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  "text": "Under the maintained matching-market construction, entry fees locally raise the relationship premium and faster rematching locally erodes it; no unconditional uniqueness claim follows.",
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    "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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  "abstract": "Hence fees locally raise the premium and faster rematching locally erodes it under these stated conditions. No unconditional uniqueness claim follows.",
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