IDEAS home Printed from https://ideas.repec.org/p/zbw/mpifgd/058.html
   My bibliography  Save this paper

Trust and the Performative Construction of Markets

Author

Listed:
  • Beckert, Jens

Abstract

The concept of trust has recently been rediscovered, especially in the fields of economic sociology and organization theory. Nevertheless, the actual functioning of trust in markets has only been understood incompletely up to now. As this paper argues, one reason for this is that conceptualizations of trust have focused primarily on the decision-making process of the trust-giver. The contribution of the trust-taker, however, has not been comprehensively investigated. I propose understanding trust as a tranquilizer in market relations that is partly produced in the situation itself by the performative acts of self-presentation of the trust-taker. On the basis of a taxonomy of four strategies, the final part of the paper demonstrates the consequences that result for the understanding of the functioning of markets from this conceptualization of trust relations.

Suggested Citation

  • Beckert, Jens, 2005. "Trust and the Performative Construction of Markets," MPIfG Discussion Paper 05/8, Max Planck Institute for the Study of Societies.
    • Handle: RePEc:zbw:mpifgd:058
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/19922/1/dp05-8.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    2. Rolf Ziegler, 1998. "Trust And The Reliability Of Expectations," Rationality and Society, , vol. 10(4), pages 427-450, November.
    3. Sorge, Arndt, 2005. "The Global and the Local: Understanding the Dialectics of Business Systems," OUP Catalogue, Oxford University Press, number 9780199278909.
    4. Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 87(3), pages 355-374.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Christoph Elhardt, 2015. "The causal nexus between trust, institutions and cooperation in international relations," Journal of Trust Research, Taylor & Francis Journals, vol. 5(1), pages 55-77, April.
    2. Guilherme Silva Fracarolli, 2021. "The Effects of Institutional Measures: Geographical Indication in Mercosur and the EU," Sustainability, MDPI, vol. 13(6), pages 1-16, March.
    3. Braun, Benjamin, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," MPIfG Discussion Paper 16/12, Max Planck Institute for the Study of Societies.
    4. Beckert, Jens & Wehinger, Frank, 2011. "In the shadow illegal markets and economic sociology," MPIfG Discussion Paper 11/9, Max Planck Institute for the Study of Societies.
    5. Latusek, Dominika & Vlaar, Paul W.L., 2018. "Uncertainty in interorganizational collaboration and the dynamics of trust: A qualitative study," European Management Journal, Elsevier, vol. 36(1), pages 12-27.
    6. Katharine Tröger & Margareta Amy Lelea & Brigitte Kaufmann, 2018. "The Fine Line between Trusting and Cheating: Exploring Relationships between Actors in Ugandan Pineapple Value Chains," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 30(5), pages 823-841, December.
    7. Nejat Anbarci & Pedro Gomis-Porqueras & Marcus Pivato, 2018. "Evolutionary stability of bargaining and price posting: implications for formal and informal activities," Journal of Evolutionary Economics, Springer, vol. 28(2), pages 365-397, April.
    8. Benjamin Braun, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," Review of International Political Economy, Taylor & Francis Journals, vol. 23(6), pages 1064-1092, November.
    9. Gruss, Laura & Piotti, Geny, 2010. "Blurring the lines: Strategic deception and self-deception in markets," MPIfG Discussion Paper 10/13, Max Planck Institute for the Study of Societies.
    10. Möllering, Guido, 2008. "Inviting or avoiding deception through trust? Conceptual exploration of an ambivalent relationship," MPIfG Working Paper 08/1, Max Planck Institute for the Study of Societies.
    11. Jens Beckert, 2006. "Interpenetration Versus Embeddedness," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(1), pages 161-188, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Feser, Daniel & Runst, Petrik, 2015. "Energy efficiency consultants as change agents? Examining the reasons for EECs’ limited success," ifh Working Papers 1 (2015), Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh).
