The system considered is a two-dimensional isotropic panel, or plate-column, on hinged supports, with one end spring restrained in the plane of the panel. Panel geometric nonlinearities and piston-theory aerodynamic nonlinearities are included. Results from an earlier preliminary study indicate that only two second-order nonlinear aerodynamic terms are important. The nonlinear aerodynamic terms introduce the possibility of an amplitude-sensitive instability, where the panel is unstable to disturbances of a certain magnitude but stable for smaller ones. This type of instability is examined for various panel in-plane loads and initial conditions, with other parameters having values representative of current practice. A single new interaction parameter, representing the importance of the nonlinear aerodynamic terms in comparison with the panel geometric nonlinear terms, is introduced. A parameter survey is presented, involving this parameter and the static pressure difference across the panel. Finally, the practical impact of this type of instability is discussed.