This paper is the result of a six months lasting project conducted at the faculty of economics, business administration and organizational science of the Universität der Bundeswehr Münchenʺ. Together with 17 (male and female) students, the academic team, composed of Friedrich L. Sell and...

In this paper, we discuss the heavily debated issue whether trust (formal institutions) can only serve as complement(s) or rather as substitute(s) of formal institutions (trust). We take trust as a specific, cooperative investment. The trustor is mainly interested in the reliability of the...