    2. Dionne, G. & Doherty, N., 1991. "Adverse Selection In Insurance Markets: A Selective Survey," Cahiers de recherche 9105, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    3. Michele Dell'Era & Luis Santos-Pinto, 2011. "Entrepreneurial Overconfidence, Self-Financing and Capital Market Efficiency," Cahiers de Recherches Economiques du Département d'économie 11.06, Université de Lausanne, Faculté des HEC, Département d’économie, revised Nov 2012.
    4. Jitender Singh, 2016. "Quality of Public Goods, Public Policy and Human Development: A State-wise Analysis," Indian Journal of Human Development, , vol. 10(2), pages 215-235, August.
    5. Anna Nagurney & Dong Li, 2014. "Equilibria and dynamics of supply chain network competition with information asymmetry in quality and minimum quality standards," Computational Management Science, Springer, vol. 11(3), pages 285-315, July.
    6. Pavel Ciaian & Ján Pokrivčák & Dušan Drabik, 2008. "Prečo sú niektoré sektory v tranzitívnych ekonomikách menej reformované ako ostatné? prípad výskumu a vzdelávania v oblasti ekonómie [Why some sectors of transition economies are less reformed than," Politická ekonomie, Prague University of Economics and Business, vol. 2008(6), pages 819-836.
    7. Domadenik, Polona & Far?nik, Daša & Pastore, Francesco, 2013. "Horizontal Mismatch in the Labour Market of Graduates: The Role of Signalling," IZA Discussion Papers 7527, Institute of Labor Economics (IZA).
    8. Itzhak Gilboa & Andrew Postlewaite & Larry Samuelson & David Schmeidler, 2011. "Economic Models as Analogies," PIER Working Paper Archive 12-001, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    9. Dato, Simon & Grunewald, Andreas & Kräkel, Matthias & Müller, Daniel, 2016. "Asymmetric employer information, promotions, and the wage policy of firms," Games and Economic Behavior, Elsevier, vol. 100(C), pages 273-300.
    10. Dongyuan Zhan & Amy R. Ward, 2019. "Staffing, Routing, and Payment to Trade off Speed and Quality in Large Service Systems," Operations Research, INFORMS, vol. 67(6), pages 1738-1751, November.
    11. Jorge M. Streb & Gustavo Torrens, 2011. "Meaningful talk," CEMA Working Papers: Serie Documentos de Trabajo. 443, Universidad del CEMA, revised May 2017.
    12. Omar Al-Ubaydli & John A. List, 2019. "How natural field experiments have enhanced our understanding of unemployment," Nature Human Behaviour, Nature, vol. 3(1), pages 33-39, January.
    13. Bauchet, Jonathan & Chakravarty, Sugato & Hunter, Brian, 2018. "Separating the wheat from the chaff: Signaling in microfinance loans," World Development, Elsevier, vol. 106(C), pages 40-50.
    14. Mustaruddin Mustaruddin & Aristya Dinata & Wendy Wendy & Anwar Azazi, 2017. "Asymmetric Information and Capital Structure: Empirical Evidence from Indonesia Stock Exchange," International Journal of Economics and Financial Issues, Econjournals, vol. 7(6), pages 8-15.
    15. Edward P. Lazear, 1995. "Personnel Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121883, April.
    16. Trevon D. Logan & Manisha Shah, 2013. "Face Value: Information and Signaling in an Illegal Market," Southern Economic Journal, John Wiley & Sons, vol. 79(3), pages 529-564, January.
    17. Mahenc, Philippe & Meunier, Valérie, 2006. "Early Sales of Bordeaux grands crus," Journal of Wine Economics, Cambridge University Press, vol. 1(1), pages 57-74, April.
    18. Wong, Jin Boon & Zhang, Qin, 2022. "Stock market reactions to adverse ESG disclosure via media channels," The British Accounting Review, Elsevier, vol. 54(1).
    19. Feser, Daniel & Runst, Petrik, 2016. "Energy efficiency consultants as change agents? Examining the reasons for EECs’ limited success," Energy Policy, Elsevier, vol. 98(C), pages 309-317.
    20. de Andrés, Pablo & Correia, Ricardo & Rezola, Álvaro & Suárez, Nuria, 2022. "The role of funding portals as signaling offering quality in investment crowdfunding," Finance Research Letters, Elsevier, vol. 46(PA).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:mpifgd:058. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/mpigfde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.