标题： 在异质信念和共同知识下的股票市场价格形成 显示英文标题

标题： The formation of share market prices under heterogeneous beliefs and common knowledge

摘要： 金融经济模型通常假设投资者知道（或同意）公司股票的基本价值，从而简化了由时间推移中股票交换产生的金融系统个体到集体维度的过渡。 我们的模型放松了关于唯一“真实价值”的英雄假设，并通过基于公司经济表现和地位的基本信号、异质个体投资者的预测修正以及他们对市场定价过程当前状态的社会情绪或情绪来处理股票市场价格的形成。 市场清算价格的形成则由个体和群体动态特征所体现，使其集体维度无法简化为个体层面。 这种动态的整体方法可以更好地理解由股票交换随时间产生的市场过度热情。 显示英文摘要

摘要： Financial economic models often assume that investors know (or agree on) the fundamental value of the shares of the firm, easing the passage from the individual to the collective dimension of the financial system generated by the Share Exchange over time. Our model relaxes that heroic assumption of one unique "true value" and deals with the formation of share market prices through the dynamic formation of individual and social opinions (or beliefs) based upon a fundamental signal of economic performance and position of the firm, the forecast revision by heterogeneous individual investors, and their social mood or sentiment about the ongoing state of the market pricing process. Market clearing price formation is then featured by individual and group dynamics that make its collective dimension irreducible to its individual level. This dynamic holistic approach can be applied to better understand the market exuberance generated by the Share Exchange over time.