Smart Contracts and the Coase Conjecture
研究了垄断者无法跨期承诺时，通过动态合同销售耐用品的问题，发现科斯猜想不成立，垄断者收益始终高于低估值。
This paper reconsiders the problem of a durable-good monopolist who cannot make intertemporal commitments. The buyer’s valuation is binary and his private information. The seller has access to dynamic contracts and, in each period, decides whether to deploy the previous period’s contract or to replace it with a new one. The main result of the paper is that the Coase conjecture fails: the monopo-list’s payoff is bounded away from the low valuation irrespective of the discount factor.