{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/risk-aversion",
 "identifier": "kaal:entity:risk-aversion",
 "name": "Risk aversion",
 "termCode": "risk-aversion",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": 3
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   "value": [
    "2010",
    "2017"
   ]
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1558614-019",
   "identifier": "kaal:claim:1558614-019",
   "text": "Because the Aufsichtsrat owes its duty of loyalty to the firm rather than to shareholders alone, and because non shareholder constituencies such as employees and creditors are more risk averse than diversified shareholders, German supervisory boards may take a more conservative attitude toward risk than U.S. shareholder oriented boards.",
   "abstract": "The Aufsichtsrat's legal duty of loyalty to the firm as distinct from its shareholders thus may dictate a more conservative attitude toward risk than that of a shareholder oriented board of di- rectors in the United States.",
   "citation": "Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614",
   "datePublished": "2010",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "German courts treat the duty as protecting the interests of the firm, not only shareholders",
    "reinforced by codetermination"
   ],
   "source_pdf_sha256": "e898211630f4116879329d6de8397523dca5b066864147421aa5cbc7429dc83b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2834531-014",
   "identifier": "kaal:claim:2834531-014",
   "text": "Regulators too often define success negatively, as the avoidance of catastrophe, which makes regulatory experimentation unattractive to them.",
   "abstract": "Too often, regulators define \"success\" in negative terms, as in the avoidance of catastrophe.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "where regulators are exposed to criticism for adverse outcomes"
   ],
   "source_pdf_sha256": "9cd875ebdb0266febbdcdabfca5b9b9f0de1b7ad9e3d5a8a5971bdbe469323b7",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2834531-015",
   "identifier": "kaal:claim:2834531-015",
   "text": "Because regulators seek to avoid grounds for criticism, they inevitably adopt an overly cautious posture, which is what the precautionary principle amounts to in practice.",
   "abstract": "Avoiding grounds for criticism inevitably results in an overly cautious approach, called the \"precautionary principle.\"",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [],
   "source_pdf_sha256": "9cd875ebdb0266febbdcdabfca5b9b9f0de1b7ad9e3d5a8a5971bdbe469323b7",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'risk-aversion'. Derived node: a roster, not an adjudicated definition."
}