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If you accept my estimates and you accept the capital asset pricing model, that would have to be true.
如果你同意我的估算,而且认同资本资本资产定价模型，那这种投资组合就会带来最大收益。
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I think in the past, the pricing model for songs and selling music was,
我觉得在过去，歌曲定价和销售唱片的模式是，
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Okay, so now more interestingly, we leave a little gap here, what if the other guy is pricing above costs?
现在更有趣的来了,我们这边留一点空白,如果对手的定价比成本高呢
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The other end of the spectrum is a market that is very hard to define.
这里的其他市场,是指很难有效定价的那些市场
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If the other guy is pricing below costs, you don't want to sell anything, that's the right intuition.
如果另一家公司定价低于成本,你不想卖任何产品,这是正确的经济学直觉
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Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.
如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点
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Let's just make sure we understand this, if the other guy is selling below cost, the only way I can make any sales is to price below his price.
来确认下大家都明白这点,如果另外一家公司定价低于成本,我想卖出产品的唯一方法就是定价比它低
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Jeremy Siegel, in his book, which is assigned for this course, is really emphasizing this capital asset pricing model, emphasizing the kind of efficient portfolio frontier calculations that I've done.
杰里米·西格尔的著作，是本课的指定书目，书中着重讲述了资本资产定价模型，以及有效边界等的计算方法,这部分我已经讲完了。
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So we'd like an outcome that looks a little bit like Cournot, but we'd like the strategy set to be prices, and this is going to do the trick.
我们想要一个跟古诺有点像的结果,但我们希望通过策略来定价,这就需要一些技巧了
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So the strategy sets this time are prices.
所以这次的策略是定价
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Pepsi's pricing below cost, what's your best response?
百事可乐定价低于成本,你的最佳对策是什么
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What market might be efficiently priced?
哪个市场是有效定价的
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All right, so if the other guy is pricing above costs, I want to set prices below his so that I steal the whole of the market and make profits on those sales.
正确,如果对手定价比成本高,我就想定价比他的价格低,这样我就可以占领整个市场,并获得销售利润
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You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.
你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微
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As a matter of fact,if things were perfectly efficiently priced, there wouldn't be any opportunity to generate excess returns and if you make active bets--if you make bets against the market -then whether you win or lose has to do with luck.
事实上,如果资产都是有效定价的,那么根本不可能获得任何超额收益,如果你主动一搏,要从市场中获利,那么无论得失都只能靠运气了
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This answer that says I just undercut Pepsi, that's true provided that Pepsi hasn't gone above the monopoly price.
比百事定价低点的答案,只有在百事没有高于,垄断价格时才是正确的
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That will lead us into the capital asset pricing model, which is the cornerstone of a lot of thinking in finance.
然后引出资本资产定价模型，这个模型是很多金融思想的基础。
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.. In the capital asset pricing model, in finance-- this is the most famous model in finance.
金融学里的资本资产定价模型-,是金融学里最有名的模型。
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So the other guy is pricing below costs, the way which I avoid making losses is to set my price above his price.
所以另一家公司定价低于成本,我想要避免损失的方法是,将我的价格设定得比它高
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Of course, in the venture capital world, the least efficiently priced of all, there's a 43.2% differential between the top quartile and the bottom quartile.
当然在最无法有效定价的风险投资领域,第一和第三个四分位数之间的差距,可以达到43.2%
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The bond markets,in general, and the high-quality bonds in particular are probably easiest to value.
一般来说,债券市场,尤其是优质债券,可能是最容易定价的
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How are managers going to behave in an asset class where things are efficiently priced?
在面对有效定价的资产时,基金经理会怎么做呢
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Then you want to add the present value of the principal and that's the formula.
最后还要加上债券面值的现值,这就是债券定价公式
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There just aren't pricing anomalies that are significant that are going to resolve themselves in a matter of months or weeks and so it's a silly game to play.
显著失常的定价,不会在短短几月或几周内,就在市场中显示出来,因此类似月进月出那些是一种愚蠢的行为
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So where is--suppose he's pricing-- We'll say the prices are between 0 and 1, suppose he's pricing at .8, what would be a good price for me to set?
如果他定价,假设他的价格,取值在0和1之间,假设他的价格设定在0.8,我应该设定哪个价格比较好呢
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The first problem set asked you to manipulate the model that I just presented-- the model of how you form portfolios and the model of the capital asset pricing model.
第一道习题,考察的是你们能否活用我刚刚给出的几个模型-,包括怎样构成投资组合的模型,和资本资产定价模型。
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It will be about the capital asset pricing model.
会讲到资本资产的定价模型
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Best price for Firm 1 to choose given that Firm 2 is choosing P2.
公司2选择P2时,公司1的最佳定价是多少
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