In a series of papers Tsirelson constructed from measure types of random sets and generalised random processes a new range of examples for continuous tensor product systems of Hilbert spaces introduced by Arveson for classifying $E_0$-semigroups. This paper establishes the converse: Each continuous tensor product systems of Hilbert spaces comes with measure types of distributions of random (closed) sets in [0,1] or $R_+$. These measure types are stationary and factorise over disjoint intervals. In a special case of this construction, the corresponding measure type is an invariant of the product system and the range of the invariant is characterized. Moreover, based on a detailed study of this kind of measure types, we construct for each stationary factorizing measure type a continuous tensor product systems of Hilbert spaces such that this measure type arises as the before mentioned invariant. The measure types of the above described kind are connected with representations of the corresponding $L^\infty$-spaces. This leads to direct integral representations of the elements of a given product system which combine well under tensor products. Using this structure in a constructive way, we can relate to any (type III) product system a product system of type $II_0$ preserving isomorphy classes. Thus, the classification of type III product systems reduces to that of type II ones. Further, we show that all consistent measurable structures on an algebraic continuous tensor product systems of Hilbert spaces yield isomorphic product systems. Thus the measurable structure of a continuous tensor product systems of Hilbert spaces is essentially determined by its algebraic one.

106 pages