{"id":36808,"date":"2025-05-12T16:02:40","date_gmt":"2025-05-12T08:02:40","guid":{"rendered":"https:\/\/www.wsisp.com\/helps\/36808.html"},"modified":"2025-05-12T16:02:40","modified_gmt":"2025-05-12T08:02:40","slug":"%e7%bb%8f%e5%85%b8%e5%81%9a%e5%b8%82%e7%ad%96%e7%95%a5%e4%b9%8b-avellanedastoikov-%ef%bc%88%e4%b8%80%ef%bc%89","status":"publish","type":"post","link":"https:\/\/www.wsisp.com\/helps\/36808.html","title":{"rendered":"\u7ecf\u5178\u505a\u5e02\u7b56\u7565\u4e4b Avellaneda&amp;Stoikov \uff08\u4e00\uff09"},"content":{"rendered":"<h4><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1e4bc06.png\" 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Selection&#xff09;\u3002\u53ea\u6709\u4e0e\u5e02\u573a\u8d8b\u52bf\u76f8\u53cd\u7684\u62a5\u5355\u66f4\u6709\u53ef\u80fd\u6210\u4ea4&#xff0c;\u4ece\u800c\u5bfc\u81f4\u5355\u8fb9\u51c0\u5934\u5bf8\u79ef\u7d2f\u800c\u9020\u6210\u5de8\u5927\u7684\u5e93\u5b58\u98ce\u9669&#xff0c;\u4ece\u800c\u4ea7\u751f\u5927\u5e45\u5ea6\u4e8f\u635f\u3002<\/p>\n<p>\u6240\u4ee5\u4e00\u4e2a\u4f18\u79c0\u7684\u505a\u5e02\u7b56\u7565\u7684\u6838\u5fc3\u5728\u4e8e\u5982\u4f55\u89e3\u51b3\u5e93\u5b58\u4e30\u53bf&#xff0c;\u5982\u4f55\u6839\u636e\u6807\u7684\u8d44\u4ea7\u7684\u5e02\u573a\u72b6\u6001&#xff08;\u6d41\u52a8\u6027\u3001\u6ce2\u52a8\u7387\u7b49&#xff09;\u8fdb\u4e00\u6b65\u5730\u786e\u5b9a\u6700\u4f18\u7684\u4e70\u5356\u62a5\u5355\u4ef7\u683c\u3002<\/p>\n<h4>\u505a\u5e02\u7b56\u7565\u7684\u6536\u76ca\u6765\u6e90<\/h4>\n<p>\u8fd9\u79cd\u4e70\u5356\u4ef7\u5dee\u662f\u5982\u4f55\u5f62\u6210\u7684&#xff1f;\u6839\u636eHarold Demsetz\u57281968\u5e74\u7684\u6709\u5173\u7ebd\u7ea6\u80a1\u5e02\u4ea4\u6613\u6210\u672c\u7684\u7814\u7a76&#xff0c;\u505a\u5e02\u5546\u4e70\u5356\u62a5\u4ef7\u5dee\u7684\u5f62\u6210\u673a\u5236\u88ab\u9996\u6b21\u63d0\u51fa\u5e76\u5b9a\u4e49&#xff1a;\u6295\u8d44\u8005\u5bf9\u8d44\u4ea7\u4f9b\u6c42\u7684\u4e0d\u5e73\u8861\u4f1a\u5bfc\u81f4\u4ef7\u5dee\u4ea7\u751f&#xff0c;\u201d\u4e70\u5356\u62a5\u4ef7\u4ef7\u5dee\u662f\u6709\u7ec4\u7ec7\u7684\u5e02\u573a\u4e3a\u4ea4\u6613\u7684\u53ca\u65f6\u6027&#xff08;immediacy&#xff09;\u652f\u4ed8\u7684\u52a0\u6210\u201c\u3002\u505a\u5e02\u7b56\u7565\u901a\u5e38\u5728\u53cc\u8fb9\u62a5\u4ef7&#xff0c;\u901a\u8fc7\u6210\u4ea4\u4ef7\u683c\u5728\u4ef7\u5dee\u95f4\u7684\u5c0f\u5e45\u9ad8\u9891\u6ce2\u52a8\u6765\u83b7\u5229&#xff0c;\u800c\u8fd9\u91cc\u7684\u5e45\u5ea6\u4e00\u822