The Problem of Forming Social Capital: Why Trust? by Francisco Herreros (auth.) PDF

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Extra resources for The Problem of Forming Social Capital: Why Trust?

Example text

Consider once again the example of the capitalist enterprise. ” This asymmetric power helps to make the hierarchical superior’s commitments less credible. If he has committed himself not to dismiss employees if there are 32 The Problem of Forming Social Capital financial difficulties, or not to reduce the piece-rates in response to an increase in productivity (Miller, 2001: 314–315), he nevertheless has the power to renege on his word. The hierarchically inferior parties do not have the power to sanction the employers, so his commitment is not credible.

The latter can be one of two types: loyal or disloyal. ” The Mafioso considers that his thug is loyal with probability ␸, and disloyal with probability 1 Ϫ ␸. The henchman can honor the trust placed on him, or extort more money than usual, keeping the difference. Unfortunately for the boss, he cannot directly observe if his henchman has fulfilled his duty as a good hood. Nevertheless, he can observe an outcome that can help him decide if his hood is loyal or not. The probability of the shopkeeper going to the police is denoted by a nature’s move, in which the higher branch indicates that he has actually gone to the police, and the lower branch, that he has not gone.

When will the two types of thugs honor the trust placed on them? All depends on the Mafioso’s strategy. The Mafioso has five strategies. He can, first, not entrust the thug a job. Third, he can entrust him a job and punish him only if the police come. Fourth, he can entrust him the job and punish him only if the police does not come. We can discard two of the strategies: do not punish ever and punish only when the police does not come, as clearly inferior to the others. The Mafioso can consider the police as a signal that the thug has betrayed him, taking into account that ␤ Ͼ ␣.

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