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  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3249860-004",
   "identifier": "kaal:claim:3249860-004",
   "text": "Decentralized solutions can challenge the basic assumptions of the theory of the firm, because the role of the firm changes if decentralized technology lowers the cost of using markets exponentially.",
   "abstract": "Decentralized solutions for human interaction can challenge the basic assumptions of the theory of the firm. In other words, the role of the firm may change if decentralized solutions help lower the cost of using markets exponentially.",
   "citation": "Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860",
   "datePublished": "2018",
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   "text": "The core underlying agency problems of corporate governance cannot be fully resolved within the existing theoretical and legal infrastructure, despite decades of governance experiments and extensive rule revisions.",
   "abstract": "Despite decades of governance experiments and extensive rule revisions, the existing scope of agency problems suggest that the core underlying agency problems cannot fully be resolved within the existing theoretical and legal infrastructure.",
   "citation": "Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904",
   "datePublished": "2019",
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   "text": "Inexpensive open source smart contracts eliminate a major motivation for creating a firm under Coase's transaction cost theory, because they enable trustworthy transactions of any size with minimal transaction cost and high transaction security.",
   "abstract": "Inexpensive open-source smart contracts eliminate a major motivation for creating a firm under Ronald Coase's transaction cost theory.",
   "citation": "Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904",
   "datePublished": "2019",
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   "text": "Barzel's rationale for the firm, the added efficiency of a centralized production monitoring agency, becomes largely irrelevant under efficient smart contracting, because the smart contract performs the production monitoring function and largely removes agents.",
   "abstract": "is also largely irrelevant with efficient smart contracting as the smart contract performs the production-monitoring function and largely removes agents.",
   "citation": "Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904",
   "datePublished": "2019",
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   "text": "When all five drivers of positive transaction costs approach zero at once, transaction costs themselves asymptotically approach zero, a point the author names the Coasean Singularity: the point at which the rationale for the firm, for hierarchical governance, for relational contracting and for most formal institutions disappears.",
   "abstract": "When all five drivers of positive transaction costs approach zero simultaneously, transaction costs themselves asymptotically approach zero. This is what I have termed the Coasean Singularity herein, that is, the point at which the very rationale for the firm",
   "citation": "Wulf A. Kaal, The AI-to-AI Economy and the Collapse of Anthropocentric Economic Theory (2025). SSRN: https://ssrn.com/abstract=5886442",
   "datePublished": "2025",
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