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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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You're absolutely right, I don't want to be involved in this market if the other guy is selling below cost.
你完全正确,我不想参与这市场竞争,如果另外一家公司售价低于成本
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if hedge funds could make markets completely efficient, it would benefit the world a lot--is one.
如果对冲基金能够使市场能够完全有效，它会给世界带来很多益处-这是一点。
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If they're not at the competitive output they could undercut price and take the entire market.
如果他们不按照完全竞争产量生产,就可以通过降低价格来抢占市场
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We want people who are maniacally focused on beating the markets, generating superior investment returns.
我们需要能完全专注于战胜市场的人,来产生卓越的投资收益
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They're efficient enough that you have to work hard to find opportunities, but not perfectly.
如果你付出足够的努力,还是能发现机会,所以市场并不完全有效
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If markets were perfectly efficient, David Swensen could not have done what he did.
假设市场完全有效,大卫·斯文森就不可能有现在的成绩
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In a perfectly competitive market that's exactly where prices are going to end up.
在完全竞争市场中,这就是最终的市场价格
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used to be absolutely received economic wisdom that financial markets were efficient.
金融市场是有效的,这曾经是被完全接受的经济学真理。
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He's another example that markets are really not efficient.
他的例子再次说明了市场不是完全有效的
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There's maybe about three trillion dollars worth of stuff backed by mortgages out there Well, as you've seen, these have produced crisis of confidence and I don't think we've heard the last of it.
现在大概有价值三万亿美元的有抵押证券,在市场上流通,就像你所看到的那样，这些证券已经导致了,市场信心的丧失，而且我个人认为这还完全没有结束。
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So, so far what we've done is we've looked at this sort of classic, I admit not the most exciting game in the world, but classic application of Game Theory to imperfect competition.
到现在为止我们只学了经典案例,我承认这不是什么有趣的博弈,只是博弈论在不完全竞争市场的应用
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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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