资产的交易价格是买卖双方博弈的结果,博弈的基础是买卖双方对该金融资产价格的主观信念,主观信念是对该金融资产的认识和了解的知识、决策主体的性格和决策主体临时的情绪共同作用形成的.本文在承认金融资产的价格运动符合客观的布朗运动的同时,认为决策主体可以通过获得该金融资产价格的相关信息和知识,结合自己的性格偏好和当时的情绪形成其主观信念,在此基础上买卖双方进行博弈,从而确定该金融资产的价格,同时认为金融资产的价格形成过程就是一个双方叫价拍卖的贝叶斯博弈过程.%The transaction price of the asset is the result of the game between the buyers and sellers. The basis of the game is the subjective belief of the buyers and sellers on the price of the financial asset. The subjective belief is formed by the role of the decision-making subject's the knowledge of the financial asset, personality and emotions. In this paper, the author recognizes the price movement of financial assets in line with the objective Brownian movement, at the same time thinks that the decision-making subject can form the subjective belief by obtaining the relevant information and knowledge of the price of the financial asset and combining his own personality preference and the mood, on this basis, buyers and sellers conduct the game, so as to determine the price of the financial assets, and the author also thinks that the formation of the financial asset price process is a two-bid auction Bayesian game process.
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