# kaal:claim:4685567-029

**Claim.** Kaal adopts an indifference principle as the benchmark for a functioning impact certificate marketplace: a philanthropist should be indifferent between spending money to do a good deed and paying someone else to do it, provided the philanthropist receives the entire certificate for that deed.

**Type.** normative  **Support.** argued

**Holds when.**

- certificates must be reliably attributable to the group that performed the activity
- a perfect world of a functioning impact certificate marketplace

**Source quote.**

> in a perfect world of a functioning impact certificate marketplace, a philanthropist should be indifferent as to whether spending money to do a good deed or paying someone else to do it, provided the philanthropist gets the entire certificate for that good deed.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Roadmap for Impact 3.0, page 48

**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.** economics

**Keywords.** indifference-principle, impact-certificates, pricing, valuation, normative-benchmark

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