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  "text": "Once the premium is identified as the scalable source of deterrent capacity, the productive design questions become how premia are manufactured, how the release clock discriminates between clean and contested exits, which misconduct technologies leave the stake captive, and what entry pricing does to the premium-generating equilibrium.",
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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": "Once the premium is identified as the scalable source of long-match deterrent capacity, the design question changes. The productive questions are no longer how large the bond must be, but how premia are manufactured, how the release clock can discriminate between clean and contested exits, which misconduct technologies leave the stake captive, and what entry pricing does to the market equilibrium that generates the premia.",
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