Every risk management device relies on a design and the design is usually complex and has-- it all has to work together.

每种风险管理工具都是基于某种设计,而这种设计通常都是很复杂的,需要各部分相互之间的配合

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Moral hazard occurs when a risk management institution incentivizes you to do bad behavior-- to show bad behavior.

道德风险产生于,风险管理机构怂恿人们,采用有悖于道德与人性手段。

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But, because of the logic of risk management we have to make a deal with them; so, it becomes more formal and impersonal.

但是，基于风险管理的逻辑,我们必须和他们达成协议;,使分摊正规化而不受主观情绪的影响。

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I call it the universal principle of risk management pooling and the hedging of risk.

我称之为,风险管理的普遍原则,风险汇聚和风险对冲

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Because the financial risk management system that we have is imperfect, we aren't there yet.

因为我们的金融风险管理体系,存在缺陷，还并不完善。

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I want to go over the history of risk management and through these three themes.

我要讲讲风险管理的历史,以及这三个主题。

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If we had the proper risk management institutions in place, people would have anticipated this risk and would have made swaps or other arrangements to protect themselves against it.

如果我们有合适的风险管理机构，人们能够预料到这种风险,能够提前进行交换或者其他安排,保护自己免受损失。

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You hear about it in various terms that sound abstract.

你们会对风险管理的抽象语汇有所耳闻。

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They're both based on risk management and pooling of risks.

他们都是基于风险管理与风险汇聚

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They don't understand the risk management function of it.

人们没有意识到其所起的风险管理职能。

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When you manage risks, you create moral hazard.

当你试图管理风险时，就会产生道德风险。

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This is essentially a risk management system.

这本质上就是个风险管理系统。

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we're seeing an evolution of risk management.

我们见证着风险管理的演进。

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You might say it was risk management.

你也许会说是这是一种风险管理。

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The options are a very useful technology for managing risks and I think that we'll see a rapid--Over the next few decades, we'll see rapid expansion in the scope of options contracts traded on the exchanges.

期权是管理风险的,一个非常有用的技术,我认为在往后的几十年,交易市场上,我们将会看到期权合同的迅速发展

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They have risks that their overhead won't cover their risk is that a steady stream of people won't come and be making a steady stream of bets at which each of them has a slightly negative expectation.

他们的风险是能否支付管理费用,他们的风险是不再有稳定的客流来消费,同时每一个人都怀着一丝消极的期待,下源源不断的赌注。

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