Contract Incompleteness: How can agreements be effective over time?
Prof. Oliver Hart was awarded his Nobel Prize for his work on contract theory. His fundamental finding is that contracts are inherently incomplete. With this, Prof. Hart and Dr. Barrera explore the affects of this determination and its impact on decentralized blockchain systems.
Governance systems are necessary due to the fact that it is impossible to predict decisions in advance relating to unforeseable situations. Governance systems enable both centralized and decentralized organizations to adapt over time through established decision-making processes and facilitate functional agreements where time is an element.