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  "text": "The flaw in bonded-stake deterrence is structural, not a matter of detection, latency, or adjudication error: a bond refunded on clean exit is an asset the operator carries out the door, raising walk-away value by the honest-release value of the principal \u2014 release pads the walk.",
  "author": {
    "@type": "Person",
    "name": "Wulf A. Kaal",
    "identifier": "https://orcid.org/0009-0008-7840-1847"
  },
  "citation": "Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026). SSRN: https://ssrn.com/abstract=7322599",
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    "name": "Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets",
    "datePublished": "2026",
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  "keywords": [
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  "abstract": "The flaw is not detection, latency, or adjudication error, although each is priced in the model. The flaw is structural: a bond that is refunded on clean exit is an asset the operator carries out the door. It raises the operator\u2019s walk-away value by the honest-release value of the principal, while misconduct changes recovery only through the filing-, freeze-, adjudication-, and slash-weighted recovery wedge; custody carry further reduces capacity. Release pads the walk.",
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