In this paper, we provide a wide-ranging survey of the state of the art in the area of communication and asset price dynamics. We start out by documenting empirical evidence that social communication influences investment decisions and asset prices, before turning to the main modelling approaches in the literature (both past and present). We discuss models of belief-updating based on observed performance; models of herd behaviour; and models with social interactions that arise from preferences for conformity or contrarianism. Our main contribution is to introduce readers to a social network approach which has been widely used in the opinion dynamics literature, but only recently applied to asset pricing. In the final part, we show how recent contributions to both modelling and empirical work are using the social network approach to improve our understanding of financial markets and asset price dynamics. We conclude with some thoughts on fruitful avenues for future research.

在本文中，我们对通信和资产价格动态领域的最新技术进行了广泛的调查。我们首先记录社会沟通影响投资决策和资产价格的经验证据，然后转向文献中的主要建模方法（过去和现在）。我们讨论基于观察到的表现的信念更新模型；群体行为模型；以及因对顺从或逆向主义的偏好而产生的社会互动模型。我们的主要贡献是向读者介绍一种社交网络方法，该方法已广泛应用于舆论动态文献中，但最近才应用于资产定价。在最后一部分中，我们展示了最近对建模和实证工作的贡献如何使用社交网络方法来提高我们对金融市场和资产价格动态的理解。最后，我们对未来研究的富有成果的途径进行了一些思考。