# kaal:claim:7322599-023

**Claim.** Under the maintained matching-market construction, entry fees locally raise the relationship premium and faster rematching locally erodes it; no unconditional uniqueness claim follows.

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

**Holds when.**

- a conditional result under the maintained matching-market construction

**Source quote.**

> 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, page 10

**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.** economics, risk-and-incentives, innovation

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.