In this paper, we propose an agent-based model to examine what conditions can make the adverse selection to take its effect by introducing two variables-cognitive capability and valuation ratio.

在这篇文章中，我们通过采用多个体模型和引入两个变量——识别能力和估价比率来说明在什么条件下会发生逆向选择现象。

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The company’s valuation is likely to be well under 15 times earnings for a company with strong growth potential (China Life has a price-earnings ratio of 24).

作为一家有很好的增长潜力的公司，友邦此次的市盈率可能还不到15倍（中国人寿的市盈率为24倍）。

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One method analysts often compare is the valuation recovery ratio.

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But here is where we bump up against my point: the fallacy of the PEG ratio as a valuation measure.

FORBES: Look Closer At The PEG Ratio And Apple Isn't Such A Bargain

There is no graph of the cyclically adjusted price-earnings ratio, another valuation measure, in its presentation book, although the subject did arise in questions at the conference: David Kostin, a strategist, said Wall Street was slightly above fair value on this measure.

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