# kaal:claim:3396542-036

**Claim.** Assuming all agents are active underwriters, the DAO's rules can be designed so that the proportion of policies an agent writes in the long run is commensurate with that agent's proportion of token holdings.

**Type.** design  **Support.** asserted

**Holds when.**

- all agents are active underwriters

**Source quote.**

> In general, assuming all agents are active underwriters, the rules can be designed to ensure that the proportion of policies written by an agent in the long run is commensurate with the proportion of the agent's token holdings.

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Decentralized Underwriting* (2019), VI. Conclusion, page 24

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Decentralized Underwriting (2019). SSRN: https://ssrn.com/abstract=3396542

**Verify.** sha256 of source PDF `ce2bda03a0b788ea3e7747f02c3c351ef7c808a41150d5cda34767bbe98800c0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Decentralized%20Underwriting.pdf

**Topics.** dao, governance-design, defi, tokenomics

**Keywords.** dao-governance, proportionality, underwriting-allocation, token-design

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