# kaal:claim:4685567-011

**Claim.** In an impact certificate system the rules of the game are set by demand: altruists define what counts by deciding which minted certificates they are willing to pay for.

**Type.** mechanism  **Support.** argued

**Holds when.**

- impact teams can mint and publicly declare ownership of certificates

**Source quote.**

> By deciding which certificates they are willing to pay for, altruists using the system define the rules of the 37 game.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Social Impact Credits, page 19

**Cite as.** Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**Verify.** sha256 of source PDF `87fb1be89d2661967ed2b0b673fe26448ded3bc3119b122177a4fc13ae5c085c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20Impact%20Investing%20Innovation%20-%20From%20Impact%201.0%20to%203.0.pdf

**Topics.** governance-design

**Keywords.** impact-certificates, demand-side-governance, minting, altruism

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