Can Blockchain Solve the Hold-up Problem in Contracts? - Holden, Richard (University of New South Wales, Sydney); Malani, Anup (University of Chicago)
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Conventional contract technologies to ensure commitmentâ liquidated damagesâ are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts.

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Conventional contract technologies to ensure commitmentâ liquidated damagesâ are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts.