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So what we want to do is we want to figure out what the Nash Equilibrium looks like in this market.
我们想要做的是,找出这个市场的纳什均衡是什么
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It's just, yeah, taking advantage of people who need a quick sandwich when they're at lunch and
这是利用了人们午餐时间需要快速来一份三明治的这个市场需求，
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This is not a perfectly competitive market, but if it were, that's where price is going to end up.
这个案例的情况不是完全竞争市场,但是如果是,这个就是最终的价格
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It's the interest rate that clears the market for loans and that interest rate determines the market interest rate.
这个利率决定了借贷市场的出清,并决定市场利率的大小
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Also a lot of the chefs use this market around the city to buy their produce.
也有很多大厨在城市周围的这个市场买农产品。
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What this model asserts is that markets are informationally efficient.
这个模型说,这个市场处理信息有效的。
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What the Market Revolution was, in so many ways, was an engine, a tremendous Charles Sellers has written a famous book on this it was a tremendous engine for what became arguably the most prevalent idea of the entire nineteenth century in America, and that's the notion of progress.
在很大层面上,市场革命,就是一个巨大的发动机,查尔斯·塞勒斯,曾经为此写过一部书,市场这个巨大的发动机,它带来了十九世纪最流行且有争议的看法,即,对进步的观念
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Yeah, so this place we're at is called Old Spitalfields Market.
好的，我们在的这个地方叫做旧斯毕塔菲尔德市场。
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We'll talk more about this very interesting situation It ties in so many aspects of financial market.
以后会就这个有趣的现象加以讨论,因为它与金融市场的方方面面息息相关
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I think that the question is whether markets are more apt to overprice versus underprice.
我认为这个问题是关于市场,究竟是被高估或者低估的状态。
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In particular, we find that prices in the market are equal to marginal cost.
特别是,我们发现这个市场下的价格等于边际成本
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If markets offer us opportunities, we're more than happy to take advantage of them.
如果市场给我们这个机会,我们是非常乐意利用的
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The thing that comes to my mind is that-- I want to say before concluding this review of the last lecture-- that is that the stock market is inherently political in any country.
浮现在我脑海中的一件事是,在回顾环节结束之前,我想谈谈这个,那就是在任一国家的股票市场上,都会被固有的政治因素所影响
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So leaving aside the specific example of beer, you think about some product that has some dimension on which it varies, and we can use this model to see how competition is going to work in that market.
把啤酒的例子放在一边,你们自己想一些在某种程度上,有所不同的产品,我们使用这个模型来研究,这个市场的竞争是怎样的
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Why the interest rate clears-- it's a mysterious phenomenon, because it's a market phenomenon and each person only sees his or her own contribution to the market and not the whole market.
为什么这个利率能让市场出清...,这是个不可思议的市场现象,每个人只能看到自己在市场中的行为,而不了解整体市场情况
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And you get people from all over the city coming to this market.
全城的人都会来这个市场。
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So what you're going to do on the homework assignment is solve out this market.
你们家庭作业要做的,就是解开这个市场
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I want to put down on this axis the return on the stock market and on this axis I want to put the return on one company, let's say Microsoft.
我把这个轴作为股票市场的收益,这个轴作为某个公司的收益,比如说微软
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That's a brilliant market timing device that-- I think enlightened people thought that those prices were getting high-- and also made some play on credit spreads and now on real estate, he said.
这个决策的市场时机非常正确,有见识的人都觉得,那时网络股的价格太高了,他们也参与了信用利差交易,现在又转向了房地产
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Basically, what it did was it made it feel that people wouldn't get cheated; the SEC was a strong regulator and it really did restore confidence in the financial markets in this country.
证券交易委员会的辛勤付出,使人们感到不会受骗,证券交易委员会是一个强大的监管机构,它也重塑了,这个国家对金融市场的信心
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The question was whether we were looking to take more short positions as the economy appears to be moving into recession and I guess the second part of the question was how do you remain bullish in this kind of environment.
问题是,在经济表现出走向衰退时,我们是否会做更多空头,我想这个问题的另一面就是,在那种情况下如何保持市场信心
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Again, I'm not going to spend much time on this, of the ith asset is the regression coefficient when you regress the return on the ith asset on the return of the market portfolio.
再强调一次，我不打算花太多时间在这个等式上面，但要注意的是当你想将市场组合收益，but，the，β,回归到第i资产收益中去,第i资产β系数是线性回归方程的,回归系数。
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