# kaal:claim:7322599-013

**Claim.** Escrowed principal is not a self-funding source of deterrence: any positive marginal effect away from the limit is financed by turnover and release surplus clearing carry plus the relevant unsanctioned recovery, and within long-lived delegation the instruments never invert dominance.

**Type.** condition  **Support.** argued

**Holds when.**

- turnover-funded admission conditions away from the long-match limit

**Source quote.**

> Principal is not a self-funding source of deterrence: any positive marginal effect is financed by turnover and release surplus clearing carry plus the relevant unsanctioned recovery, and within long-lived delegation the instruments never invert dominance.

**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, Corollary 1, page 8

**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.** economics, risk-and-incentives, tokenomics

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