in which trust is regarded as a belief that the individuals involved hold about a relationship. Trust was defined as a delegatory relationship based on anticipation of the delegatee’s behaviour. We reached four main conclusions. First, the solution to the problem posed by the indeterminacy of trust lies in the differentiation and hierarchisation of the various forms of trust—contractual, organisational and tacit—on the basis of their degree of irreversibility and stability. Second, contractual trust is unstable because it comes up against the problem of guarantees of individual intentions. This leads to the third conclusion: rational evaluation by individuals cannot by itself establish trust, which is based on collective beliefs, practices and rules. Fourth, we identified two conditions for the stability of trust: the creation of irreversibilities through adherence to a rule and the creation of a ‘confidence interval’ within which different interpretations of contradictory individual strategies are tolerated. Thus the viability of the various forms of trust depends on the ability of institutions and organisations to create rules that are likely, when applied, to produce an interval in which tolerance of mutual intentions is the norm. These analyses of trust hence highlight the role of time and period of time in the notion of trust.
Subjects / Keywords
Institutions; Rules; Trust
JEL
D52 - Incomplete Markets

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