# kaal:claim:6819121-014

**Claim.** 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.

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

**Holds when.**

- institutional investment incentives under the visibility paradox

**Source quote.**

> Investment in invisible institutions is therefore systematically underprovided relative to investment in visible institutions, even when the invisible institutions are more important to long-run resilience.

**From.** Wulf A. Kaal, *The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis* (2026), VI. Findings, Finding 1, page 17

**Cite as.** Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121

**Verify.** sha256 of source PDF `f04b274f926d23848e77b429a13227baed9858b90fec826ddaabd2acca7035fe` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202026%20-%20The%20Institutional%20Deficit%20in%20Decentralized%20Autonomous%20Organizations%20-%20An%20Empirical%20Analysis.pdf

**Topics.** institutional-design, economics, risk-and-incentives

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