New paper paper on the role of trust and social control in socioeconomic interactions

In their paper Trust and Social Control: Sources of Cooperation, Performance, and Stability in Informal Value Transfer Systems, which has been published in the journal Computational Economics, Claudius Gräbner (together with Alex Lascaux and Wolfram Elsner) study the relevance of trust and social control for the functioning of informal institutions of exchange, such as value transfer systems. These institutions rely on social factors beyond competition, yet show, under particular circumstances, which the paper describes, high degrees of efficiency, stability and effectiveness.

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