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Social EconomicsCurrent and Emerging Avenues$
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Joan Costa-Font and Mario Macis

Print publication date: 2017

Print ISBN-13: 9780262035651

Published to MIT Press Scholarship Online: September 2017

DOI: 10.7551/mitpress/9780262035651.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 26 September 2021

The Microeconomics of Trust

The Microeconomics of Trust

Chapter:
(p.109) 6 The Microeconomics of Trust
Source:
Social Economics
Author(s):

Luigi Guiso

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262035651.003.0006

Research on trust has been one of the most fertile areas over the past decade. It has involved contributions not only from all social science but also from biology and neuroscience. In this chapter I will focus on the economics approach to trust. Despite the pervasive role trust plays in contracting, economists have not been the first to notice the key role of trust for the functioning of an economy. But they have been the first to show its empirical importance for explaining the macroeconomic differences in aggregate performance across countries and communities. In this essay we focus on the microeconomics of trust and elucidate how is trust formed and evolves at the individual level and how it affects individual economic decisions and performance.

Keywords:   Economics of trust, Contracting, Economic decision making

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