Honesty would be the wrong strategy for an agent if the contract were anonymous and its resolution did not affect future contracts, because that situation is a single-stage zero-sum game in which stealing all the entrusted wealth is optimal.
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Honesty would be a bad strategy for the agent if the contract was anonymous and the resolution didn't affect future contracts.
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Craig Calcaterra, Wulf A. Kaal, Historical Sketches of Centralization vs. Decentralization (2021), Maghribi traders’ solution, p. 26 https://ssrn.com/abstract=3782193 · source PDF
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Craig Calcaterra, Wulf A. Kaal, Historical Sketches of Centralization vs. Decentralization (2021). SSRN: https://ssrn.com/abstract=3782193
extended_bykaal:claim:3782214-001 Reputation changes the incentive structure of a decentralized organization from a single stage, zero sum game ...
extended_bykaal:claim:3782210-005 Reputation converts a transaction from a single-stage zero-sum game into a repeated positive-sum game by holdi...
extended_bykaal:claim:3782203-024 If the decentralized economy is constructed as a zero-sum game, cooperation becomes impossible because the onl...
generalizeskaal:claim:3782210-042 Self-executing, self-regulating smart contracts between anonymous parties in an open system create a near perf...
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