Time: Sunday 7.12.2003, 17:00
Place: Taub Building room 337-8, Technion
Speaker: Mr. Jacob Burak
Subject: Does Trust Pay Off?
Mr. Jacob Burak
Jacob Burak (55) is the Chairman of Evergreen, which he founded in 1987. Evergreen is a leading Private Equity management company in Israel with over $600M under management. He holds a B.Sc. degree in Industrial and Management Engineering from Haifa Technion Israel Institute of Technology and graduated from the PMD program at Harvard Business School.
Summary of the meeting:
The TechIA forum was honored to host Mr. Jacob Burak for a fascinating talk about trust. Mr. Burak posed the questions of why we trust or do not trust others and what we get from it.
Mr. Burak offered two definitions, one of trust and the other of trustworthiness. While the first definition is rather intuitive, the second actually means the extent to which an individual will actually live up to a trust given to him or her.
Mr. Burak presented several studies linking differences between countries, cultures, age groups, ethnic groups and religions to different levels of trust giving. An interesting study he discussed shows a strong correlation between a country's average GDP per capita and the level of trust extended by its citizens. A similar link has been found between the development of democracy and the level of interpersonal trust. Mr. Burak also reported that an interesting correlation between the different religions and trust was demonstrated. For instance it had been shown that Protestants are much more trusting then Catholics.
Using different experimental games such as Ultimatum, Mr. Burak demonstrated to the audience that when a non zero sum game is played, it is beneficial to trust only if you give complete trust. The famous Prisoners Dilemma was used as an allegory for the question of collaboration and an extensive proof for the superiority of a "single stage Tit for Tat strategy" was provided.
As expected, the meeting was followed by ardent discussions about the implications of these insights to the entrepreneurial world.
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