competitive market maker faces n risk neutral traders with unit demands or suppliers. It is private information whether any given …

's risk-aversion. This paper extends the moral hazard model to the case when the agent's risk-aversion is his private … information. …

based on Chari and Jagannathan (1988), this paper models information-induced and "pure-panic"runs in an environment of … risk-aves agents. In this framework, deposits are needed to provide insurance against investors'unexpected demand for …