THE point of carbon markets is to put an efficient price on the right to emit carbon dioxide.

碳交易市场存在的意义是为了给二氧化碳排放量购买者定个合理的价钱。

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Nonrivalry has the implication that the efficient price is zero, since the marginal cost of another viewer is zero.

非竞争性意味着有效价格为零，因为增加一个观众的边际成本为零。

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But if you have an efficient price management mechanism you can often keep margins raised and respond quickly to changes in market conditions.

但是如果你有一个有效的价格管理机制，你就可以保持利润增长，并且对市场情况快速反应。

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The plan would open up the delivery of those benefits to a broad range of insurers, who would compete to offer those benefits at the most cost-efficient price.

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We believe that online marketplaces hold an inherent advantage over traditional auction marketplaces because they have a larger number of participants, thus facilitating more efficient price discovery and greater liquidity.

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If markets were truly efficient, price-earnings ratios should be lower than average at the top of the cycle, since investors should anticipate a reversion to the mean.

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