When hyper rational agents can write and execute complete state contingent contracts at negligible cost, the Williamsonian justification for hierarchical governance evaporates.
Source quote, verbatim
hyper-rational agents can write and execute complete state-contingent contracts at negligible cost, the Williamsonian justification for hierarchical governance evaporates
From
Wulf A. Kaal, The AI-to-AI Economy and the Collapse of Anthropocentric Economic Theory (2025), Behavioral and Institutional Economics and Bounded Rationality, p. 15 https://ssrn.com/abstract=5886442 · source PDF
Cite as
Wulf A. Kaal, The AI-to-AI Economy and the Collapse of Anthropocentric Economic Theory (2025). SSRN: https://ssrn.com/abstract=5886442
Holds when
requires that contracting and calculation costs for agents be negligible
Classification
failuresupport: arguedfailure: collapse of the hierarchy rationalefamily: research-design-limitationinstitutional-designgovernance-designeconomics
Related claims
extended_bykaal:claim:6421319-017 The Williamsonian justification for hierarchical governance evaporates when hyper rational agents can write an...
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