Actors must accept credibility, there is no choice. True?

Credibility is not a matter of acceptance, it is a matter of what has endogenously emerged from actors’ interactions. In this sense, “[i]t is also vital to see that an institution is spontaneously (i.e. endogenously) shaped and being shaped by different stakeholders. (…) From this it logically follows that the question of ‘whose credibility?’ is not so much of interest for its divergences per interest group – as their perceptions obviously may vary – but from the vantage point of a total, accumulative outcome for an institution. Ergo, the credibility of shared tenancy and the federal reserve is not gauged by merely asking respondents on the (village and city) street, but by probing respondents’ perceptions from all the interest groups that shape and are shaped by its rules, and from it hermeneutically read what its workings are at that aggregate level.” See: P. Ho, “An endogenous theory of property rights: opening the black box of institutions”, Journal of Peasant Studies, 2016, 43/6, p. 1130.

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[ap_toggle title=”READ MORE” status=”close”]Credibility has been described as “a status of two least evils that at times appears stable or stagnant, and at times engenders bursts of explosive development and growth, or upheaval and crisis.” See: P. Ho, “An endogenous theory of property rights: opening the black box of institutions”, Journal of Peasant Studies, 2016, 43/6, p. 1125.[/ap_toggle]