This paper proposes a simple model to confirm that the existence of arbitrage requires some benefit space in the game between noise trader and arbitrageur.So the arbitrage action is restricted.

• 一个简单的拍卖模型表明，套利者在与噪声交易者的博弈中，套利行为的产生需要一定的获利空间条件，因此套利者行为确实受到了限制。