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  "text": "The dominance result formalizes a position maintained across eight years of the author's scholarship: reputation, the standing value of a relationship, is the accountability substrate, and collateral is not.",
  "author": {
    "@type": "Person",
    "name": "Wulf A. Kaal",
    "identifier": "https://orcid.org/0009-0008-7840-1847"
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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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    "name": "Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets",
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  "abstract": "It is also the formalization of a position the author\u2019s scholarship has maintained for eight years: that reputation, the standing value of a relationship, is the accountability substrate, and collateral is not (Calcaterra, Kaal, and Andrei 2018; Kaal 2019, 2021, 2024, 2026). Proposition 1 is this paper\u2019s operational envelope for that position; it does not claim that the cited papers derived the inequality.",
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