kaal:claim:7322599-010

In the strict long-match limit with positive carry, refundable escrowed principal weakly contracts the credible capacity frontier in all four cells of the regime map — nonpositive everywhere, strictly negative in both exit cells, and strictly negative in both stay cells whenever adjudication probability is positive.

In the strict long-match limit ( q → 0) with positive carry, refundable escrowed principal weakly contracts the credible capacity frontier in all four cells of the regime map.

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, Theorem 1, p. 7
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

• the strict long-match limit with positive carry

mechanismsupport: arguedeconomicsrisk-and-incentivesconsensus-and-security

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