A characterization of trust, and its consequences

Abstract

Trust is understood in terms of a) acceptance of dependency in b) the absence of information about the other’s reliability in order to c) create an outcome otherwise unavailable. The first of these is the cost of trust; the second, the situation of uncertainty it faces and may overcome; the third, its purchase. This account permits: distinction between trust and similar relations with which it is frequently confused; discovery of the basis of trust in the emotional apprehension of confidence; and demonstration of the relationship between trust and both social capital and rationality, with counter-intuitive results.