"Sufficiently frequent interaction between partners has been identified by, a.o., Axelrod as a more-or-less sufficient condition for stable cooperation. [...] In this paper, we develop a model for 'embedded trust' [...] The analysis reconfirms the standard predictions about how the level of trust depends on the payoffs and the shadow of the future. We provide new predictions both on between-network effects ("which network is more favorable for cooperation?") and on within-network effects ("in which network position can you trust more?")."