c\u53ea\u6709\u4ea4\u6613\u6240\u6700\u5c0f\u51fa\u4ef7\u4ef7\u5dee\u76841~2\u500d&#xff0c;\u800c\u4e0d\u662f\u5355\u4e00\u65b9\u5411\u5927\u7684\u8d8b\u52bf\u6027\u53d8\u5316\u3002\u6839\u636e\u5e02\u573a\u6709\u6548\u7406\u8bba&#xff0c;\u80a1\u7968\u4ef7\u683c\u5728\u5e02\u573a\u6709\u6548\u7684\u72b6\u6001\u4e0b\u5448\u73b0\u4e3a\u201d\u968f\u673a\u6f2b\u6b65\u201c&#xff0c;\u4ef7\u683c\u7684\u8d70\u52bf\u6709\u7740\u4e0d\u53ef\u9884\u6d4b\u7684\u6027\u8d28&#xff0c;\u7136\u800c\u957f\u671f\u8ddf\u8e2a\u7814\u7a76\u53d1\u73b0&#xff0c;\u4ef7\u683c\u7684\u957f\u671f\u8d70\u52bf\u5177\u6709\u201d\u5747\u503c\u56de\u5f52&#xff08;Mean 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alt=\"K&#061;\\\\sum_{t&#061;1}^T|P_{t&#043;1}-P_t|\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ecd651.png\" \/>\u8868\u793a\u4ef7\u683c\u6ce2\u52a8\u7684\u7edd\u5bf9\u5e45\u5ea6&#xff0c;<img decoding=\"async\" alt=\"Z&#061;P_T-P_0\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ed37ac.png\" \/>\u8868\u793a\u6536\u76d8\u540e\u5e73\u6389\u51c0\u5934\u5bf8\u4ea7\u751f\u7684\u51c0\u76c8\u4e8f\u6b64\u7814\u7a76\u4e5f\u8fdb\u4e00\u6b65\u8bc1\u660e\u5728\u5747\u503c\u56de\u5f52\u7684\u6761\u4ef6\u4e0b&#xff0c;\u8be5\u7406\u8bba\u6536\u76ca\u7684\u671f\u671b\u4e3a\u6b63,\u5373\u5728\u5747\u503c\u56de\u5f52\u7684\u5047\u8bbe\u4e0b,\u505a\u5e02\u7b56\u7565\u786e\u5b9e\u53ef\u4ee5\u4ea7\u751f\u7edd\u5bf9\u6536\u76ca\u3002\u6839\u636e\u8fd9\u4e2a\u7406\u8bba\u6536\u76ca\u516c\u5f0f&#xff0c;\u5bf9\u4e8e\u505a\u5e02\u5546\u6765\u8bb2&#xff0c;\u4e00\u65b9\u9762\u6355\u6349\u4ef7\u683c\u7684\u7a84\u5e45\u6ce2\u52a8\u975e\u5e38\u91cd\u8981&#xff0c;\u53e6\u4e00\u65b9\u9762\u91c7\u53d6\u6e05\u4ed3\u64cd\u4f5c\u4ee5\u51cf\u5c11\u5e93\u5b58\u4e30\u53bf\u4f1a\u5bf9\u5176\u7edd\u5bf9\u6536\u76ca\u4ea7\u751f\u4e00\u5b9a\u7684\u51cf\u5c11\u6548\u679c\u3002<\/p>\n<p>\u63a5\u4e0b\u6765\u4ecb\u7ecd\u4e00\u4e0b\u7ecf\u5178\u505a\u5e02\u7b56\u7565 AS \u6a21\u578b\u3002<\/p>\n<h4>\u7ecf\u5178\u505a\u5e02\u7b56\u7565 AS \u6a21\u578b<\/h4>\n<p>Avellaneda \u548c Stoikov&#xff08;20087&#xff09;\u5728\u5f15\u5165\u5e93\u5b58\u98ce\u9669\u8003\u91cf\u7684\u57fa\u7840\u4e0a\u5efa\u7acb\u4e86\u9ad8\u9891\u505a\u5e02\u7684 AS \u6a21\u578b\u3002AS \u6a21\u578b\u7684\u7406\u8bba\u57fa\u7840\u6e90\u4e8e Ho \u548c