So, Case and I did identical questionnaires in Los Angeles and Milwaukee and these are median price expectations.

于是科斯和我在洛杉矶和密尔沃基,做了完全相同的问卷调查,并且调查出了中间价格的期望值

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There's something about Los Angeles that's different from Milwaukee and that is that in Los Angeles there's just a history of volatile markets.

洛杉矶与密尔沃基,在某件事上是有差别的,那就是在洛杉矶,不稳定的市场行情已有一段历史了

耶鲁公开课 - 金融市场课程节选

What caused--that's the-- I wanted to show you one city -I actually do a short comparison between a couple of cities -Los Angeles and Milwaukee.

原因是什么,我给你们看看一座城市,我在两座城市之间做了个简单比较,洛杉矶和密尔沃基

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We asked people whether they had a perception of excitement directly and in Los Angeles, in 1988, 54% said yes; whereas, in Milwaukee only 21% said yes.

我们做过调查,询问人们是否切身感受到房价飚升,1988年54%的洛杉矶人说有,但是在密尔沃基只有21%的人这样认为

耶鲁公开课 - 金融市场课程节选

Milwaukee has been extremely steady over this period.

密尔沃基在这段期间内非常平稳

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In Milwaukee, it was only 27%.

在密尔沃基,这种担忧当时只有27%

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The percent who think it's the best investment is higher in Los Angeles than in Milwaukee, and since the peak of the bubble in 2003, it's been declining in Los Angeles but, surprisingly, rising in Milwaukee.

认为房地产是最佳投资选择的人群,在洛杉矶居民中所占比例远高于密尔沃基,自从2003年房产泡沫达到最高峰,洛杉矶房价就一直在下跌,令人惊异的是密尔沃基房价仍在上涨

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You notice Milwaukee is going up.

但密尔沃基的预期却在上升

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In 1988, when there was a boom in California, but of course not in Milwaukee, the average person in Los Angeles thought home prices would go up 10% a year for the next ten years --that's the median, I'm sorry.

988年加利福尼亚出现了繁荣,当然,在密尔沃基则没有出现,洛杉矶的人们普遍都认为房屋价格,会在未来十年内以每年10%的速度,上升,应该是中间价,不好意思

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