HIGHLIGHTS
SUMMARY
Previous research has mostly focused on studying how formal institutions affect life satisfaction (Veenhoven, 2000; Ovaska and amp; Takashima, 2006; Gropper et_al, 2011; Graafland and amp; Compen, 2015), without reference to informal institutions, such as culture and morality. Previous research has shown that free market institutions may increase trust (Helliwell and amp; Barrington-Leigh, 2010; Oishi et_al, 2011; Graafland and amp; Compen, 2015). As virtues lead to cross-situational consistency in people`s behavior (Alzola, 2008; Bright et_al, 2014), it might reduce uncertainty, thus further increasing trust. Empirical research has shown that virtues are . . .
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