竞争出价

To determine the reserve price, the transaction price, the bid will also depend on the level of competition.

确定底价，交易的价格，出价也将取决于水平的竞争。

Any person can obtain the point of superior publicity if outbid the competition .

任何人可以取得一点优势的宣传，如果出价竞争。

Build your empire one rig at a time to dominate the roadways and outbid the competition.

建立您的帝国之一，钻机在一个时间主宰巷道和出价竞争。

In equilibrium, the bid and ask prices depend only on the numbers of buy and sell orders in the book. The model has a number of empirical predictions: higher trading activity and higher trading competition cause smaller spreads and lower price impact; market orders lead to a temporary price impact larger than the permanent price impact, therefore to price overshooting; buy and sell orders can cluster away from the bid-ask spread, generating a hump-shaped order book; bid and ask prices display a comovement effect: after, e.g., a sell market order moves the bid price down, the ask price also falls, by a smaller amount, so the bid-ask spread widens; and when the order book is full, traders may submit quick, or fleeting, limit orders.

均衡时，出价和要价仅仅依赖于买卖本书的订单数量：（1）较高的贸易活动和贸易竞争造成较小的买卖差价并且降低价格的影响；（2）市场订单导致了临时的价格影响会大于永久性的价格影响，因此会形成价格过度；（3）买卖订单可以从集群申办远离价差，产生驼峰形的订单；（4）出价和要价显示了联动效应：例如，由于份额较少，销售市场订单导致投标价格下降，卖出价格也会下跌，因此买卖价差扩大；（5）当订单已满，投资者可以提高提交速度，或短暂的使用限价订单。

At the last stage, trust institution can supervise the process of managing a new company.

一方面，信托公司利用自己的专业优势，通过竞争拍卖，可以为管理层争取一个合理的购买价格；另一方面，通过信托公司的专业评估和理性出价，可以发现一个合理的转让价格，从而维护了股权出让的政府或其他法人的权益。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。