{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/second-order-effects",
 "identifier": "kaal:entity:second-order-effects",
 "name": "Second order effects",
 "termCode": "second-order-effects",
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 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": [
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    "2021"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2389416-038",
   "identifier": "kaal:claim:2389416-038",
   "text": "The finding that Dodd-Frank Act registration does not depress hedge fund returns is consistent with prior evidence that higher administrative costs are only a second-order effect of the regulation.",
   "abstract": "Kaal (2013a) finds non-robust evidence that the higher administrative costs imposed by the Dodd-Frank Act are a second-order effect of the regulation, thereby not affecting the overall returns of hedge funds.",
   "citation": "Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "evidence in the prior study described as non-robust"
   ],
   "source_pdf_sha256": "0e1c4615b104821577498d9655de43b9c5c3e985bb0215f56c038b8232be65c3",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2816408-031",
   "identifier": "kaal:claim:2816408-031",
   "text": "Prior work by Kaal shows that Dodd-Frank Act registration and increased compliance requirements only marginally increase the cost structure of private funds, and finds non-robust evidence that higher administrative costs are a second-order effect that does not affect overall private fund returns.",
   "abstract": "Kaal (2013a, 2015c) finds non-robust evidence that the higher administrative costs imposed by the Dodd-Frank Act are a second-order effect of the regulation, thereby not affecting the overall returns of private funds.",
   "citation": "Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "prior survey and cost data in Kaal 2013a, 2015b, 2015c, 2016",
    "evidence described as non-robust"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3981021-025",
   "identifier": "kaal:claim:3981021-025",
   "text": "Voting associate salaries are paid in fungible tokens pro rata to each associate's non fungible reputation score at the point of payment, which creates second order economic effects and indirect economic incentives in the DAO.",
   "abstract": "In other words, the reputation salary is paid out in fungible tokens pro rata to reputation score of each VA at the point of payment. This design ensures second order economic effects and indirect economic incentives in the",
   "citation": "Wulf A. Kaal, How Decentralized Autonomous Organizations Optimize Charitable Giving (2021). SSRN: https://ssrn.com/abstract=3981021",
   "datePublished": "2021",
   "claim_type": "design",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "CHARITYxDAO salary design"
   ],
   "source_pdf_sha256": "9d8bc78d119c780c96c89ce3e820f4ac8b037d39b3ade59feb4e40d46b048288",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'second-order-effects'. Derived node: a roster, not an adjudicated definition."
}