Exploration of Trust Based on Game Theory
from Part I - Fundamental Level of Trust
Published online by Cambridge University Press: 09 December 2021
This chapter explores the role of trust in facilitating economic transactions. We cover seminal and more recent research suggesting how the game-theoretic approach in economics relies on trust to explain market transactions between two parties – individuals and firms. We also study how the experimental results of the trust game (and assorted variations) introduced by economists helps better our understanding of how trust affects the underlying dynamic in dyadic transactions. Relationships between trust levels in society and macroeconomic growth are also explored.
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