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  "text": "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.",
  "author": {
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    "name": "Wulf A. Kaal",
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  "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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  "abstract": "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.",
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