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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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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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The Taylor rule specifies specific variables and everybody at the markets would understand the rule, ? and that's correct, right?
像泰勒规则就明确了具体的变量,市场中每一个参与者也都能够理解，这个没错吧？
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I mention this tax example because I want to stress that framing and psychological barriers are important problems for creating financial markets.
我之所以提到这个例子,是因为我想强调,心理框架和心理障碍对于,建立金融市场的重要性。
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Nobody paid attention to that.
没人关注这个市场。
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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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And also the profession is very much at the mercy of the market place
而且这个行业在很大程度上受制于市场因素。
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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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And to the extent that they help make markets efficient, I do think they help the world. I do sort of agree.
而且一定程度上，他们使市场更有效，我的确认为他们帮助了这个世界，我的确是同意的。
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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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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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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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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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In fact, the outcome here, this equilibrium here is for all intents and purposes, the same equilibrium we would have had had there been thousands of firms in the market And had this been a perfectly competitive market.
实际上,这个结果,这个均衡适用于所有的目的和意图,我们将得到同样的均衡,即使市场上有数千的公司,即使这是个完全竞争市场
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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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So here's the other issue, there's a price in this market, we might want to think of as the kind of focal price as an interesting price, and that's the price at which, the price I would choose were I the monopolist.
另外一个问题是,市场中有一个价格,可以理解为一种焦点价格,一个有趣的价格,这个价格是,我作为垄断企业时所选择的价格
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So you're going to figure out what happens in this story very generally, well not very generally, but in the particular case actually on the homework assignment, but I want you to understand that there's this much more general story underlying this, and this is a pretty good model of a lot of markets.
所以你们将找出,这样的例子里通常会发生了什么,也说不上太通常,只是在特定情况下,这个家庭作业中,但我想让你们明白,在这例子具有普遍性,且这对很多市场来说都是很好的模型
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That's $1 more than it costs now in the market, so the options are worthless unless the price of the stock goes up.
这样每股就要比市场价多花费一美元,除非股票价格增长了,否则这个期权就是没有价值的
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How in this game do I "get out of the market?"
在这个博弈里要怎么做以便退出市场呢
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Suppose the other guy didn't exist, Suppose Pepsi didn't exist, so Coke has the whole market, then we would solve out this problem.
假设对手不存在,假设百事可乐不存在,那么可口可乐占领整个市场,然后我们就可以解决这个问题
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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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But then you come to the third part of this sort of triangular absurdity, and what you get to is big financial institutions with extremely well-paid individuals, in the presumably pure free market.
接着您提到了第三方,在这个怪诞的迷局中，您提到的是,大的金融机构,他们员工本身收入极高，在人们都认为,的纯市场经济机制下。
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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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