Interesting exercise, yet I feel a little detail is missing. In the two presented "views" of stock market functioning the first "informational" function is an i

Interesting exercise, yet I feel a little detail is missing. In the two presented "views" of stock market functioning the first "informational" function is an integral part of price discovery, and so of the second "capital allocation" function. With that in mind the question turns into - who is an "authorized" entity to decide, how to proceed with price discovery?