I stressed in the third lecture that like any--insurance, like any other risk management device, is an invention.

在第三次课上我已经强调过了,保险和其它风险管理工具一样,是一种发明

耶鲁公开课 - 金融市场课程节选

Anyway, I want then to move on to the topic of today's lecture, Insurance is the other side of the risk management institutions that we have.

下面开始今天这节课的主题,保险是我们现有的另一种,风险管理制度

耶鲁公开课 - 金融市场课程节选

I want to mention a couple other philosophers who talk about risk management.

我想再提几位学者,他们也探讨过风险管理的问题。

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

It doesn't work so easily to share with those people along the lines that these communities--I think these communes tend to emphasize a social compact, a feeling for each other, a caring for each other, which is a lovely thought but it doesn't achieve risk management on a big scale.

但要实现跟满足这些条件的人分摊风险,绝非易事,这些共同体。。。我指这些公社,倾向于强调一种社会凝聚力，一种人与人的深情和关怀，这个想法听上去很美,但无法实现大规模有成效的风险管理。

耶鲁公开课 - 金融市场课程节选