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3) Reputation is important for contract enforcement when formal institutions are weak. Explain. What conditions in...

3) Reputation is important for contract enforcement when formal institutions are weak. Explain. What conditions in the economic environment make reputation work more or less efficiently? Why?

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As we know the reputation is information and confidence. Suppose the company have a weak reputation, then it is challenging to make contract enforcement. There are several conditions to work good reputation of the company that includes the ability to circulate the information, that will create a good reputation and establish a good relationship. Another is interaction must repeat. If it not it will lose the reputation and loss of the future communication of the company.

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