Along the strict long-match equilibrium envelope, stake size should show no positive marginal association with credible capacity, and in exit-shaped settings a larger refundable principal is predicted to shrink credible capacity, not to be inert.
Source quote, verbatim
Accordingly, along the model’s strict long-match equilibrium envelope, stake size should not have a positive marginal association with credible capacity, and in exit-shaped settings the total slope is strictly negative: a larger refundable principal is not predicted to be inert; it is predicted to shrink credible capacity.
From
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), 6 The regime map and the capacity prediction, p. 9 https://ssrn.com/abstract=7322599 · source PDF
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
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