|Original language||English (US)|
|Title of host publication||The Wiley Blackwell Encyclopedia of Consumption and Consumer Studies|
|Editors||Daniel Thomas Cook, J. Michael Ryan|
|Place of Publication||Hoboken, NJ|
|Publisher||John Wiley & Sons|
|Number of pages||3|
|State||Published - 2015|
Marketplace trust is defined as the truster's belief that the trustee will meet the expectations of an exchange agreement. It includes the expectations that, if unexpected contingencies should arise, the trustee will respond only after weighing the truster's needs equally to (or more heavily than) the trustee's own needs. Those who have studied trust have proposed that it comprises three subdimensions: honesty, benevolence, and competence. Researchers have also suggested that trust can be based on cognitive and/or affective psychological processes. Trust is necessary only to the extent that the truster believes there is some chance that the trustee will decide not to meet the agreement's expectations. In real-world interactions, that chance always exists, although to a greater or lesser extent in different relationships. Research on trust has examined its various causes and consequences. This includes research on how the broader social context may foster or undermine trust.