An Impossibility Theorem on Truthful Reporting in Fully Decentralized Systems

11 Pages Posted: 31 Jan 2022 Last revised: 17 Mar 2022

See all articles by Rodney Garratt

Rodney Garratt

University of California, Santa Barbara (UCSB)

Cyril Monnet

University of Bern

Date Written: January 10, 2022

Abstract

We show that truthful reporting about the realization of a publicly observed event cannot be implemented as a unique equilibrium in a completely decentralized environment.

Keywords: decentralized systems, smart contracts, truth-telling, contractibility

JEL Classification: C72, D72, D86, O33

Suggested Citation

Garratt, Rodney and Monnet, Cyril, An Impossibility Theorem on Truthful Reporting in Fully Decentralized Systems (January 10, 2022). Available at SSRN: https://ssrn.com/abstract=4017963 or http://dx.doi.org/10.2139/ssrn.4017963

Rodney Garratt (Contact Author)

University of California, Santa Barbara (UCSB) ( email )

South Hall 5504

Cyril Monnet

University of Bern ( email )

Gesellschaftsstrasse 49
Bern, BERN 3001
Switzerland

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