Marketplace Trust

Kent A Grayson, Devon Johnson

Research output: Chapter in Book/Report/Conference proceedingEntry for encyclopedia/dictionary

Abstract

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.
Original languageEnglish (US)
Title of host publicationThe Wiley Blackwell Encyclopedia of Consumption and Consumer Studies
EditorsDaniel Thomas Cook, J. Michael Ryan
Place of PublicationHoboken, NJ
PublisherJohn Wiley & Sons
Number of pages3
ISBN (Electronic)9781118989463
DOIs
StatePublished - 2015

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