From a medical standpoint, there is no question about which type of cut bleeds the longest and most freely; it's the one made by the thinnest, sharpest, smoothest edge. Why? Because the thinner, sharper and smoother the cutting edge the less of the tissue lining the blood vessel's inner wall is disrupted.
Disruption of the inner lining of the vessel wall initiates the release of the protein, prothrombin. Prothrombin is converted to the enzyme thrombin, through a reaction with the blood plasma. Thrombin catalyzes the conversion of fibrinogen to fibrin; the last step in coagulation of the blood. Coagulation stops or retards the rate of hemorrhaging; which is exactly what the bowhunter does not want to happen.
The greater the 'tearing effect' of the cutting edge, the more prothrombin released. The more prothrombin released, the more thrombin produced. The more thrombin there is, the more fibrinogen converted to fibrin. The more fibrin, the shorter the clotting time. The shorter the clotting time, the faster the rate of blood loss decreases. The faster the blood loss decreases, the less the total blood loss (per unit of time).
There isn't a highly significant difference when a major vessel is severed. Clotting alone isn't going to seal that off. However, there is credible medical evidence that if the shaft remains in the wound it contributes (applies) direct pressure on the wound. Furthermore, at least according to research by the Royal Academy of Veterinary Surgeons, if the arrow shaft remains in the wound AND the animal continues to move, pressure between shaft and wound is further increased. The combination of the two; direct pressure of the shaft on the wound and shortened clotting time; can result in hemorrhagic sealing, or near-sealing, of even substantial vessels; significantly retarding onset of physiologic shock and ensuing collapse. Sometimes these factors can even prevent the onset of shock and collapse.
Even with a pass-through hit, clotting time does, however, always become a very important factor when only small-diameter vessels have been severed; such as on a 'muscle-tissue only' hit, or a pure gut hit that misses the few major vessels. Recovering an animal after a 'muscle only' hit? Yes, it does sometimes happen, but requires (1) that the bleeding from the capillaries continue unabated and (2) careful and correct follow-up procedures are used.
I'll opt for an edge that's as sharp, smooth and thin as possible.
Ed
TGMM Family of the Bow