secondly, based on the maximization of the personal utility, it advances the basic pricing equation and the methods to analyze the general equilibrium of speculative bubbles . by relaxing the premise, it develops the research to the limited logical condition 其次,從個人效用最大化的微觀基礎(chǔ)出發(fā),在三個前提假定的條件下,給出了基本的定價方程式和研究投機(jī)泡沫的一般均衡框架。