Key points are not available for this paper at this time.
A standard demand-deposit contract in which individuals are entitled to their full deposit at any time provided the bank is solvent is analyzed in a context in which there are no exogenous events on which agents condition their behavior and a unique equilibrium involving a bank run with positive probability is shown to exist. Copyright 1987 by University of Chicago Press.
Postlewaite et al. (Mon,) studied this question.