Speculative Investor Behavior and Learning
交易者在学习资产真实分红分布时，因预期能在完全学习前转售给他人而产生投机溢价；先验信念的微小差异会导致学习过程中出现巨大投机溢价，这有助于解释首次公开募股定价的悖论。
As traders learn about the true distribution of some asset's dividends, a <it>speculative premium</it> occurs as each trader anticipates the possibility of reselling the asset to another trader before complete learning has occurred. Small differences in prior beliefs lead to large speculative premiums during the learning process. This phenomenon helps explain a paradox concerning the pricing of initial public offerings. The result casts light on the significance of the common prior assumption in economic models.