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So in the partnership game we put efforts on these axis and now I'm going to put quantities on these axis.
合伙人博弈中横轴表示付出的努力,现在横轴表示的是产量
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For example, maybe you are a partner at your firm and you're working with an associate on a project.
例如，你是公司的合伙人，你和一位同事正在共同跟进一个项目。
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Someone who buys a fifty-story building downtown and then, well, arranges to buy and gets partners -limited partners--to join in financing it; that's the arrangement.
比如有人想在市区买幢55层大厦,那么他会安排购买事宜并召集合伙人,也就是有限合伙人参与融资,这就是他们的运作模式
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What is it that's different about this game from the... What's the obvious thing just looking at this picture that makes it different from the partnership game.
这个博弈的不同之处在于,从这个图上能很明显看到的,它与确实与合伙人博弈有所区别
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Well, I think that Karzai parterner we have and we are all aware the criricize Excuse me. Yeah, Karzai's parterner we have. Everyone is aware the criticism. yeah,yes.
我认为我们有合伙人，我们都意识到了一些批评,不好意思，我们有合作者，大家都意识到了一些批评和指责，是，是的。
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Maybe a partner at your firms gives you an assignment and says,
也许你公司的合伙人交给你一个任务，并且指出
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He writes this in 1854 to his partner.
他在1854年给他的合伙人的信件中写道
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The partners were dependent for their retirement on the prosperity of the firms they left behind and the customs and culture they left behind, and the places were much more responsible and honorable.
合伙人的退休金取决于,他们留下的公司的繁荣程度,以及他们给公司带来的制度和文化，这些公司是非常,负责任而且受人尊敬的。
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It's a combination of looking at kind of objective attributes and subjective characteristics and finding people who ultimately will be good partners for the University.
这是一系列客观属性,和主观性格的结合,最终才能为大学基金找到合适的合伙人
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There is a general partner who takes on the liability and the limited partners, who are many, are the participants who do not share the liability.
由普通合伙人承担责任,而其他多个有限合伙人,则不需要承担责任
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The general partner takes on the liability; the limited partners don't have liability.
普通合伙人要承担责任,有限合伙人则不需要承担责任
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It's different from the partnership game, it's different from the investment game.
它与合伙人博弈不同,与投资博弈也不同
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It's different from the partnership game.
它与合伙人博弈就不一样
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If you go back to the time before that, we talked about this partnership game.
再往前回顾一下,我们之前还讲过合伙人的博弈
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There is something, however, called a limited partnership that has two kinds of partners: a general partner and a limited partner -or usually, many limited partners.
然而,也有一种有限合伙制,其中包括两类合伙人,普通合伙人和有限合伙人,或者,通常会有多个有限合伙人
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You have a general partner, then limited partners, and you don't hear about DPPs.
有了普通合伙人,再找有限合伙人,你们以前没听说过DPP
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So both the investment game and the game with... the partnership firm game are games with strategic complements.
投资博弈以及合伙人博弈,都是策略互补博弈
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The general partner is typically the organizer of the partnership.
普通合伙人往往就是,合伙制企业的组织者
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What I want to do is I want to draw a picture, a little bit like we did for the partnership game.
下面我来画出函数图像,这与合伙人博弈的有点像
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So let me rephrase, are these people, are these pair of partners in the firm, or two students working on their homework assignments, are they working more or less than an efficient level?
让我换个表达方式吧,这些企业合伙人,或者两个共同协作做作业的同学,他们是否实现了最优效率了呢
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So Partnership Game.
暂且就成为合伙人博弈吧
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You and your partner, Warren Buffett, have for years complained and warned about the dangers ve perceived in the modern derivatives markets, particularly credit derivatives, and also concerns about interest rate swaps, currency swaps, and equity swaps.
你和你的合伙人，沃伦，巴菲特,多年来一直提醒现代衍生品市场中,存在的危险，that，you’,尤其是信用衍生品，利率掉期，货币互换和股票互换。
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So imagine what we're going to look at is a game involving a partnership.
想一下如果博弈中加入了合伙人会怎样
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The problem with partnerships, generally, has been that they don't have limited liability.
通常合伙制企业的问题是,合伙人具有无限责任
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In a normal--in a simple partnership, the partnership would not be taxed because it's you doing business just as partners, so you are taxed but not the partnership.
简单的合伙制企业,正常情况下是不需要缴税的,因为你是在以一个合伙人的身份来做生意,所以要对你征税而不是合伙制企业
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In the partnership game the best response lines sloped up.
合伙人博弈的最佳对策曲线是向上倾斜的
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Because at this point, as in the partnership game, which there was a similar thing, as in the partnership game where the best responses intersect is where Player 1 is playing a best response to Player 2, and Player 2 is playing a best response to Player 1.
因为这一点,与合伙人博弈的情况一样,两者的情况是很类似的,合伙人博弈中最佳对策曲线的交点处,参与人1采用了回应参与人2的最佳对策,参与人2采用了回应参与人1的最佳对策
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Why is it that when we see these law partners, or medical partners, or whatever it happens to be, or students together on a homework assignment, why is it we tend to get inefficiently little effort when we start figuring out the strategy and working through the game?
为什么这些律师事务所的律师,医疗合伙人或者其他类似的机构,还有一起做作业的学生,当我们研究过这些策略和博弈后,为何这样的组合往往是收效甚微的
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s not going in the future.-We are not going to get out of that, out of a lot of massive contraction. And massive contraction might cause some operations to perish. I knew some Anderson partners who were honest decent people who suffered terribly.
而且没有未来，-大规模缩减，And，it’,对我们来说没什么用处,而且会造成一些,行动的失败，我知道一些,诚实正直的安德森合伙人,损失惨重。
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