在充滿不確定性之交易市場中，每位交易者會盡量利用所擁有之資訊，在市場有干擾（如，風險性資產供給之不確定性、個人偏好不同、個人面對之稅負環境不同等）之情形下，市場會顯露出部份私人訊息，故交易者亦會經由對價格和交易量之觀察習得訊息；擁有私人訊息之交易者稱為消息靈通者(Informed)，未擁有私人訊息而只能經由觀察價格而習(learn )得

訊息之交易者稱為消息不靈通者(Uninformed)，他們二者之差異在於他們是否願花成本或資源以購買訊息。本文係在干擾理性預期模型下，利用所設定之特殊效用函數--絕對風險規避效用函數及假設隨機變數為多元常態分配，探討市場有干擾情形下，在第一期有私人訊息而在第二期有公開訊息揭露之不對稱訊息模型中價格之資訊性，分別分析了公告訊息和私人訊

息之干擾程度、風險性資產供給之不確定及購買訊息人數對二期價格資訊性之影響。在所設定的模型有解下，本文利用這些影響因素對公告訊息和私人訊息在總合需求計劃部位 (Position)的彈性說明二期價格資訊性。同時文中亦探討購買訊息人數之內生決定，顯示了公告訊息之揭露會修正交易者之看法而減少私人蒐集訊息之誘因。

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