假设只存在一种投机品的一、二级市场。分析其一、二级市场各自供求的不同特点。指出二级市场中影响单个主体预期均衡价格的一般有四方面因素:一是对投机品应有价格的判断,二是对其他主体预期的判断,三是一级市场的价格,四是重大外生因素。分别分析了这些因素对于一级市场价格变化对于二级市场价格的影响。进而分析一、二级市场之间一般均衡的存在性及稳定性的条件。 Suppose there is only one primary and secondary market for speculators. Analyze the different characteristics of their respective supply and demand in the primary and secondary markets. It points out that there are generally four factors that affect the expected equilibrium price of a single subject in the secondary market: one is the judgment of the price of the speculative goods; the other is the expected judgment of other subjects; the other is the price of the primary market; Health factors. The influences of these factors on the secondary market price of the primary market are analyzed respectively. Then we analyze the existence and stability of the general equilibrium between the primary and secondary markets.