1. A situation in a game with asymmetric information where an agent is expected by other agent(s) to behave in a particular way or to perform a particular action. For example, when the quality of a product is known to the seller but not to the buyer, a buyer may expect, or trust, that the seller is offering a high-quality product. Equilibrium with trust may not exist in a static game, but can arise in a repeated game. An example is the equilibrium with trigger strategies in an infinitely repeated non-cooperative game.
2. A fund established by an individual to create sustained benefits for another individual or entity. For example, a parent can establish a trust fund that makes payments to their children. A trust can hold a range of assets including cash, property, stocks, bonds, or any other type of financial instrument. A trust fund is managed by trustees who are responsible for ensuring that the resources held by the trust fund are used in the best interests of the recipient. See also investment trust; unit trust.
3. A US term for a large or monopolistic business formed by amalgamation. This is why US anti-monopoly policy is called antitrust.