# Pricing

`kaal:entity:pricing`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `pricing`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 4 works, 2012 to 2026.

**2012**

- [2061166-030](https://wulfkaal.github.io/claims/2061166-030) [mechanism/speculative] -- The authors posit an inverse relationship between trigger uncertainty and market development: as the uncertainty generated by trigger designs increases, issuance volume of contingent capital securities falls, while the risk and the pre-conversion interest rate on those securities rises.
  > Line 1 shows that, as the uncertainty generated by the trigger designs increases, the volume of CCS could decrease. Line 2 suggests that risk and the interest rates of CCS (before conversion) will increase with the level of uncertainty in the trigger design
  Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166

**2021**

- [3782198-013](https://wulfkaal.github.io/claims/3782198-013) [mechanism/argued] -- Because centralized owners control the platform software they control the market and can dictate prices, charging non transparent fees that adjust to real time supply and demand to maximize their own profit.
  > owners control this software and therefore control the market and can dictate prices. They don't charge transparent fees. They adjust to real-time information about supply and demand to maximize their profits.
  Craig Calcaterra, Wulf A. Kaal, Contemporary Decentralization (2021). SSRN: https://ssrn.com/abstract=3782198

**2024**

- [4685567-029](https://wulfkaal.github.io/claims/4685567-029) [normative/argued] -- 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.
  > 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.
  Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**2026**

- [6607458-016](https://wulfkaal.github.io/claims/6607458-016) [mechanism/argued] *(failure mode)* -- Marginal cost collapse severs the price-cost relationship underlying competitive market theory: when additional realizations cost effectively nothing, the supply curve for realizations becomes horizontal at zero and pricing shifts to generative capacity.
  > The supply curve for realizations becomes horizontal at zero. Pricing in the computative domain attaches to generative capacity rather than to the realization.
  Wulf A. Kaal, Computative Economics A Framework for Economic Analysis under Computational Abundance (2026). SSRN: https://ssrn.com/abstract=6607458

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/pricing.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.