The results indicate that if all the investors all full rational,the equilibrium price,whether using close call auction or open call auction,is the unbiased estimator of the risky assets true value.

• 研究结论表明；若所有的投资者都是理性的；无论采用封闭式集合竞价还是开放式集合竞价；那么均衡价格均是风险资产真实价值的无偏估计量.