# kaal:claim:7322599-011

**Claim.** 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.

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

**Holds when.**

- the strict long-match limit with positive carry

**Source quote.**

> 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.

**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, Theorem 1, page 7

**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.** risk-and-incentives, economics, consensus-and-security

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