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The denotation of statements.
An effect is a Knowledge value that is used to give a denotation to the language forms that do not evaluate to values but change the state of the system, i.e., to what is usually called "statement".
All effects belong to the same Knowledge class and share the same set of properties, with each property being a specific denotation provided by on or more theories. For example, bap.std:bil slot holds the denotation of a value in terms of the BIL statements.