A new conceptualization of trust is presented, drawing from the game theory, credibility, and sensitivity training literatures. It is argued that trust occurs only in interpersonal relationships having specified characteristics and that the cognitive state of trust must be differentiated from trusting behaviors. An individual's cognitive state of trust involves his perceiving another person as knowledgeable of the nature of the contingency between them, competent to perform his intended acts, and motivated to prevent the trusting person from receiving unacceptably negative outcomes in their relationship. Trusting behaviors occur in a variety of forms but share the characteristics of increasing the individual's vulnerability to the other.