Market Players Rely on Rituals and Reputation to Navigate Incomplete Information
Incomplete information in business deals can be tricky. There are two types of information: "harder" (like car quality) and "softer" (like reputation). Getting harder info is easier than softer info. People use repetition, ritual, and reputation to get softer info. These methods help justify decisions if things go wrong. This shows that getting info is more social than we think.