TRUST AS A PSYCHOLOGICAL AND ECONOMIC PHENOMENON

Abstract

Introduction. The article provides a theoretical and conceptual analysis of trust as a psychological and economic phenomenon that significantly influences market actors’ interaction and consumer behavior under conditions of uncertainty, risk, and information asymmetry. It is substantiated that in today’s economy–particularly in services, financial intermediation, and digital platforms–the possibilities for fully verifying the quality of an offering and a counterparty’s intentions are limited; therefore, trust becomes a fundamental condition for cooperation and the stability of exchange. The purpose of the study is to summarize contemporary approaches to the interpretation of trust, clarify its structural components and socio-institutional foundations, and formulate an integrated definition of trust as a psychological and economic phenomenon. The scientific novelty of the study lies in integrating psychological and economic-institutional perspectives: trust is presented as a combination of a cognitive assessment of the object’s reliability, an emotional sense of security, and a behavioral readiness to rely on another party, supported by norms, sanctions, contracts, reputational signals, and regulatory mechanisms. Additionally, the study emphasizes the multilevel nature of trust (macro-, meso-, and nano- levels), which makes it possible to explain the relationship between trust in institutions and rules, trust in organizations, and personalized trust in direct client interaction. Conclusions. It is proven that trust becomes salient precisely when full knowledge is absent and functions as a form of social capital by reducing transaction costs, increasing the speed and efficiency of exchange, and stabilizing long-term relationships. It is shown that, in the consumer dimension, trust is a critical prerequisite for loyalty, as it shapes stable expectations of the supplier’s or brand’s honesty, responsibility, and reliability, thereby strengthening repeat choice and willingness to cooperate.