About this document
BM2026L07 Annotated by jojo soso is a document available to read on EtoBox.
The lecture discusses the role of smart contracts in market making, focusing on commitment and information roles. It contrasts traditional contract systems with blockchain systems, highlighting how smart contracts resolve commitment problems but may exacerbate hold-up issues. The analysis includes a model involving three traders and an asset, demonstrating how market dynamics and welfare outcomes differ between legacy and blockchain systems.
- Author
- jojo soso
- Language
- EN