Stoll&#xff08;1980&#xff1b;1981&#xff09;\u8fd9\u4e24\u7bc7\u6587\u7ae0\u7684\u7814\u7a76\u7ed3\u8bba&#xff0c;\u524d\u8005\u5206\u6790\u4e86\u5728\u7ade\u4e89\u73af\u5883\u4e2d&#xff0c;\u505a\u5e02\u5546\u7684\u62a5\u4ef7\u4e0e\u6240\u6709\u4ee3\u7406\u5546\u7684\u65e0\u5dee\u522b\u62a5\u4ef7\u76f8\u5173&#xff0c;\u800c\u540e\u8005\u5219\u7814\u7a76\u4e86\u4e00\u4e2a\u505a\u5e02\u5546\u5728\u8003\u8651\u4e86\u5e93\u5b58\u98ce\u9669\u7684\u524d\u63d0\u4e0b&#xff0c;\u5355\u9879\u6807\u7684\u8d44\u4ea7\u62a5\u4ef7\u4e2d\u7684\u6700\u4f18\u51b3\u7b56&#xff0c;\u5373\u5728\u8d44\u4ea7\u7684\u201d\u771f\u5b9e\u4ef7\u683c\u201c\u4e24\u4fa7\u521b\u5efa\u6700\u4f18\u4e70\u5356\u8ba2\u5355\u3002AS \u6a21\u578b\u5728\u6b64\u57fa\u7840\u4e0a&#xff0c;\u7814\u7a76\u4e86\u5e02\u573a\u4e2d\u5355\u4e2a\u505a\u5e02\u5546\u7684\u6700\u4f18\u51b3\u7b56\u884c\u4e3a&#xff0c;\u5e76\u7528\u5e02\u573a\u4e2d\u95f4\u4ef7\u4ee3\u8868\u6240\u8c13\u7684\u201d\u771f\u5b9e\u4ef7\u683c\u201c\u3002\u6a21\u578b\u7684\u5efa\u7acb\u4e3b\u8981\u5206\u4e3a\u4e24\u4e2a\u6b65\u9aa4&#xff1a;\u9996\u5148&#xff0c;\u505a\u5e02\u5546\u5728\u7ed9\u5b9a\u5e93\u5b58\u548c\u98ce\u9669\u504f\u597d\u4e0b&#xff0c;\u8ba1\u7b97\u51fa\u81ea\u8eab\u5bf9\u8d44\u4ea7\u7684\u65e0\u5dee\u5f02\u4f30\u503c&#xff0c;\u5373\u4e2d\u95f4\u4ef7\u683c&#xff1b;\u5176\u6b21&#xff0c;\u6839\u636e\u62a5\u4ef7\u5355\u4e0e\u4e2d\u95f4\u4ef7\u4e4b\u95f4\u7684\u8ddd\u79bb\u63a8\u7b97\u62a5\u4ef7\u5355\u88ab\u6267\u884c\u7684\u6982\u7387&#xff0c;\u5728\u6b64\u57fa\u7840\u4e0a\u7ed3\u5408\u5e02\u573a\u73af\u5883\u548c\u505a\u5e02\u5546\u7684\u98ce\u9669\u627f\u53d7\u80fd\u529b\u5efa\u7acb\u6548\u7528\u51fd\u6570&#xff0c;\u63a8\u5bfc\u51fa\u505a\u5e02\u5546\u7684\u6700\u4f18\u62a5\u4ef7\u3002<\/p>\n<h4>\u6a21\u578b\u63a8\u5bfc<\/h4>\n<p>\u505a\u5e02\u5546\u5bf9\u4e8e\u6807\u7684\u8d44\u4ea7\u7684\u65e0\u5dee\u5f02\u4f30\u503c\u7531\u4e0b\u5f0f\u7ed9\u51fa&#xff1a;<\/p>\n<p><img decoding=\"async\" alt=\"dS_t&#061;\\\\sigma\\\\times dW_t\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ed8a25.png\" \/><\/p>\n<p>\u4e2d\u95f4\u4ef7\u683c\u7684\u521d\u59cb\u503c\u00a0<img decoding=\"async\" alt=\"S_0&#061;s\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ede16a.png\" \/>&#xff0c;\u4e0a\u5f0f\u4e2d\u00a0<img decoding=\"async\" alt=\"W_t\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ee3836.png\" \/>\u00a0\u8868\u793a\u4e00\u7ef4\u6807\u51c6\u5e03\u6717\u8fd0\u52a8\u3002<\/p>\n<p>\u505a\u5e02\u5546\u7684\u76ee\u6807\u662f\u4e3a\u4e86\u5728\u65f6\u95f4\u00a0<img