-
So one case to think about is what if the other firm, you're Coke, what if Pepsi is pricing below cost?
一种情况是如果另一家公司,假如说你是可口可乐,如果百事可乐定价低于成本怎么办
-
and we're not going to see the same sort of pricing model, the same sort of...
我们的定价模式就不一样了，同样的……
-
This answer that says I just undercut Pepsi, that's true provided that Pepsi hasn't gone above the monopoly price.
比百事定价低点的答案,只有在百事没有高于,垄断价格时才是正确的
-
If you accept my estimates and you accept the capital asset pricing model, that would have to be true.
如果你同意我的估算,而且认同资本资本资产定价模型，那这种投资组合就会带来最大收益。
-
They were wrong to try to put any number at all.
他们压根就不该定价。
-
So, it looks like the curry and some other items were really precisely defined in terms of price and this is of course has generated this receipt - by some computer, some cash-- cash register and they just didn't account for the inherent imprecision so here is a perhaps real world incarnation of that.
看起来咖喱,和其他一些东西都被明确地定价,这当然可以,通过计算机-,收银机生成这份收据，而且它们并不对,其内在的不精确性负责,这可能就是现实世界中的一个典型。
-
Suppose Firm 1 is pricing at marginal cost and Firm 2 is pricing at something higher, a little bit higher.
假设公司1定价在边际成本,公司2定价稍微高点,高一点点
-
If the other guy is pricing below costs, you don't want to sell anything, that's the right intuition.
如果另一家公司定价低于成本,你不想卖任何产品,这是正确的经济学直觉
-
There's one other possibility here I've missed which is what if Pepsi prices at marginal cost itself?
这里还缺少一个可能性,即,如果百事定价在边际成本怎么办
-
The other end of the spectrum is a market that is very hard to define.
这里的其他市场,是指很难有效定价的那些市场
-
Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.
如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点
-
You're Coke, what should you price as if you're trying to maximize your profits?
你是可口可乐,你应该如何定价,如果你想要利润最大化
-
Let's just make sure we understand this, if the other guy is selling below cost, the only way I can make any sales is to price below his price.
来确认下大家都明白这点,如果另外一家公司定价低于成本,我想卖出产品的唯一方法就是定价比它低
-
So we'd like an outcome that looks a little bit like Cournot, but we'd like the strategy set to be prices, and this is going to do the trick.
我们想要一个跟古诺有点像的结果,但我们希望通过策略来定价,这就需要一些技巧了
-
Jeremy Siegel, in his book, which is assigned for this course, is really emphasizing this capital asset pricing model, emphasizing the kind of efficient portfolio frontier calculations that I've done.
杰里米·西格尔的著作，是本课的指定书目，书中着重讲述了资本资产定价模型，以及有效边界等的计算方法,这部分我已经讲完了。
-
All right, so if the other guy is pricing above costs, I want to set prices below his so that I steal the whole of the market and make profits on those sales.
正确,如果对手定价比成本高,我就想定价比他的价格低,这样我就可以占领整个市场,并获得销售利润
-
Pepsi's pricing below cost, what's your best response?
百事可乐定价低于成本,你的最佳对策是什么
-
So the strategy sets this time are prices.
所以这次的策略是定价
-
It's so called capital asset pricing model.
这个称作是资本资产定价模型。
-
What if Pepsi prices at marginal cost?
如果百事定价在边际成本怎么办
-
What market might be efficiently priced?
哪个市场是有效定价的
-
You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.
你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微
-
As a matter of fact,if things were perfectly efficiently priced, there wouldn't be any opportunity to generate excess returns and if you make active bets--if you make bets against the market -then whether you win or lose has to do with luck.
事实上,如果资产都是有效定价的,那么根本不可能获得任何超额收益,如果你主动一搏,要从市场中获利,那么无论得失都只能靠运气了
-
Zero profits, I'll make zero profits, so that certainly is a best response, pricing at marginal cost as well.
零利润,我将没有利润,所以这确实是一个最佳对策,也定价在边际成本
-
Small-cap stocks are tougher to price than large-cap stocks, so there's a 4.7% differential, first to third quartile.
小盘股比大盘股更难定价,第一和第三个四分位数的差距有4.7%
-
And I put this to Voytek, what dollar figure should be put on human life to decide whether to ban the use of cell phones?
我也问过佛伊泰克，在决定是否禁止使用手机这件事时,人命应该如何定价？
-
Why? Because no matter how the other firm, your competitor, prices you might have an incentive to undercut them.
为什么,因为不管你对手怎么定价,你总有想削弱他们的动机
-
If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.
如果某种资产的构成都是有效定价的,那么就很难产生超额回报
-
What they do is they're pricing a portfolio up here and they keep substituting in new ones.
他们的工作是为一个投资组合定价,不停的用新股票进行替代
-
The asset pricing model--and this is critical-- assumes everyone is rational and holds the tangency portfolio.
资本资产定价模型是非常重要的模型-,假设每人是理性的，并持有切线资产组合。
应用推荐