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You're going to work out what firm's demands are going to look like for each possible price they could set.
你们要解出,公司针对每一个其可能设定的价格,它的需求是什么
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So I want to figure out the best response of Firm 1 as a function of the price chosen by Firm 2.
我想找出公司1的最佳对策,并用公司2价格的函数表示
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When they look at the price of a company, how do we know whether the price at which you're buying is reasonable?
当他们看到公司股价的时候,怎么知道买入的价格是合理的呢
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So already, just from Firm 2's production the price has been driven all the way down to costs.
这样公司2的产量会,导致价格下降直到成本价格
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So if I'm Firm 1, if I produce any more quantity, what's going to happen to the price?
如果我是公司1,我要是再生产,价格会怎么变动呢
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So we know how prices are set, they're set by the firms, so the next question is where do the quantities come from?
现在我们知道了价格是怎么决定的,它们是由公司决定的,下一个问题是产量怎样得到
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Once they're investigated, their stock prices and their bond prices are going to fall.
一旦这些公司被调查,他们的股票价格和他们的债券价格就会下跌
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For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.
对于那些我们认为已经追溯股票期权的公司，我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。
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So new and a competitive fringe of firms is going to enter and drive prices down.
大批新公司的进入引入了竞争机制,压低了市场价格
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Perhaps more realistic to think of firms actually thinking about what prices to set and then adjusting the quantities they actually ship based on demand.
设想公司正在考虑,如何设定价格然后根据需求,相应地调整产量
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You're going to assume that firms set prices to maximize profits.
你们将假设公司设定价格以最大化利润
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We would like a model in which firms set prices because for the most part we think firms do set prices not quantities: Not always but for the most part.
我们想要的是一个由公司设定价格的模型,因为在大多数情况下,我们认为公司是设定价格而不是产量,虽然不总是如此,但大多数情况是这样
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So, there's been a number of articles that documented that stock prices tend to jump shortly after options are issued to managers.
有一些文章记载表明,在公司发给经理们股票期权之后,股票的价格往往会出现短期激涨
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Maybe the company has a $15 equity price $14.8 and will be short $.15 of the equity, which we'll try and keep all the way down.
也许这个公司有价格为15美元的股票,我们会使其价值持续低于，并且努力保持这种状况。
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What this is is the price of a portfolio of shares in U.S. companies.
这是美国公司的股票投资组合的价格
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So firms, as before, are going to set prices.
这些公司,像之前一样,将设定价格
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So even though there's only two firms here, with price competition, identical products, we end up with an outcome that looks exactly like perfect competition, except for the fact there's only two firms.
尽管这里只有两家公司,进行某种产品的价格竞争,我们得到了,和完全竞争非常相似的结果,除了只有两家公司这个事实
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The debt irrelevance theory says that it matters for the price of a share what a company issues-- how much debt it takes on-- but it doesn't matter for the value of the company.
负债不相关理论说明它和,公司发行股票的每股价格,和总负债有关,但和公司的价值无关
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In one model we thought of the firms setting quantities and the market determining prices, and here we have the firms setting prices and the market determining quantities, but the basic underlying economic structure of this is very, very similar.
在前一个模型我们假设公司设定产量,而市场决定价格,在本模型中我们假设公司设定价格,而市场决定产量,但基本的经济结构是非常,非常相似的
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The point is that in this game in which firms competed in prices, even though there were only two firms in the market, only one firm more than monopoly, we get a dramatically different result than we had last time.
重点是这个公司进行价格竞争的博弈,尽管博弈中只有两家公司,仅仅比垄断情况下多了一家,我们得到了与上次完全不同的结果
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I won't bother to write it separately for Firm 2, it's going to be the quantity it sells times the price it gets for that quantity, minus that quantity it sells times the cost it incurs in producing that quantity.
我不用另外写公司2的收益了,收益是销量,乘以对应的价格,减去销量乘以产品,的生产成本
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If stock price option -if stock options tend to be issued as announced by the company later, just before stock prices go up, there's no way that that can be right because nobody can know exactly when the stock price is going to go up.
如果股票期权价格...,如果就像公司事后宣称的一样,公司恰好是在股价上涨之前,发行的股票期权,这是不可能做到的,因为没有人可以确切知道,股票价格何时会上涨
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This time, however, instead of setting quantities, instead of just deciding how much Coke and Pepsi to produce and spewing it out in the market and letting prices take care of themselves, this time the firms are going to set prices and let quantities take care of themselves.
这次不是规定产量,上次是确定,可口可乐和百事可乐的产量,运到市场上销售,并让价格自主的浮动,而这次,公司将要预先设定价格,并让产量自动调节
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So they're going to P1, will the price of Firm 1, and P2 will be the price of Firm 2.
所以P1代表,公司1的价格,而P2代表公司2的价格
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And I'll say this and then write it more carefully, where P is the lower of the two prices.
我先讲,待会再写下来,P是两个公司价格中较低的那个
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At C okay, so the Nash Equilibrium here, the Nash Equilibrium is for both firms to set their prices equal to marginal cost.
价格定在C,好的,所以这里的纳什均衡,纳什均衡是两家公司都把它们的价格,设定在边际成本
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So total quantity demand is 1 -P where P is the lower of the two prices.
总需求量是1-P,而P是两个公司的价格中较低那个
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So if P1 is less than P2--so if they're the low price firm-- if Coke is the low price firm, only Coke sells in the market.
如果P1小于P2,公司1的价格较低,如果可口可乐的价格较低,市场上将只销售可口可乐
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Well it's going to 1 -P1 if they're the low price firm.
如果公司1的价格较低,它是1-P1
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So again, for Firm 1 it's the quantity it sells times the price, This is its revenue, minus the quantity it sells times C, the cost, this is his cost.
再次,公司1的收益是其销量乘以价格,即,收入,减销量乘以C,它的成本
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