["Journal of Money, Credit and Banking, EarlyView. ", "\nAbstract\nWe use laboratory experiments to evaluate the effectiveness of redemption fees and gates in reducing runs on funds. Our setup takes into account that investors may withdraw preemptively if they anticipate the imposition of fees or gates. We find that gates fail to reduce the propensity to run, whereas fees do have a mitigating effect on run behavior. However, the effect of fees is relatively small and takes time to materialize. Overall, our experimental results indicate that liquidity management tools are unlikely to eliminate fund fragility, consistent with the experience of the 2020 money market fund turmoil."]