Intermediaries in Trust: Indirect Reciprocity, Incentives, and Norms

Table 4

Average investments by treatment and rating.

Treatment	Negative	Neutral	Positive
No incentive AR	3.72	5.76	6.25
No incentive FR	2.39	3.24	4.62
Fixed incentive AR	1.84	4.05	4.81
Fixed incentive FR	2.18	2.44	2.43
A incentive AR	3.43	5.02	7.04
A incentive FR	2.75	4.46	4.71
B incentive AR	3.39	4.52	5.27
B incentive FR	2.79	4.00	4.10
All treatments	2.72	3.87	4.56