Trust in Market Relationships

Trust in Market Relationships

Sandro Castaldo

Trust in Market Relationships illustrates that the importance of trust in a commercial arena has intensified as markets have become more complex. As business relationships become ever critical for a firm’s economic results in highly competitive markets, and trust represents the basic platform for the development of successful long-term collaborations.

Appendix A: Trust Definitions

Sandro Castaldo

Subjects: business and management, marketing, organisation studies

Extract

Definition An individual’s confidence in the intentions and capabilities of a relationship partner and the belief that a relationship partner would behave as one hoped A state of psychological confidence resulting from a climate of support Expectation of the persistence of the moral social order Reliance upon the characteristics of an object, or the occurrence of an event, or the behaviour of a person in order to achieve a desired but uncertain objective in a risky situation A generalized expectancy held by an individual that the word of another can be relied on A generalized expectancy held by an individual that the word, promise, oral or written statement of another individual or group can be relied upon The willingness to increase one’s vulnerability to another whose behaviour is not under one’s control A party’s willingness to be dependent on another party in the belief that the party will not let it down intentionally Reliance upon information received from another person about uncertain environmental states and their accompanying outcomes in a risky situation An expectancy held by an individual that the behaviour of another person or group would be altruistic and personally beneficial A belief that the other negotiator has a problemsolving orientation or is generally unselfish, or both Reciprocal confidence that the other party would be well disposed to us and honest A belief that the other party is ready for coordination, is open-minded, and prepared to engage in problem solving if one shows...

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