通常對於股票市場之評價,我們採取單一方向,但是實際上股票市場會以某種狀態回饋給投資人使得我們對於股價以及認知產生偏頗,而這些認知上的偏頗則產生了股票市場繁榮以及崩解的型態 / I used to be a securities specialist, serving in Taishin Holdings during January 2007-October 2008. As a securities specialist, I found financial markets so fascinating. Among all the financial markets, stock market seems to be the most eye-catching spot, because of its low transaction costs, a large number of participants, instant communication. If there is any place where the theory of perfect competition ought to be translated into practice, it is the stock market. When it comes to real word, traditional pricing model seems to be irrelevant. What is the real driving force behind stock market? Is it only simply the discount of dividends regardless of acquisition, future prospect or the credit of leading staff? I would like to discuss the issue under the foundations of behavioral finance which is different from those of tradition market theory. In this article, I shall start with briefly introducing Behavioral Finance and its psychological foundations in Chapter 2. In Chapter 3, a review to Gordon Model. In chapter 4, I will start with confirmation bias as the entry point creating a new boom/bust model with Reflexivity. In chapter 5, I shall illustrate a case and discuss the advantage and also the flaw of the model.