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  "text": "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 \u2014 nonpositive everywhere, strictly negative in both exit cells, and strictly negative in both stay cells whenever adjudication probability is positive.",
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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": "In the strict long-match limit ( q \u2192 0) with positive carry, refundable escrowed principal weakly contracts the credible capacity frontier in all four cells of the regime map.",
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