The Coasean Singularity? Demand, Supply, and Market Design with AI Agents

2025

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This paper explores the profound economic implications of AI agents transforming digital markets by drastically reducing transaction costs.

* Examines the demand side, where users trade off decision quality for effort reduction through AI agent adoption.
* Analyzes the supply side, focusing on how firms will design, integrate, and monetize AI agents.
* Discusses market-level efficiency gains, new frictions, expanded market designs, and regulatory challenges posed by AI agents.

AI Agents, Market Design, Transaction Costs, Digital Markets, Economic Implications

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