# kaal:claim:7322599-009

**Claim.** What keeps the operator honest is the relationship premium — the value of staying over leaving, composed of future earnings, standing, and the cost of starting over; the stake enters the fixed capacity identities only through the recovery wedges.

**Type.** mechanism  **Support.** argued

**Holds when.**

- the premium principle of Proposition 1

**Source quote.**

> What keeps the operator honest is the value of the relationship itself: the premium P of staying over leaving, composed of future earnings, standing, and the cost of starting over. The stake F enters these fixed- (P, F ) identities only through the recovery wedges.

**From.** Wulf A. Kaal, *Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets* (2026), 4 The premium principle and the main result, page 6

**Cite as.** 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

**Verify.** sha256 of source PDF `130ee4e65fb79a9f3a96f6df22408b40c2de76e9ec8fc2bd1c68f0f6a7104333` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202026%20-%20Refundable%20Stake%20Does%20Not%20Expand%20Deterrent%20Capacity%20in%20Long-Lived%20Delegation%20Collateral%2C%20Premia%2C%20and%20Pseudonymous%20Markets.pdf

**Topics.** reputation, economics, risk-and-incentives

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