Divergent Expectations
指出，即使投资者拥有相同信息，也可能因解读不同而产生分歧预期，这对理解交易驱动因素和市场结构重要性至关重要，并影响市场参与者与公共政策。
Investors who have the same information and interpret it differently are said to have divergent (as distinct from homogeneous) expectations. Financial economists generally frown on the divergent expectations assumption, even though it is critically important in describing reality. The idea of divergent expectations paves the way to understanding price and quantity discovery as major functions of a marketplace, and goes to the heart of important questions: What drives trading, and why does market structure matter? Many issues concerning market structure and market structure regulation should be analyzed in a divergent or heterogeneous expectations context, which has implications for market participants and public policy. We benefit from paying more attention to how asset managers behave. <b>TOPICS:</b>Legal/regulatory/public policy, exchanges/markets/clearinghouses