双重拍卖市场中订单和交易之间的等待时间
Waiting times between orders and trades in double-auction markets
摘要：
本文通过实验和经验数据研究了双向拍卖市场中订单与相应交易之间的等待时间的生存函数。事实证明，已经在订单持续时间的水平上，生存函数不能用一个单一的指数来表示，从而排除了交易过程中恒定活动的假设。这一事实对市场微观结构模型有直接影响。他们必须包括这样一个非指数行为是现实的。
英文摘要：
In this paper, the survival function of waiting times between orders and the corresponding trades in a double-auction market is studied both by means of experiments and of empirical data. It turns out that, already at the level of order durations, the survival function cannot be represented by a single exponential, thus ruling out the hypothesis of constant activity during trading. This fact has direct consequences for market microstructural models. They must include such a non-exponential behaviour to be realistic.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
