kaal:claim:7322599-007

The envelope isolates the padding netting: a refundable bond's marginal contribution to the incentive constraint is on-path release value net of carry and thief recovery, which in the long-match limit is nonpositive in every regime cell.

What the present enve- lope isolates is the padding netting: a refundable bond’s marginal contribution to the incentive constraint is on-path release value net of carry and thief recovery, which in the long-match limit is nonpositive in every cell and is positive away from the limit only under the turnover-funded admission conditions below

Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), 2 Related literature, p. 5
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

• positive away from the limit only under turnover-funded admission conditions

mechanismsupport: arguedeconomicsrisk-and-incentivestokenomics

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