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   "strategy": "Noisy rational expectations equilibrium with an endogenous lemons problem; arbitrage capital is varied in comparative statics",
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    "two-period economy with a risk-free asset in elastic supply",
    "informed participants (seller, arbitrageurs) are liquidity- or margin-constrained",
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    "risk-neutral competitive uninformed investors set prices",
    "seller chooses between selling the marketable asset and liquidating a nonmarketable asset"
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   },
   {
    "claim": "Scarce arbitrage capital makes prices less informative and creates an endogenous lemons problem, causing fire sales and market freezes.",
    "evidence_type": "equation_or_proof",
    "evidence_ref": "Sections III-IV; Figures 3-4"
   },
   {
    "claim": "Reducing arbitrage capital lowers the expected price of the high-quality asset and the average quality of traded assets.",
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    "evidence_ref": "Figures 5-7"
   },
   {
    "claim": "Welfare declines as arbitrage capital falls, across parameter values.",
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