Can Blockchain Solve the Hold-up Problem in Contracts? Holden Richard
Can Blockchain Solve the Hold-up Problem in Contracts? Holden Richard Conventional contract technologies to ensure commitment-liquidated damages-are disfavored by courts and themselves subject to…
Specifikacia Can Blockchain Solve the Hold-up Problem in Contracts? Holden Richard
Can Blockchain Solve the Hold-up Problem in Contracts? Holden Richard
Conventional contract technologies to ensure commitment-liquidated damages-are disfavored by courts and themselves subject to renegotiation. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without Smart contracts written on blockchain ledgers offer a solution.