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 "identifier": "kaal:entity:race-to-the-bottom",
 "name": "Race to the bottom",
 "termCode": "race-to-the-bottom",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-014",
   "identifier": "kaal:claim:2029983-014",
   "text": "Government enforcement acts as a backstop that makes the case for choice of law freedom stronger: allowing parties to choose their legal regime is more defensible when bad choices, such as moving transactions to regimes with little regulation, do not thwart government enforcement.",
   "abstract": "The ar- gument for allowing choice of law freedom for transacting par- ties is more persuasive when bad choices by contracting par- ties—such as moving securities transactions offshore to regimes with little or no regulation—do not thwart enforcement action by government authorities.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "SEC and DOJ retain extraterritorial enforcement power under Section 929P"
   ],
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-034",
   "identifier": "kaal:claim:2029983-034",
   "text": "The race to the bottom objection to a contract based approach is weaker than assumed because a race to the bottom requires the consent of both buyers and sellers, and the objection assumes that buyers will simply accept whatever securities law sellers choose.",
   "abstract": "Such a race to the bottom, however, requires at least the consent of both parties (buyers as well as sellers); the race to the bottom argument assumes that buyers will simply accept whatever securities laws sellers choose.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "mechanism",
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   "is_failure_mode": false,
   "scope_conditions": [
    "private transactions where geography is ambiguous and buyers are sophisticated",
    "weaker as an objection for exchange traded securities"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3782220-012",
   "identifier": "kaal:claim:3782220-012",
   "text": "Automating insurance away with smart contracts risks a race to the bottom, because foregoing insurance is more efficient in the short term for an individual, yet the resulting rare unprotected tragedies can chill the entire system.",
   "abstract": "we must avoid a race to the bottom. It's more efficient in the short term for an individual to forego any insurance, so some will outcompete others if they are lucky enough to avoid rare tragedies. But the rare unprotected tragedies can chill the entire system.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, The Importance of Transcendental Unifying Values for Decentralization (2021). SSRN: https://ssrn.com/abstract=3782220",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "automated smart contract insurance",
    "individually optimizing agents"
   ],
   "source_pdf_sha256": "f0bf1e80c6da60a6f8ba20630562bdf1dab171ccb5267f497dc0b815113cde99",
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  }
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 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'race-to-the-bottom'. Derived node: a roster, not an adjudicated definition."
}