Game on: Social networks and markets
该模型分析了四类投资者（通过社交网络学习的散户、传播假新闻的狂热者、理性短期和长期投资者）在资产交易中的行为，揭示了社交网络溢出、网红影响、泡沫等现象，并解释了GameStop事件和历史泡沫。
I present closed-form solutions for prices, portfolios, and beliefs in a model where four types of investors trade assets over time: naive investors who learn via a social network, “fanatics” possibly spreading fake news, and rational short- and long-term investors. I show that fanatic and rational views dominate over time, and their relative importance depends on their following by influencers. Securities markets exhibit social network spillovers, large effects of influencers and thought leaders, bubbles, bursts of high volume, price momentum, fundamental momentum, and reversal. The model sheds new light on the GameStop event, historical bubbles, and asset markets more generally.