The primary study reveals that it exists separate equilibrium (one of Bayesian refinement equilibria), which means in the case of incomplete information insurance contract can be reached.

初步的研究表明这个信号博弈存在着分离均衡（贝叶斯精练均衡的一种），这意味着在不完全信息的情况下保险合同是可以达成的。

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But at the same time, it proved the existence of the separate equilibrium under the opposite conditions, which offered abundant theory evidence for the effective supervision of the security market.

但同时，也论证了在相反条件下分离均衡的存在性，这为证券市场的有效监管提供了充分的理论证据。

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