We investigate the influence of heterogeneous beliefs on asset volatility when agents' degrees of confidence differ. With a continuous-time model subsuming agent's heterogeneous beliefs in the expected increase in dividends, a stock price formula is derived. Based on this formula, the stock volatility is computed via Monte Carlo simulation. The results show that the influence of belief heterogeneity in expectation on volatility depends on the confident agents' level of optimism. Empirical results are also provided. 在本篇文章中，我們探討投資人自信程度不同時，異質信念對於資產波動率的影響。我們架構連續時間模型，在該模型中投資人對於股利的成長有不同的預期。藉由此模型，我們推導出股價公式。利用股價公式，我們以蒙地卡羅模擬計算出股價的波動率。我們的模擬結果發現異質信念對於波動率的影響會因為投資人的自信程度不同而有所差異。最後我們也提供相關實證結果。
