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Vertrauen: Substitut oder Komplement zu formellen Institutionen?

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  • Friedrich L. Sell
  • Marcus Wiens
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    Abstract

    In this paper, we take trust as a specific, cooperative investment. The trustor is mainly interested in the possibility to rely on the trustee (“reliance”), while the trustee’s object is to receive a trustworthy sig-nal (“trust responsiveness”). The value of a trust relationship amounts and equals to not less than the social surplus which it can generate. On the one hand, a social optimal solution is feasible in the case where both parties agree on “liquidated damages” (perfect jurisdiction). Yet, it is also possible, on the other hand, to achieve a second best solution in a non-perfect jurisdiction world when “trust respon-siveness” comes into play.

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    Bibliographic Info

    Article provided by Duncker & Humblot, Berlin in its journal Schmollers Jahrbuch.

    Volume (Year): 126 (2006)
    Issue (Month): 4 ()
    Pages: 605-633

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    Handle: RePEc:aeq:aeqsjb:v126_y2006_i4_q4_p605-633

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