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Large amounts of evidence suggest that trust levels in a country are animportant determinant of its macroeconomic growth. In this paper, weinvestigate one channel through which trust might support economic performance:through the levels of patience, also known as time preference in the economicsliterature. Following Gabaix and Laibson (2017), we first argue that timepreference can be modelled as optimal Bayesian inference based on noisy signalsabout the future, so that it is affected by the perceived certainty of futureoutcomes. Drawing on neuroscience literature, we argue that the mechanismlinking trust and patience could be facilitated by the neurotransmitteroxytocin. On the one hand, it is a neural correlate of trusting behavior. Onthe other, it has an impact on the brain's encoding of prediction error, andcould therefore increase the perceived certainty of a neural representation ofa future event. The relationship between trust and time preference is testedexperimentally using the Trust Game. While the paper does not find asignificant effect of trust on time preference or the levels of certainty, itproposes an experimental design that can successfully manipulate people'sshort-term levels of trust for experimental purposes.

Trust and Time Preference: Measuring a Causal Effect in a Random-Assignment Experiment