How trust influences economic decisions

TERRA ECONOMICUS, , Vol. 12 (no. 3),
p. 29-47

The article is about the influence of trust on the economic decisions. The work is based on the idea of necessity of searching for an optimum combination of trust and distrust to maximize social welfare. There is an attempt to supplement the rationalistic approach of the influence of trust with the psychophysiological and sociocultural factors. At the beginning of the article there is definition of trust, rationalistic approach to the nature of impact of trust on the decision-making process, economic interpretation of the concepts of «optimal», «not optimal» and «undue» trust, approach to estimation of the stability of trust. Then there is an attempt to extend rationalistic approach of the impact of trust on the decision-making process, and to describe the factors that determine the level of trust. In the final of the article, there is description of the experiment, which is directional to estimate the influence of trust to the efficiency of economic cooperation.

Keywords: trust; decision-making process; efficiency; optimum trust; undue trust; opportunism

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606