Under the maintained matching-market construction, entry fees locally raise the relationship premium and faster rematching locally erodes it; no unconditional uniqueness claim follows.
Source quote, verbatim
Hence fees locally raise the premium and faster rematching locally erodes it under these stated conditions. No unconditional uniqueness claim follows.
From
Wulf A. Kaal, Refundable Stake Does Not Expand Deterrent Capacity in Long-Lived Delegation: Collateral, Premia, and Pseudonymous Markets (2026), 7 The market layer (conditional result), Proposition 3, p. 10 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
Holds when
a conditional result under the maintained matching-market construction
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