Machine economies

Abstract This fundamentals article discusses efficient machine economies in which non-human agents can autonomously exchange information and value. We first identify criteria for achieving Pareto efficiency such by drawing on the Coase Theorem. then translate these economic to technical requirements before developing a framework that characterizes four types of economies. discuss real-life examples each type highlight key challenges efficiency. In particular, we with human involvement interactions governance face significant regarding perfect information, rationality, transaction costs. Machine without involvement, turn, promise high degree efficiency, but there are still many open questions, particularly machine-enforced governance. conclude opportunities future research