Does Individual Investor's Payoff Increase with Their Trust Level? An Experiment Study of Trust Using STZ Method
通过STZ方法实验研究个人投资者信任水平与收益的关系，发现两者呈倒U形：收益先随信任上升，达到最高点后下降，最优收益出现在信任水平接近平均值时。
Trust,as an important form of social capital,plays a critical role in the economy.The past literatures show the positive relationship between the trust level and the economic growth at the aggregate level.This paper studies the relationship between the individual investor's trust level and their payoff using the STZ method and it is found that there is the∩-shape relationship exists.Individual's payoff is increasing with the trust level until it reaches the highest level.After that the payoff is deceasing with the trust.The optimal payoff is achieved by the individual whose trust level is close to the average.It damages the economy if the trust level is too high or too low.