The author then goes on to a thorough discussion on the two forms this market has taken - the invisible market and the auction market . topics included here are : their transaction features , participants " behavior patterns and price making mechanisms 第三、四部分一级半市场分析：无形市场与拍卖市场根据交易方式、价格形成机制以及市场参与者等的不同，一级半市场可以分为无形市场和拍卖市场。
Because the many to many structure in double auction market is fit for the transaction among many buyers and sellers on internet especially , and the famous “ smith ’ s mystery ” opened out the characteristics of double auction : even with insufficient information of supply and demand and a small number of traders , the double auction can achieve very high market efficiency and converge rapidly to a competitive equilibrium price 由于双向拍卖“多对多”的市场结构,特别适合于网络环境下有众多买卖参与者的交易,而著名的“ smith奥秘”揭示出双向拍卖的特性:即使在买卖双方人数都很少、供求信息不充分的情况下,双向拍卖市场都能迅速收敛到竞争均衡的附近。
Then we point out that market microstructure is the important factor affecting price forms , the price of security market form is decided by market participator ' s game process in asymmetrical information , and establish a price decision model of continuous auction market 然后从价格形成机制研究的发展历程出发，认为市场微观结构是影响价格形成的重要因素，证券市场的价格形成是市场参与者在非对称信息下的博弈活动决定的，并建立了一个连续竞价市场的价格确定模型。
