This paper analyses the consequences of trust for the general equilibrium in an exchange economy. Trust is viewed as a gift of information which modifies the caracteristics of goods a la Stigler-Becker. The increase in utility due to the increase in information is modified by its consequences on the equilibrium. This increase in utility may be strengthened, reduced or neutralized. The study of Effective Information Gift (EIG) is general. In a simple example, it caracterizes all cases of gains and/or losses in utility for two agents and two goods.
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Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number
96c06.
Length: 19 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:aixmeq:96c06
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Find related papers by JEL classification: A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis D5 - Microeconomics - - General Equilibrium and Disequilibrium D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information