String-scale black hole description in string theory
Determine the correct microscopic and Euclidean string-theoretic description of black holes when their horizon size approaches the string length, identifying the appropriate saddle (beyond Einstein gravity) that captures the physics at temperatures near the Hagedorn scale in asymptotically flat string theory.
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In string theory, the nature of black holes as their horizon size reaches the string scale remains an open question.
Related to this, the fact that the horizon gas sits exactly at its Hagedorn point---which is what makes the entropy extensive in $E$ and hence linear in $A$---is reminiscent of the string/black-hole correspondence principle, where the transition occurs when the string temperature reaches $T_H$. Whether that resemblance can be made structural rather than suggestive is the natural next question.
Stringy corrections on the black hole side also lift the special zero-Love property of four-dimensional Einstein gravity, but the presently available perturbative results do not yet reveal whether their multipolar response is organized in an analogous way.
A further question we have not addressed is dissipation. The HP solution is horizonless and static, so it has no analogue of horizon absorption, unlike a black hole. Whether the effective description admits a meaningful dissipative response, and how it would behave across the transition, seems worth understanding: it would test the horizon interpretation from the opposite side, through the channel that the conservative Love numbers do not probe.