Liquidity runs with endogenous information acquisition
This paper analyzes a liquidity run model in which investors strategically acquire private information. The availability of information can eliminate the multiplicity typical for models without private information. Even for intermediate priors equilibria without private information can now be unique.
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- Diamond, Douglas W & Dybvig, Philip H, 1983.
"Bank Runs, Deposit Insurance, and Liquidity,"
Journal of Political Economy,
University of Chicago Press, vol. 91(3), pages 401-19, June.
- Hellwig, Christian, 2002. "Public Information, Private Information, and the Multiplicity of Equilibria in Coordination Games," Journal of Economic Theory, Elsevier, vol. 107(2), pages 191-222, December.
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