In a non-Walrasian market with nonlinear price impact function, the optimal liquidation strategy and optimal liquidation time are investigated for institution investors.

研究了在非瓦尔拉斯市场中，当市场的价格冲击函数为变现速度的非线性函数时，投资者的最优变现策略和最优变现时间问题。

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For clearing price auctions, the optimal bidding strategy of the bidder is obtained, and the effect of a bidder's private information on his profit and other bidders' profit is studied.

在出清价格拍卖方面，得到了投标人的最优报价策略，并进一步对投标人搜集私有信息的决策进行了讨论。

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And solutions to the optimal auction strategy and minimum bid price are provided.

在上述拍卖方式下，求解竞拍者最优竞拍策略以及最低成交价格。

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