Rational choice and other accounts of trust base it in objective assessments of the risks and benefits of trusting. But rational subjects must choose in the light of what knowledge they have, and that knowledge determines their capacities for trust. This is an epistemological issue, but not at the usual level of the philosophy of knowledge. Rather, it is an issue of pragmatic rationality for a given actor. It is commonly argued that trust is inherently embedded in iterated, thick relationships. (...) But such relationships are merely one source of relevant knowledge in a street-level epistemological account. Early experience may heavily influence later capacity for trust. For example, bad experience may lead to lower levels of trust and therefore fewer opportunities for mutual gain. (shrink)