decoding=\"async\" alt=\"T\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ec294d.png\" \/>\u5b9e\u73b0\u6536\u76ca\u6700\u5927\u5316&#xff0c;\u4e3a\u4e86\u7814\u7a76\u505a\u5e02\u5546\u7684\u6548\u7528\u51fd\u6570&#xff0c;Avellaneda \u548c Stoikov \u9996\u5148\u4ee5\u4e0d\u6d3b\u8dc3\u7684\u4ea4\u6613\u8005\u4e3a\u4f8b\u8003\u5bdf\u4e86\u505a\u5e02\u5546\u7684\u6548\u7528\u51fd\u6570\u3002<\/p>\n<p>\u4e0d\u6d3b\u8dc3\u7684\u4ea4\u6613\u8005\u6307\u7684\u662f\u5c1a\u672a\u63d0\u4ea4\u62a5\u4ef7\u4efb\u4f55\u62a5\u4ef7\u5355&#xff0c;\u5728\u6295\u8d44\u671f\u95f4\u6807\u7684\u8d44\u4ea7\u4e0a\u6709\u4e00\u5b9a\u7684\u6301\u4ed3\u7684\u6295\u8d44\u8005\u3002\u5047\u8bbe\u8be5\u4ea4\u6613\u8005\u539f\u6765\u6301\u6709\u73b0\u91d1\u4f5c\u4e3a\u5176\u5e93\u5b58\u65f6&#xff0c;\u8be5\u6295\u8d44\u8005\u7684\u6548\u7528\u51fd\u6570\u4f7f\u7528\u51f8\u51fd\u6570\u5ea6\u91cf\u98ce\u9669&#xff0c;\u6b64\u65f6\u4ea4\u6613\u8005\u7684\u6548\u7528\u51fd\u6570\u5982\u4e0b\u5f0f\u6240\u793a\u3002<\/p>\n<p><img decoding=\"async\" alt=\"u(x,s,q,t)&#061;E[-\\\\exp(-\\\\gamma(x&#043;q\\\\times S_T))]\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ee89ee.png\" \/><\/p>\n<p><img decoding=\"async\" alt=\"u(x,s,q,t)&#061;-\\\\exp(-\\\\gamma(x&#043;q\\\\times s))\\\\times\\\\exp\\\\frac{\\\\gamma^2\\\\times q^2\\\\times\\\\sigma^2(T-t)}{2}\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080238-6821ab1ef120d.png\" \/><\/p>\n<p>\u5bf9\u4e8e\u4e0d\u6d3b\u8dc3\u7684\u4ea4\u6613\u8005&#xff0c;\u5f53\u4ee5\u00a0<img decoding=\"async\" alt=\"r^b\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f06f48.png\" \/>\u00a0\u7684\u4ef7\u683c\u4e70\u5165\u4e00\u5355\u4f4d\u6807\u7684\u8d44\u4ea7&#xff0c;\u6210\u4ea4\u540e\u8be5\u4ea4\u6613\u8005\u6301\u6709\u73b0\u91d1\u00a0<img decoding=\"async\" alt=\"x-r^b\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f0c9b4.png\" \/>&#xff0c;\u5e93\u5b58\u589e\u52a0\u4e00\u5355\u4f4d&#xff0c;\u82e5\u6b64\u4ea4\u6613\u884c\u4e3a\u5bf9\u8be5\u4ea4\u6613\u8005\u7684\u6548\u7528\u4e0d\u4ea7\u751f\u5f71\u54cd&#xff0c;\u5219\u00a0<img decoding=\"async\" alt=\"r^b\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f06f48.png\" \/>\u8868\u793a\u8be5\u4ea4\u6613\u8005\u7684\u65e0\u5dee\u5f02\u4e70\u4ef7&#xff08;Reservation Bid Price&#xff09;&#xff0c;\u5373\u00a0<img