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The main objective of this paper is to study theoretically the effects and consequences of uncertainty and restriction of information with regards to the future prices in the stock market. It has been assumed that there are no dispersed information prices and the buyers are in the state of risk and uncertainty. To cover the risk and uncertainty, one should pursue information data within the framework of theoty of social learning.
Efforts are made in this paper to display how the prices become a function of beliefs in this condition. These beliefs take roots inthe history and private signals. Also this study shows that the prices are changing with the inflow of new information and change of beliefs. Heance sellers, those who have sufficient shares in the stock market influence the prices with the change in the beliefs whose outcome is the creation of pooling prices and separating prices.