This paper gives an interpretation of Michael Polanyi’s vision of government and economics as spanning between Hayek and Keynes. The influence of Hayek is manifested by his opposition to central planning and the defence of self-organization as a superior mechanism for coordinating individual...

We propose an analysis of behavioral factors (attitudes toward risk, ambiguity, and reduction of compound lotteries) as choice determinants of a smart contract vs. an ambiguous expert-based one in the context of car insurance. In a laboratory experiment, we develop a toy model representing this...