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Trust and Social Control: Sources of Cooperation, Performance, and Stability in Informal Value Transfer Systems.

Claudius Gräbner1,2,3, Wolfram Elsner4, Alex Lascaux5

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Generalized trust and social control are crucial for informal value transfer systems like Hawala to emerge and remain stable. However, their effectiveness depends on factors like population size and agent forgiveness.

Keywords:
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Area of Science:

  • Economics
  • Computational Social Science
  • Sociology

Background:

  • Informal Value Transfer Systems (IVTS) like Hawala are prevalent globally.
  • Understanding the mechanisms behind their stability and efficiency is crucial.

Purpose of the Study:

  • To investigate the roles of generalized trust and social control in the functioning of Hawala.
  • To develop the first agent-based model for studying IVTS.

Main Methods:

  • Agent-based modeling (ABM) to simulate Hawala operations.
  • Integration of institutional theory with computational experiments.

Main Results:

  • Generalized trust and social control are necessary but not sufficient for Hawala's success.
  • The relationship between trust and control is time-dependent.
  • Population size, interaction density, and agent forgiveness significantly impact Hawala's performance.

Conclusions:

  • A theoretically grounded operationalization of generalized trust and social control for informal systems was developed.
  • The study provides insights into the conditions for the emergence, stability, and efficiency of IVTS.