Liquidity and Financial Market Runs
建模了金融市场挤兑现象：风险中性投资者因担心未来被迫在低价清算股票，而选择在当前抛售，从而引发挤兑。流动性危机并非由流动性冲击本身导致，而是源于对未来流动性冲击的恐惧。
We model a run on a financial market, in which each risk-neutral investor fears having to liquidate shares after a run, but before prices can recover back to fundamental values. To avoid having to possibly liquidate shares at the marginal postrun price—in which case the risk-averse market-making sector will already hold a lot of share inventory and thus be more reluctant to absorb additional shares—each investor may prefer selling today at the average in-run price, thereby causing the run itself. Liquidity runs and crises are not caused by liquidity shocks per se, but by the fear of future liquidity shocks.