  Financial economic models often assume that investors know (or agree on) the
fundamental value of the shares of the firm, easing the passage from the
individual to the collective dimension of the financial system generated by the
Share Exchange over time. Our model relaxes that heroic assumption of one
unique "true value" and deals with the formation of share market prices through
the dynamic formation of individual and social opinions (or beliefs) based upon
a fundamental signal of economic performance and position of the firm, the
forecast revision by heterogeneous individual investors, and their social mood
or sentiment about the ongoing state of the market pricing process. Market
clearing price formation is then featured by individual and group dynamics that
make its collective dimension irreducible to its individual level. This dynamic
holistic approach can be applied to better understand the market exuberance
generated by the Share Exchange over time.
