1\begin{table}[htbp]\centering\footnotesize2\caption{Model C: stress test -- a $-10$ s.d.\ common model error, all agents delegating, thin liquidity ladder}\label{tab:c_stress}3\begin{tabular}{llllrrrr}\toprule4Design & $M$ & persist. & margin / preload & cum.\ return (\%) & trough (\%) & forced sales & leverage\\\midrule5cda & 1 & 1 & 0.2 / 0.0 & 0.1 [-2.2,2.5] & -10.9 & 0.00 & 0.00\\6cda & 1 & 1 & 0.2 / 0.95 & 0.5 [-1.7,2.7] & -10.1 & 0.09 & 0.07\\7cda & 1 & 1 & 0.5 / 0.0 & 0.1 [-2.2,2.5] & -10.9 & 0.00 & 0.00\\8cda & 1 & 1 & 0.5 / 0.95 & 0.1 [-1.9,2.3] & -10.4 & 0.03 & 0.03\\9cda & 1 & 3 & 0.2 / 0.0 & -0.0 [-2.8,3.1] & -13.0 & 0.00 & 0.00\\10cda & 1 & 3 & 0.2 / 0.95 & 0.7 [-1.6,3.4] & -12.6 & 0.16 & 0.06\\11cda & 1 & 3 & 0.5 / 0.0 & -0.0 [-2.8,3.1] & -13.0 & 0.00 & 0.00\\12cda & 1 & 3 & 0.5 / 0.95 & -0.1 [-2.7,2.9] & -12.5 & 0.06 & 0.04\\13cda & 4 & 1 & 0.2 / 0.0 & 1.0 [-1.4,3.4] & -9.4 & 0.00 & 0.00\\14cda & 4 & 1 & 0.2 / 0.95 & 1.3 [-1.0,3.6] & -10.1 & 0.00 & 0.01\\15cda & 4 & 1 & 0.5 / 0.0 & 1.0 [-1.4,3.4] & -9.4 & 0.00 & 0.00\\16cda & 4 & 1 & 0.5 / 0.95 & 1.0 [-1.4,3.4] & -10.7 & 0.00 & 0.01\\17cda & 4 & 3 & 0.2 / 0.0 & 1.2 [-1.7,4.3] & -11.3 & 0.00 & 0.00\\18cda & 4 & 3 & 0.2 / 0.95 & 0.8 [-2.3,4.1] & -12.7 & 0.00 & 0.01\\19cda & 4 & 3 & 0.5 / 0.0 & 1.2 [-1.7,4.3] & -11.3 & 0.00 & 0.00\\20cda & 4 & 3 & 0.5 / 0.95 & 0.5 [-2.5,3.7] & -13.1 & 0.00 & 0.01\\21walrasian & 1 & 1 & 0.2 / 0.0 & -3.7 [-6.2,-1.2] & -5.7 & 0.00 & 0.00\\22walrasian & 1 & 1 & 0.2 / 0.95 & -9.8 [-21.3,-0.5] & -7.7 & 2.50 & 0.13\\23walrasian & 1 & 1 & 0.5 / 0.0 & -3.7 [-6.2,-1.2] & -5.7 & 0.00 & 0.00\\24walrasian & 1 & 1 & 0.5 / 0.95 & -5.4 [-8.3,-2.5] & -7.3 & 0.43 & 0.08\\25walrasian & 1 & 3 & 0.2 / 0.0 & -5.0 [-7.9,-2.1] & -7.1 & 0.00 & 0.00\\26walrasian & 1 & 3 & 0.2 / 0.95 & -11.9 [-23.7,-0.7] & -10.5 & 3.58 & 0.13\\27walrasian & 1 & 3 & 0.5 / 0.0 & -5.0 [-7.9,-2.1] & -7.1 & 0.00 & 0.00\\28walrasian & 1 & 3 & 0.5 / 0.95 & -5.7 [-8.8,-2.7] & -9.8 & 0.44 & 0.08\\29walrasian & 4 & 1 & 0.2 / 0.0 & -2.9 [-5.5,-0.4] & -6.1 & 0.00 & 0.00\\30walrasian & 4 & 1 & 0.2 / 0.95 & -2.4 [-5.1,0.3] & -6.6 & 0.00 & 0.02\\31walrasian & 4 & 1 & 0.5 / 0.0 & -2.9 [-5.5,-0.4] & -6.1 & 0.00 & 0.00\\32walrasian & 4 & 1 & 0.5 / 0.95 & -3.0 [-5.8,-0.2] & -6.4 & 0.00 & 0.01\\33walrasian & 4 & 3 & 0.2 / 0.0 & -0.9 [-4.2,2.2] & -8.2 & 0.00 & 0.00\\34walrasian & 4 & 3 & 0.2 / 0.95 & -1.8 [-5.1,1.8] & -8.0 & 0.00 & 0.02\\35walrasian & 4 & 3 & 0.5 / 0.0 & -0.9 [-4.2,2.2] & -8.2 & 0.00 & 0.00\\36walrasian & 4 & 3 & 0.5 / 0.95 & -2.0 [-5.2,1.7] & -8.0 & 0.00 & 0.01\\37\bottomrule\end{tabular}38\begin{tablenotes}\footnotesize\item Cumulative return over the shock window (persistence + 2 periods), bootstrap 95\% intervals over 20 seeds; trough = minimum price within the window relative to the pre-shock price; preload = share of margin capacity borrowed before the shock. Source: \texttt{scripts/30\_model\_c.py}.\end{tablenotes}\end{table}39