decoding=\"async\" alt=\"r^b\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f06f48.png\" \/>\u5e94\u5f53\u6ee1\u8db3<\/p>\n<p><img decoding=\"async\" alt=\"u(x-r^b,s,q&#043;1,t)&#061;u(x,s,q,t)\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f1228c.png\" \/><\/p>\n<p>\u901a\u8fc7\u540c\u6837\u7684\u65b9\u5f0f\u4e5f\u53ef\u4ee5\u5efa\u7acb\u65e0\u5dee\u5f02\u5356\u4ef7&#xff08;Reservation Ask Price&#xff09;\u00a0<img decoding=\"async\" alt=\"r^a\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f19a54.png\" \/>\u00a0\u7684\u7b49\u91cf\u5173\u7cfb\u5f0f&#xff0c;\u89e3\u5f97<\/p>\n<p><img decoding=\"async\" alt=\"r^a(s,q,t)&#061;s&#043;(1-2q)\\\\frac{\\\\gamma\\\\sigma^2(T-t)}{2}\" class=\"mathcode\" src=\"https:\/\/latex.csdn.net\/eq?r%5Ea%28s%2Cq%2Ct%29%3Ds&amp;plus;%281-2q%29%5Cfrac%7B%5Cgamma%5Csigma%5E2%28T-t%29%7D%7B2%7D\" \/><\/p>\n<p><img decoding=\"async\" alt=\"r^v(s,q,t)&#061;s&#043;(-1-2q)\\\\frac{\\\\gamma\\\\sigma^2(T-t)}{2}\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f2809d.png\" \/><\/p>\n<p><img decoding=\"async\" alt=\"r(s,q,t)&#061;s-q\\\\gamma\\\\sigma^2(T-t)\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f2ff97.png\" \/><\/p>\n<p>\u5176\u4e2d\u00a0<img decoding=\"async\" alt=\"r(s,q,t)\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f37621.png\" \/>\u00a0\u8868\u793a\u4e70\u5356\u4ef7\u7684\u5747\u4ef7\u3002<\/p>\n<p>\u4e0a\u8ff0\u8ba8\u8bba\u662f\u9488\u5bf9\u6709\u9650\u7684\u6295\u8d44\u671f\u95f4\u00a0<img decoding=\"async\" alt=\"T-t\" class=\"mathcode\" src=\"https:\/\/www.wsisp.com\/helps\/wp-content\/uploads\/2025\/05\/20250512080239-6821ab1f3cba3.png\" \/>\u00a0\u5c55\u5f00\u7684&#xff0c;\u82e5\u4ece\u65e0\u9650\u7684\u65f6\u95f4\u957f\u5ea6\u6765\u8ba8\u8bba&#xff0c;\u5219\u8be5\u6295\u8d44\u8005\u7684\u6548\u7528\u51fd\u6570\u4e3a<\/p>\n<p><img decoding=\"async\" alt=\"u(x,s,q)&#061;E[\\\\int_0^\\\\infty u(x,s,q,t)dt]\" class=\"mathcode\" src=\"2025-05-12l35gnpqbpzu.png\" \/><\/p>\n<p>\u4f7f\u7528\u6362\u5143\u6cd5&#xff0c;\u53ef\u4ee5\u5199\u6210<\/p>\n<p><img decoding=\"async\" alt=\"\\\\omega&#061;\\\\frac{\\\\gamma^2q^2q^2}{2}\" class=\"mathcode\" src=\"2025-05-12zhtkxyf0sdc.png\" \/><\/p>\n<p><img decoding=\"async\" alt=\"\\\\Rightarrow u(x,s,q)&#061;E[\\\\int_0^\\\\infty-\\\\exp(-\\\\omega t)dt]\" class=\"mathcode\" src=\"2025-05-12fhuxrwhyjts.png\" \/><\/p>\n<p>\u5176\u4e2d&#xff0c;\u00a0<img