# kaal:claim:7322599-014

**Claim.** Because unnoticed theft exits disguised as honest departure, release-clock discrimination helps only above a filing-coverage floor that rises as matches lengthen; with positive carry it exceeds one in the strict long-match limit, where no feasible filing rate produces a positive marginal escrow effect.

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

**Holds when.**

- release clocks that discriminate by claim status

**Source quote.**

> A necessary condition for the wedge to help at all is φ > 1 − λeA; the exact sufficient condition at the ideal corner is (10). As matches lengthen the filing requirement rises; with positive carry it exceeds one in the strict long-match limit, so no feasible filing rate produces a positive marginal escrow effect there.

**From.** Wulf A. Kaal, *Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets* (2026), 5 The filing floor and the release-clock wedge, Proposition 2, 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.** risk-and-incentives, governance-design, economics

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