Butler, Jeff; Giuliano, Paola; Guiso, Luigi - C.E.P.R. Discussion Papers - 2009
of trustworthiness, could generate the non-monotonic relationship between trust and income. Highly trustworthy … risk, to be cheated more often and ultimately perform less well than those who happen to have a trustworthiness level close … to the mean of the population. On the other hand, the low-trustworthiness types form beliefs that are too conservative …