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  "text": "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.",
  "author": {
    "@type": "Person",
    "name": "Wulf A. Kaal",
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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": "Accordingly, along the model\u2019s 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.",
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