11. Trust
• 1/ Mutual affection (the implicit understand that
comes from loving relationships)
• 2/ Pro-social disposition (I might feel bad about letting
someone else down, our incentives to be honest)
• 3/ Mutual reinforcement (e.g. punishments for broken
promises, withholding future cooperation)
• 4/ Reputation (reputations can be built or undermined
when transactions are repeated on many occasions,
brand values)
• 5/ External enforcement (an impersonal approach to
changing behaviour, verification, witness statements,
the rule of law, legal institutions and enquiries)
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