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  "text": "Making the stake captive closes the release leak but does not rescue the instrument: the surviving capacity slope is still negative in the carry cost because the walk value of the balance cancels through the surplus \u2014 the stake never mints a hostage.",
  "author": {
    "@type": "Person",
    "name": "Wulf A. Kaal",
    "identifier": "https://orcid.org/0009-0008-7840-1847"
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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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    "name": "Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets",
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  "abstract": "Captivity does not rescue the instrument: when misconduct is punishable in place with the stake seized before any release clock runs, the leak closes, but the surviving slope is \u2212p CF , because the walk value of the balance cancels through the surplus. The stake never mints a hostage.",
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