# Second order effects

`kaal:entity:second-order-effects`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `second-order-effects`. 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

3 claims across 3 works, 2014 to 2021.

**2014**

- [2389416-038](https://wulfkaal.github.io/claims/2389416-038) [empirical/argued] -- 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.
  > 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.
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance (2014). SSRN: https://ssrn.com/abstract=2389416

**2016**

- [2816408-031](https://wulfkaal.github.io/claims/2816408-031) [empirical/evidenced] -- 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.
  > 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.
  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

**2021**

- [3981021-025](https://wulfkaal.github.io/claims/3981021-025) [design/asserted] -- 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.
  > 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
  Wulf A. Kaal, How Decentralized Autonomous Organizations Optimize Charitable Giving (2021). SSRN: https://ssrn.com/abstract=3981021

## 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/second-order-effects.md | sha256sum

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