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Article: Smart Contracts and the Coase Conjecture
Title | Smart Contracts and the Coase Conjecture |
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Authors | |
Issue Date | 2023 |
Citation | American Economic Review, 2023, v. 113, n. 5, p. 1334-1359 How to Cite? |
Abstract | This paper reconsiders the problem of a durable-good monopolist who cannot make intertemporal commitments. The buyer’s valuation is binary and his private information. The seller has access to dynamic contracts and, in each period, decides whether to deploy the previous period’s contract or to replace it with a new one. The main result of the paper is that the Coase conjecture fails: the monopolist’s payoff is bounded away from the low valuation irrespective of the discount factor. |
Persistent Identifier | http://hdl.handle.net/10722/329987 |
ISSN | 2023 Impact Factor: 10.5 2023 SCImago Journal Rankings: 22.344 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Brzustowski, Thomas | - |
dc.contributor.author | Georgiadis-Harris, Alkis | - |
dc.contributor.author | Szentes, Balázs | - |
dc.date.accessioned | 2023-08-09T03:37:00Z | - |
dc.date.available | 2023-08-09T03:37:00Z | - |
dc.date.issued | 2023 | - |
dc.identifier.citation | American Economic Review, 2023, v. 113, n. 5, p. 1334-1359 | - |
dc.identifier.issn | 0002-8282 | - |
dc.identifier.uri | http://hdl.handle.net/10722/329987 | - |
dc.description.abstract | This paper reconsiders the problem of a durable-good monopolist who cannot make intertemporal commitments. The buyer’s valuation is binary and his private information. The seller has access to dynamic contracts and, in each period, decides whether to deploy the previous period’s contract or to replace it with a new one. The main result of the paper is that the Coase conjecture fails: the monopolist’s payoff is bounded away from the low valuation irrespective of the discount factor. | - |
dc.language | eng | - |
dc.relation.ispartof | American Economic Review | - |
dc.title | Smart Contracts and the Coase Conjecture | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1257/aer.20220357 | - |
dc.identifier.scopus | eid_2-s2.0-85164833725 | - |
dc.identifier.volume | 113 | - |
dc.identifier.issue | 5 | - |
dc.identifier.spage | 1334 | - |
dc.identifier.epage | 1359 | - |
dc.identifier.eissn | 1944-7981 | - |
dc.identifier.isi | WOS:000988485300006 | - |