The grammars of trust: a model and general implications

Article Abstract:

In this article we contend that trust can be conceptualized as four distinct and ordered forms - shallow dependence, shallow interdependence, deep dependence, and deep interdependence - determined by the nature of the interdependence between trusting parties. We argue that both the risks that trusting parties assume and the mechanisms for mitigating those risks emerge as a function of the form of interdependence in the relationship. By reviewing research in which trust is a central component, we illustrate the elements of this model and examine its implications. (Reprinted by permission of the publisher.)

Risk management, Interpersonal relations

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Integrating variable risk preferences, trust, and transaction cost economics

Article Abstract:

Transaction cost economics (TCE) relies on three behavioral assumptions in predicting how firms choose governance structures - bounded rationality, opportunism, and risk neutrality. We explore the implications of the neglected behavioral assumption of risk neutrality, offer an integrative appraisal of the three behavioral assumptions using trust as a unifying perspective, and explicate subjective costs and risks. We illustrate the relative ease with which previous empirical shortcomings can be addressed by incorporating risk and trust in TCE models. (Reprinted by permission of the publisher.)

Cost (Economics), Costs (Economics)

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Falling forward: real options reasoning and entrepreneurial failure

Article Abstract:

The theoretical focus of entrepreneurship is redirected from avoidance of failure and achievement of success to an approach which integrates the benefits derived from failure. The concept of failure is revised, making it a useful tool. Thus, an understanding of the relationship between success and failure is achieved without the unintended negative results. By carefully analyzing failure, better models of entrepreneurship can be created.

Economic aspects, Entrepreneurship, Business failures

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