The role of public information
1、 market Public information leads to market dominance Based on the above assumptions market Under the system, the market Price system It is through the common knowledge of market participants that they achieve their dominance. No, market Common knowledge of participants, market price The system cannot have Resource allocation Regulation and guidance function of. For example, if a homogeneous commodity price Between 100 yuan and 110 yuan Price The high and low argue endlessly, then, Price system It will be unable to operate due to the loss of common knowledge caused by this logic confusion. So it can be considered that Price For every rational market Participants' guidance and coordinate It is based on the common knowledge of the market. 2. The existence of public information has greatly hindered risk And thus destroyed market Participants' corresponding expectations profit market The increase of public information will reduce the efficiency of market operation, that is to say, with the spread of public information, the market will become self-sufficient, which will greatly exclude risk The possibility of transaction. At the same time, the increase of public information has the most direct impact on market Stimulation and motivation for participants to collect information in the case of reduced trading opportunities Market efficiency It will be reduced accordingly. 
