Bounded rationality, value systems and time-inconsistency of preferences as rational foundations for the concept of trust
Rosanas, Jose M.
This paper intends to contribute to the (bounded rationality) foundations of trust. After reviewing the extant definitions, I establish the formal structure of situations involving trust. In that context, I examine the paradoxical situation of (calculative) trust in simple settings. Then I show how bounded rationality provides a rationale for a concept of trust that goes beyond that calculative notion. Value systems and possible inconsistency of time preferences are shown to be crucial elements.
Trust; Bounded rationality; Value systems; Behavioral decision-making;
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