The “dark side” of smart contracts: A contract theory perspective

IF 3.4 3区管理学 Q2 MANAGEMENT

European Management Review Pub Date : 2024-08-16 DOI:10.1111/emre.12676

Massimiliano Vatiero

引用次数: 0

Abstract

Smart contracts govern transactions using the blockchain as the enforcing medium. They may be a cheaper form of governance of transactions compared to traditional contracts, the hierarchy of firms, and relational contracts. However, I argue that smart contracts do not eliminate transaction costs; rather, they can increase them, particularly when considering the issue of ex-post efficiency-enhancing adaptation. Thus, while smart contracts offer a new theoretical and practical way to govern transactions, they are not without challenges and limitations.

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智能合约的 "阴暗面"：契约理论视角

智能合约利用区块链作为执行媒介来管理交易。与传统合约、公司等级制度和关系合约相比，智能合约可能是一种成本更低的交易治理形式。然而，我认为智能合约并不能消除交易成本，相反，它们可能会增加交易成本，尤其是在考虑事后提高效率的适应性问题时。因此，尽管智能合约为管理交易提供了一种新的理论和实践方式，但它们并非没有挑战和局限性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Management Review MANAGEMENT-

CiteScore

7.20

自引率

13.50%

发文量

期刊介绍： The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.