So, if it's a four-year bond, it would trade at about $90, 6% so it would be yielding 6%.

所以，如果这是四年期的债券，那么它可能在大约90美元左右进行交易，因此它的收益率大约在。

耶鲁公开课 - 金融市场课程节选

It shows the standard deviation of the return on the portfolio as a function of the expected return on the portfolio.

它是投资组合的收益标准差,关于预期收益率的函数图像。

耶鲁公开课 - 金融市场课程节选

A contract is more then communication, a contract is communication with teeth. It actually changes the payoffs.

协议的效力大于口头约定,协议是有违约责任的,它影响收益

耶鲁公开课 - 博弈论课程节选

It's the model of investment and profit that characterized so many of Milton's own early writings, including that promise, you'll remember, to his fellow Englishmen that he would one day produce a work of literature that his countrymen would not willingly let die.

这是一种投资模式和带有很多弥尔顿早期写作特征的收益,它包括了那个诺言，你们应该记得,那个诺言指他说有一天要为自己的追随者们写一篇文学作品,他的同胞们不希望这个诺言落空。

耶鲁公开课 - 弥尔顿课程节选

It's the expected payoff to Player 1 if shooting to the left as it depends on the probability that the goal keeper dives to the right.

它表示参与人1,从左路射门的预期收益,与门将扑向右路的概率有关

耶鲁公开课 - 博弈论课程节选

Then we looked at some possible payoffs, and now it is a game.

后来我们分析了可能的收益,现在它变成一个博弈了

耶鲁公开课 - 博弈论课程节选

so in some sense it's safer, it avoids the 0, although I mean it's true it avoids the 0 but it also doesn't get the 5 and the 4.

某些情况下选下是比较安全的,因为他避免了0收益,我的意思是它的确避免了0收益,但选它也得不到5和4这连个最大收益

耶鲁公开课 - 博弈论课程节选

You could think, you have to think earnings are going to go up twelve-fold to get it down to four times earnings, which will take a long, long time.

你可能会想，你必然认为收益会上涨12倍,让它回落到四倍于原来收益的地方，会花费很长一段时间。

耶鲁公开课 - 金融市场课程节选

So what we're going to look at is the expected payoff of Up versus, let me call it a : a being equally likely that my opponent chooses Left and Right.

所以接下来我们看看在我认为对手,选择左右的可能性相同下的预期收益,我们把它称为

耶鲁公开课 - 博弈论课程节选

So, we should use that, but people in finance resist using that because it's a lower number and when you're advertising your return you want to make it look as big as possible.

所以我们应该用这个指标,但金融界反感使用几何平均,因为它比其他平均数都来得小,他们为自己的收益率做广告时,当然希望数字越大越好

耶鲁公开课 - 金融市场课程节选

It maximizes my expected payoff.

它最大化了我的预期收益

耶鲁公开课 - 博弈论课程节选

If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.

如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价

耶鲁公开课 - 金融市场课程节选

So you'll notice that I'm just going to put in numbers here and then the negative of the number and the numbers are roughly like this: . So the numbers are , , , , and .

你们会注意到我会先写一个正数,然后再写出它的相反数,收益大概如下,分别为,和

耶鲁公开课 - 博弈论课程节选

You will be--you are entitled to receiving the dividends that are paid out of earnings for the rest of your life and you can give it to your children and maybe in two hundred years from now it'll be worth a lot; probably not, but it might be.

你此后会一直收到,从收益中分出来的股利,你可以把它给你的孩子,也许200年后会变得非常值钱,也可能不值钱,但还是可能值钱的

耶鲁公开课 - 金融市场课程节选

So here's Player I's payoff as a function of what Player II chooses and what Player I chooses, so we have that already.

这个就是参与人I的收益的方程,它是参与人I和II策略的函数,我们已经得到了

耶鲁公开课 - 博弈论课程节选

It maximizes my payoff against S-i.

它最大化了对手选S-i时我的收益

耶鲁公开课 - 博弈论课程节选

So here's the straight line, and this line is the expected payoff to Player I from choosing Down as it depends on the probability that the other person chooses Right, and then once again, we can write down the equation.

这就是第三条直线了,它表示参与人I选择下获得的收益,是另一个参与人,选右概率的一个函数,对于这一条直线,我们依然能够给出方程式

耶鲁公开课 - 博弈论课程节选

This is the payoff to Player I of choosing Middle against Right, and the line in between, this line here, is the expected payoff to Player I of choosing Middle as a function of the probability that other people choose Right.

这条表示对手选右时参与人选中的收益,两个端点中间的线段部分,表示参与人I选右的预期收益,它是对手选右概率的一个方程

耶鲁公开课 - 博弈论课程节选