By William D. Nelson
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Additional resources for Advances in Business & Management: Volume 2 (Advances in Business and Management)
In Asia) are not properly taken into account. g. Eastern Europe) but where the cultural barriers are lower. Moreover, the numerical example assumes that the quality of the outsourced production is equal to the quality of production at home. Maintaining such quality in outsourced production may also entail unexpectedly high transaction costs, or it may lead to a poorer product quality so that the sales revenue decrease. It will also make outsourcing less profitable than originally expected. CONCLUSIONS This chapter outlines the importance of transaction management for the Dutch economy and for similar modern open economies where welfare creation depends much on trade and the organization of production.
All in all, the literature on trust provides insights in some general mechanisms, which govern the relationship between trade, transaction costs and trust. It gives rise to the following hypotheses: 1. Trust problems are a source of trade barriers and transaction costs. More trust means less trade barriers and less transaction costs. Thus, more trust leads to more trade. 2. Two types of trust can be distinguished: formal trust and informal trust. Both types are important in international trade.
To prevent that both players end up in the Nash equilibrium outcome of the prisoner‘s dilemma (both players playing the uncooperative or untrustworthy strategy), there are two solutions. The first is to play the game an indefinite number of times. In other words, a repeated game is needed to solve the game of trust. This allows reputation effects to emerge. Trustworthy behaviour in the past forms a valuable asset, because it enhances the chance of finding future business partners. The reputation mechanism works best, when the time horizon of the players is large, when there are many potential partners, and when information about past behaviour is easily accessible to all players.
Advances in Business & Management: Volume 2 (Advances in Business and Management) by William D. Nelson