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Vertrauen: Substitut oder Komplement zu formellen Institutionen?


  • Friedrich L. Sell
  • Marcus Wiens


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.

Suggested Citation

  • Friedrich L. Sell & Marcus Wiens, 2006. "Vertrauen: Substitut oder Komplement zu formellen Institutionen?," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 126(4), pages 605-633.
  • Handle: RePEc:aeq:aeqsjb:v126_y2006_i4_q4_p605-633

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    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • D69 - Microeconomics - - Welfare Economics - - - Other
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights


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