Liquidity as Social Expertise
提出流动性动态理论，认为信息不对称导致非流动性，历史记录帮助克服信息不对称，但可能陷入非流动性陷阱：信息过多导致交易中断，学习停止，流动性难以恢复。
ABSTRACT This paper proposes a theory of liquidity dynamics. Illiquidity results from asymmetric information. Observing the historical track record teaches agents how to interpret public information and helps overcome information asymmetry. However, an illiquidity trap can arise: too much asymmetric information leads to the breakdown of trade, which interrupts learning and perpetuates illiquidity. Liquidity falls in response to unexpected events that lead agents to question their valuation models (especially in newer markets) may be slow to recover after a crisis, and is higher in periods of stability.