Demand and supply uncertainty lead to a model of markets that set prices to acceptable risk levels for excess supplies and net revenues. The result is a two price partial equilibrium economy. The equilibrium solutions are applied to two price financial market data to infer demand and supply elasticities and log normal volatilities from market quotes on bid and ask prices. Demand elasticities are observed to be higher than supply elasticities as are the volatilities. Normalizing observed volatilities to the volatility of the daily traded volume a market implied duration of the economic equilibrium is inferred. The median level of duration is around a minute and half with an interquartile range from 37 s to 2 min. For larger orders, bid and ask prices may be constructed by calibrating the demand and supply volatilities.

需求和供应的不确定性导致了市场模型，该模型将价格设置为可接受的过量供应和净收入风险水平。结果是两个价格的局部均衡经济。将均衡解决方案应用于两个价格金融市场数据，以推断需求和供应弹性，并根据买入和卖出价格的市场报价记录正常波动率。观察到需求弹性高于波动性的供应弹性。将观察到的波动率相对于每日交易量的波动率进行归一化，可以推断出市场隐含的经济均衡持续时间。持续时间的中值水平约为一分半钟，四分位数范围为37 s至2 min。对于较大的订单，可以通过校准需求和供应波动来构造买入和卖出价格。