{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/3782191-036",
 "identifier": "kaal:claim:3782191-036",
 "text": "Centralization is dangerous in any market because monopolies ruin market efficiency by impairing liquidity, while the most efficient and liquid markets have high transaction rates of many goods moving between many small players.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Craig Calcaterra, Wulf A. Kaal, Preface to (2021). SSRN: https://ssrn.com/abstract=3782191",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Preface to",
  "datePublished": "2021",
  "url": "https://ssrn.com/abstract=3782191",
  "sha256": "b0bf0529c3cf69839879bc4da476714efee2717a4beb768bd5c859b810e6174e",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Preface%20to.pdf"
 },
 "keywords": [
  "economics",
  "defi",
  "decentralization"
 ],
 "about": [
  "monopoly",
  "market-efficiency",
  "liquidity",
  "centralization"
 ],
 "abstract": "In any market, centralization is dangerous. Monopolies ruin the efficiency of a mar- ket—they impair its liquidity.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "failure"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "markets"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": true
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/776d50844b6deee17765d3dc031ba5ae343fb2f341d3cc4ae8fae460e8954af4.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": [
    {
     "rel": "extended_by",
     "to": "https://wulfkaal.github.io/claims/4067783-037",
     "to_id": "kaal:claim:4067783-037",
     "similarity": 0.455
    }
   ]
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "776d50844b6deee17765d3dc031ba5ae343fb2f341d3cc4ae8fae460e8954af4",
 "canonicalForm": "https://wulfkaal.github.io/claims/3782191-036.md"
}