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本文刊于美国麻省理工学院出版社为哈佛大学出版的《经济季刊》杂志1991年11月号上,全文约2.2万字。作者认为:传统理论认为投机和套头交易稳定了市场价格,但新的市场变化和研究表明,投机和套头交易使市场价格更加不稳定,但可以增加市场的信息量。由于厂价和市场价两种价格体制的差异,使投机者从事更加冒险的活动。作者认为市场结构和交易方法与市场价格的不稳定密切相关。现就文章的第二、三和结论部分摘译如下:
This article was published in the November 1991 issue of the “Economic Quarterly” magazine published by the Massachusetts Institute of Technology Press for Harvard University. The full text is about 22,000 words. The author believes that traditional theory believes that speculation and hedging transactions stabilize market prices, but new market changes and research show that speculation and hedging transactions make the market price more unstable, but it can increase the amount of market information. Due to the difference in the two price systems of factory prices and market prices, speculators engage in more risky activities. The author believes that the market structure and trading methods are closely related to the instability of market prices. The second and third parts of the article and the conclusions are now translated as follows: