kaal:claim:7322599-011

No escape hatch restores a positive marginal effect of escrow in the long-match limit: the release-clock wedge is either impossible outright or requires a filing threshold exceeding one, and short cycles are excluded by the limit itself.

No escape hatch exists on this domain: if dh ≤ R, with R the filed-thief recovery mixture defined above, the release-clock wedge is impossible outright; if dh > R, the wedge’s filing threshold exceeds one, because φ∗ > 1 exactly when q < C F + R, which positive carry guarantees in the limit. Short cycles are excluded by the limit itself.

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: arguedrisk-and-incentiveseconomicsconsensus-and-security

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