If people thought the stock was overpriced, well, people would have tried to sell it, and it would have come down.
如果人们觉得股票价格过高,人们就会把它卖了,价格就会下降。
Then they should be pricing whatever they're selling at a lower price
那么他们应该把所卖的物品价格定得低一点
I'm gonna keep as part of each stock, it's history of prices, which we can initialize, well, I've initialized it as empty, but that's probably the wrong thing, right?
我会把股票的历史价格,作为每只股票的一部分,我们可以先对它的历史价格进行赋值,好了,我先给它赋了空值,但是这样做可能不对,是吗?
As small an amount below his price as you can do.
尽量把价格定的只比他低一点
If I came to the office next week and decided domestic stocks were too high -I want to move that target down to 8% -in the way that I've described market timing, that would be a market timing move and we're very careful not to do that.
如果下周我上班时,认为国内股票价格偏高,我会把权重调低到8%,用我描述过的方式,这就是个市场时机选择的操作,我们一般很谨慎,并不会轻易那么做
So if Pepsi is dumb enough to price above monopoly, sure I will undercut Pepsi but I won't undercut Pepsi by a penny, I'll undercut Pepsi all the way down to the monopoly price and make monopoly profits.
如果百事笨到把价格设的高于垄断价格,我当然要定价比百事低,但不是低一点,我要把价格设得比百事低直至垄断价格,并获取垄断收益
And notice that if Pepsi has priced above the monopoly price, suppose Pepsi has priced this good so high that it's above the monopoly price, then, as the gentleman said, I can capture the whole market by pricing just below Pepsi.
注意如果百事设定的价格高于垄断价格,假设百事把价格定得太高了以至于,高于垄断价格,那么像那位先生说的,我可以用低于百事的价格来占领整个市场
At C okay, so the Nash Equilibrium here, the Nash Equilibrium is for both firms to set their prices equal to marginal cost.
价格定在C,好的,所以这里的纳什均衡,纳什均衡是两家公司都把它们的价格,设定在边际成本
This strategy set--formally, Let's just simplify it here-- let's assume that for each Firm i they can set their price anything bigger than 0 and anything less than 1, just to keep life simple.
至于策略集合,我们把它简化成,假设每个公司i能,将它们的价格设定为,大于0并且小于1,仅仅为了简化处理
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