The Spectrum Discovery of Asset Price

This essay envisions a prism-like discovery of an asset's price spectrum. The discovery procedure matches, at a point in time, investors' shared value assessments as the constituent prices of the asset price spectrum. In this perspective, traditional price discovery allowing only a single asset price at a point in time is filter-like. The institutional source of excess volatility in financial markets is traced to the filter-like traditional price discovery's pick and announcement of herd leaders. Through observable spectrum images of asset price it is shown that the prism-like spectrum discovery would facilitate undistorted coordination and adjustment of investment behaviors