In many investment systems, capital tends to prioritize recoverability through exit rather than sustained participation in value creation. This paper documents a Recurring Capture Pattern (RCP) observed in investment systems. Under the institutional condition of capital participation designs in which exit (sale) functions as the primary recovery mechanism, individually rational behavior systematically converges not toward the continuity of value creation, but toward recovery through relationship termination. As these behaviors accumulate, they alter the operational conditions of the system itself, resulting in investment evaluation, capital supply periods, and pricing structures increasingly reinforcing exit-oriented recovery behavior, and reinforcing the same behavioral convergence through a recursive institutional feedback loop. The pattern ultimately produces a structural disconnection of long-term value generation, indicating a structural misalignment between institutional objectives and rational behavioral adaptation. This paper analytically describes the structural relationship between institutional design and rational behavioral adaptation. The document does not propose policy implementation, funding structures, benefit levels, or deployment procedures, but instead presents design principles and operational modules as analytical references for institutional design.
Hiromi Shimamoto (Thu,) studied this question.