On avoiding bank runs
分析银行在收到负面投资信号时能否且应否避免挤兑，发现银行可通过设计存款合约来防止挤兑，但有时容忍偶尔挤兑才是利润最大化的选择，并与股权交易安排进行比较。
Can bank runs be avoided and should they be avoided? I analyze a banking environment where bank runs can occur as a result of negative signals about the bank's investments. In this environment, banks can make sure that runs do not occur by designing the deposit contract appropriately. I show that there are conditions under which it is profit-maximizing for the bank to avoid runs, and others under which occasional runs are part of optimal bank behavior. I also compare the banking arrangement to an arrangement based on trading in equity.