Trust reduces transaction costs the way lubricant reduces friction

Related

• Trust grows out of the specific relationship between the parties (similarity 0.91)
• Trust relationships must be built gradually through small steps because of environmental contingency. (similarity 0.91)
• Trust is merely evidence-based expectation while trustworthiness is motivational (similarity 0.91)
• Trust cannot be paired with obligation as promises are (similarity 0.90)
• Trust necessarily stays moored in expectations and interests (similarity 0.90)
• Deceitful trust, once established, obliges its user into genuine trustworthiness (similarity 0.89)
• Trust functions as a lubricant that reduces economic transaction costs (similarity 0.89)
• Trust and trustworthiness are asymmetrical because only trusting carries significant risk of exploitation (similarity 0.89)
• System trust is easier to acquire but harder to control than personal trust (similarity 0.88)
• Trusting values depend crucially on the information each party holds (similarity 0.88)
• Trust is inductively corrigible by objective experience (similarity 0.88)
• Commerce requires liberty, contract security, trust, and justice (similarity 0.87)
• Law exists to reduce the severity of trust-violation losses (similarity 0.87)
• Trust deepens through graduated gifts, not immediate reciprocation (similarity 0.87)
• Iterated ongoing relationships are the largest source of trust in ordinary life. (similarity 0.86)