kaal:claim:7322599-004

For long-lived delegation with positive carry, the marginal capacity effect of refundable principal is strictly negative in both exit cells and, whenever adjudication probability is positive, in both stay cells; the relationship premium is the scalable continuation-value component of deterrence.

For long-lived delegation with positive carry, the marginal capacity effect is strictly negative in both exit cells and, whenever the adjudication probability is positive, in both stay cells: refundability raises walk-away value and imposes carry, so additional principal fails to expand long-match capacity, and the relationship premium, the value of staying over leaving, is the scalable continuation-value component of deterrence.

Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), 1 Introduction, p. 3
https://ssrn.com/abstract=7322599 · source PDF

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

• the strict long-match limit with positive custody carry

mechanismsupport: arguedrisk-and-incentiveseconomicsconsensus-and-securityreputation

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