decoding=\"async\" alt=\"\\\\omega\" class=\"mathcode\" src=\"2025-05-12t12fj2defeu.png\" \/>\u5c06\u51b3\u5b9a\u6295\u8d44\u8005\u5141\u8bb8\u6301\u6709\u5e93\u5b58\u91cf\u7684\u4e0a\u754c&#xff0c;\u4e00\u822c\u8bbe\u5b9a\u4e3a<\/p>\n<p><img decoding=\"async\" alt=\"\\\\omega&#061;\\\\frac{1}{2}\\\\gamma^2\\\\sigma^2(q_\\\\text{max}&#043;1)^2\" class=\"mathcode\" src=\"https:\/\/latex.csdn.net\/eq?%5Comega%3D%5Cfrac%7B1%7D%7B2%7D%5Cgamma%5E2%5Csigma%5E2%28q_%5Ctext%7Bmax%7D&amp;plus;1%29%5E2\" \/><\/p>\n<p>\u76f8\u4fe1\u5927\u5bb6\u5df2\u7ecf\u8822\u8822\u6b32\u52a8\u4e86&#xff0c;\u5148\u522b\u6025&#xff0c;\u540e\u7eed\u5185\u5bb9\u4e2d&#xff0c;\u6211\u4eec\u6765\u89e3\u51b3\u6784\u5efa\u9650\u4ef7\u5355\u7684\u95ee\u9898\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6587\u7ae0\u6d4f\u89c8\u9605\u8bfb3.5k\u6b21\uff0c\u70b9\u8d5e29\u6b21\uff0c\u6536\u85cf30\u6b21\u3002\u5e02\u5546\u7684\u62a5\u4ef7\u4e0e\u6240\u6709\u4ee3\u7406\u5546\u7684\u65e0\u5dee\u522b\u62a5\u4ef7\u76f8\u5173\uff0c\u800c\u540e\u8005\u5219\u7814\u7a76\u4e86\u4e00\u4e2a\u505a\u5e02\u5546\u5728\u8003\u8651\u4e86\u5e93\u5b58\u98ce\u9669\u7684\u524d\u63d0\u4e0b\uff0c\u5355\u9879\u6807\u7684\u8d44\u4ea7\u62a5\u4ef7\u4e2d\u7684\u3002\u6839\u636eHarold Demsetz\u57281968\u5e74\u7684\u6709\u5173\u7ebd\u7ea6\u80a1\u5e02\u4ea4\u6613\u6210\u672c\u7684\u7814\u7a76\uff0c\u505a\u5e02\u5546\u4e70\u5356\u62a5\u4ef7\u5dee\u7684\u5f62\u6210\u673a\u5236\u88ab\u9996\u6b21\u63d0\u51fa\u5e76\u5b9a\u4e49\uff1a\u6295\u8d44\u8005\u5bf9\u8d44\u4ea7\u4f9b\u6c42\u7684\u4e0d\u5e73\u8861\u4f1a\u5bfc\u81f4\u4ef7\u5dee\u4ea7\u751f\uff0c\u201d\u4e70\u5356\u62a5\u4ef7\u4ef7\u5dee\u662f\u6709\u7ec4\u7ec7\u7684\u5e02\u573a\u4e3a\u4ea4\u6613\u7684\u53ca\u65f6\u6027\uff08immediacy\uff09\u652f\u4ed8\u7684\u52a0\u6210\u201c\u3002\uff0c\u53e6\u4e00\u65b9\u9762\u4fc3\u8fdb\u4e86\u5e02\u573a\u8d44\u91d1\u7684\u6709\u6548\u5206\u914d\uff0c\u901a\u8fc7\u5e02\u573a\u7684\u6709\u6548\u6027\u4e5f\u76f4\u63a5\u5438\u5f15\u4e86\u6295\u8d44\u8005\u7684\u6709\u6548\u53c2\u4e0e\uff0c\u4e3a\u5e02\u573a\u6ce8\u5165\u6d3b\u529b\u3002_as\u505a\u5e02\u6a21\u578b<\/p>\n","protected":false},"author":2,"featured_media":36788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[50,1160],"topic":[],"class_list":["post-36808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-server","tag-50","tag-1160"],"yoast_head":"<!-- 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