| 英文摘要 |
This article focuses on the information function under market frictions, and explores the information loops which trigger information search, the formation of beliefs, behavioral decision-making and feedback effects. The frameworks of search-bargaining models are based on Stigler (1961), Mortensen and Pissarides (1994), and the self-selected information bias model of Longhofer and Peters (2005) are applied to analyze information based price discrimination. Information selection behavior which affect investor’s beliefs and decision under information friction are self-fulfillment in the market. The market mechanism of searching bargaining model remains the market functions including bargaining, allocation, beliefs feedback and modification. However, market information and price manipulation phenomenon will result in information and pricing function failure and the market crash and price bubble. Under the pessimistic situation, the buyers will control the market when their bargaining and information dissemination are stronger than the sellers. The preservation prices of traders will reduce spirally, and sellers are caught in liquidity traps. Conversely, under optimistic situation, the sellers will have more information and price manipulation powers, the reservation prices of traders will become less, and the buyers are subject to the price bubbles. |
