Define the term - Credibility and Reputation

Nature and characteristic of the environment in which a policy has been chosen has a number of important implications. As we have argued about , 'credibility' that a policy once adopted shall be carried out and the 'reputation', which implies engendering the expectation that certain policies will be followed in the future on the basis of the actions that to have been observed in the past, play vital role for all the agents in a society; for voters to decide whom to vote and for parties to decide which policy to follow, or at least to which to converge with a view to win the election in the future.