Vranceanu, Radu; Besancenot, Damien - ESSEC Business School - 2011
This paper brings experimental evidence on investors’ behavior subject to an "illiquidity" constraint, where the … frameless coordination game that replicates the investment context. Results confirm the insidious nature of the illiquidity risk …: as long as a first illiquidity default does not occur, investors do not seem able to fully internalize it. After several …