Narrative Economics 2.0: Tone Dynamics, Affective Narratives, and Price Formation in Financial Markets

敘事經濟 2.0:金融市場中的語氣動力、情緒敘事與價格生成機制Narrative Economics 2.0: Tone Dynamics, Affective Narratives, and Price Formation in Financial Markets ISBN:978-626-01-5461-5 (EPUB)作者:Gabriel Chen© 2025 Gabriel Chen. All rights reserved. 摘要 Abstract 中文摘要 本書提出「敘事經濟 2.0」框架,主張金融市場的價格並非由資訊效率單向決定,而是由語氣、情緒密度與集體敘事的演化共同生成。傳統經濟學將市場視為理性訊號場域,而叢集式情緒與跨平台敘事擴散則在 AI 時代形成新的價格動力。本書整合行為金融學、社會語意學(social semantics)、敘事擴散理論與語氣治理架構,建立一套「語氣—情緒—價格」的三階動力模型,用以分析敘事如何在市場中擴張、凝聚並引發非線性價格行為。 本書比較三類市場敘事:宏觀敘事(如 AI、能源、地緣政治)、風險敘事(如泡沫、危機、黑天鵝)與信心敘事(如科技成長、政策放寬),並探討其語氣轉折、情緒共振與價格回饋效應。最終,本書提出「語氣監測金融模型」與「敘事價格指標(NPI)」作為未來市場治理的核心工具,協助投資者、監管機構與金融平台在敘事驅動的市場中建立更具韌性的決策能力。 English Abstract This Technical Brief introduces the “Narrative Economics 2.0” framework, arguing that financial markets do not respond merely to informational signals, but evolve through interactions among tone dynamics, affective density, and collective narrative formation. Classical economics views markets as rational signal-processing systems, while contemporary markets—shaped by AI-driven amplification and cross-platform emotional diffusion—exhibit nonlinear price behaviors governed by narrative evolution. Integrating behavioral finance, social semantics, diffusion theory, and tone governance, the book formulates a three-level dynamic model connecting tone, collective affect, and price formation. It then examines three categories of market narratives: macro narratives (AI, energy, geopolitics), risk narratives (bubbles, crises, black swans), and confidence narratives (growth expectations, policy shifts). Their tonal shifts and emotional resonance shape feedback loops that modulate volatility and price trajectories. Finally, the brief proposes a Tone Monitoring Financial Model and the Narrative Price Index (NPI) as foundational tools for future governance, enabling investors, regulators, and platforms to navigate markets shaped increasingly by narrative-driven volatility. Scope note: This work specifies an architectural framework rather than an implemented or deployed system. 關鍵詞 Keywords 敘事經濟(Narrative economics)語氣動力(Tone dynamics)情緒敘事(Affective narratives)行為金融(Behavioral finance)價格生成(Price formation)敘事擴散(Narrative diffusion)金融市場情緒(Market sentiment)語氣監測(Tone monitoring)敘事價格指標(Narrative Price Index, NPI)市場敘事治理(Narrative market governance) 目錄 Table of Contents 敘事經濟 2.0 的誕生:從訊號市場到語氣市場The Birth of Narrative Economics 2.0: From Signal Markets to Tone Markets 理論整合:行為金融 × 敘事擴散 × 語氣治理Theoretical Integration: Behavioral Finance × Narrative Diffusion × Tone Governance 語氣如何生成價格:市場的敘事動力機制How Tone Generates Prices: Narrative Dynamics in Market Behavior 情緒密度與跨媒體擴散:市場敘事的演化路徑Affective Density and Cross-Media Diffusion: Evolution Pathways of Market Narratives 三大敘事類型:宏觀、風險與信心敘事的價格影響The Three Narrative Classes: Macro, Risk, and Confidence Narratives in Price Formation 敘事真實感與市場泡沫:語氣如何扭曲估值Narrative Realness and Market Bubbles: How Tone Distorts Valuation 語氣監測金融模型與敘事價格指標(NPI)Tone Monitoring Financial Models and the Narrative Price Index (NPI) 結論:敘事金融治理的未來Conclusion: The Future of Narrative-Based Financial Governance 其他相關資訊請參閱NarrQuest Tone Uprising Journal https://narrquest.wordpress.com/ https://scholar.google.com/citations?user=zS4SSUkAAAAJ&hl=en https://orcid.org/0009-0006-0154-6402 This book is one of the following technical series. Narrative Mediation & Operations Series The NarrQuest Narrative Mediation & Operations Series advances narrative from transdisciplinary understanding and theory into the operational layer of system functioning. While earlier work focused on how narrative shapes meaning, knowledge, and sovereignty, this series addresses a more structural question: how narrative enters the space between models, institutions, and action as an operational mediating structure. Through concepts such as tone taxonomy, narrative configuration, narrative density, and narrative flow, the series establishes narrative as a set of operational units that can be designed, governed, and recomposed. Its central function lies in defining narrative’s mediating and operational capacity—enabling translation between knowledge and decision-making, alignment of organizational action, and reduction of cross-system misalignment and misunderstanding costs. Narrative is no longer treated merely as an object of interpretation, but as a manageable layer of system operations. This series forms the necessary structural foundation for subsequent inquiry into a more critical question: once narrative fully saturates system operations, does judgment itself remain bearable and governable? 51敘事經濟 2.0:金融市場中的語氣動力、情緒敘事與價格生成機制 52軍事科技敘事戰:從AI輔助指揮到跨領域語義武器化的戰略革新 53生態治理與敘事氣候科學:從語氣信號到全球模型的跨尺度治理架構 54敘事醫療:語氣、症狀與風險分類的計算式診斷架構 55信仰敘事拓撲:宗教、神學與信仰系統的計算式敘事架構 56司法敘事解析器:語氣、供述與法律推理的計算式敘事架構 57敘事網路安全:語氣駭侵、敘事置換與語意防禦的下一代網路安全架構 58 機器人敘事架構:敘事推理、語氣輸入與互動意義建構的次世代協作語法 59 敘事神經科學:敘事神經圖譜與語氣驅動認知轉換的腦網路架構 60建築與城市的敘事工程:城市敘事密度、空間語氣治理與建築敘事路徑 61 敘事體能科學:語氣驅動心率、敘事調控表現與動機敘事模型的體能運算架構 62 敘事營運管理:敘事鏈、語氣營運與企業語意流的管理架構