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  "text": "Investment in invisible institutions is systematically underprovided relative to investment in visible institutions, even when the invisible institutions are more important to long-run resilience.",
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  "citation": "Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121",
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