kaal:claim:3441904-028

The notion that smart contract agency relationships run exactly as coded with no possibility of agent opportunism is less likely to hold in complex agency relationships, so a decentralized human backstop to code becomes necessary as those relationships grow more complex.

The notion that agency relationships in smart contracts run exactly as coded without any possibility of opportunistic behavior of the agent is less likely to uphold in complex agency relationships.

Wulf A. Kaal, Blockchain-Based Corporate Governance (2019), III.6 Decentralized Infrastructure Requirements, p. 23
https://ssrn.com/abstract=3441904 · source PDF

Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904

• complex decentralized agency relationships

failuresupport: arguedfailure: code-only-agency-breakdownfamily: agency-cost-and-managerial-opportunismsmart-contracts

• restates kaal:claim:3373393-037 As agency relationships become more complex, a backstop for human behavior becomes necessary, and the claim th...
• supersedes kaal:claim:3373393-026 Agency relationships embedded in smart contracts run exactly as coded, without any possibility of opportunisti...

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