That's what, in principle, we can do and what I think is the most important concept in finance--this concept of risk pooling.

原则上，这就是我们能做的,我认为这也是金融业最重要的概念,即风险汇聚及分摊。

耶鲁公开课 - 金融市场课程节选

Diversification and pooling are really the same thing but we had a separate set of institutions.

分摊和汇聚实质上是一回事,只是我们有不同的机构

耶鲁公开课 - 金融市场课程节选

London insurance companies would because the whole concept of insurance is pooling of independent probabilities.

伦敦的保险公司之所以开展火险,是因为整个保险理念,就是将独立事件发生的风险汇聚起来

耶鲁公开课 - 金融市场课程节选

Risk pooling means they put a lot of people with independent or low-correlated risk into a pool and reduce the risk for the whole pool.

风险汇聚即,将独立或相关性小的风险汇聚起来,以降低整体风险

耶鲁公开课 - 金融市场课程节选

I call it the universal principle of risk management pooling and the hedging of risk.

我称之为,风险管理的普遍原则,风险汇聚和风险对冲

耶鲁公开课 - 金融市场课程节选

Insurance relies on this theory of risk pooling but it has to make it work.

保险是基于风险汇聚理论的,并运用其有效降低风险

耶鲁公开课 - 金融市场课程节选

It really is probability theory and the idea of spreading risk through risk pooling.

就是概率论,以及通过风险汇聚来分摊风险

耶鲁公开课 - 金融市场课程节选

In the second lecture, I talked about the pooling of risks and the basic theme of that lecture was that we now have a mathematical theory, probability theory.

第二课，我讲了风险汇聚及分摊,那节课的主题是,一门数学理论，即概率论。

耶鲁公开课 - 金融市场课程节选

The principles of insurance-- the fundamental powerhouse--is the principle of risk pooling.

保险的原理,其基本的动力...是风险汇聚原理

耶鲁公开课 - 金融市场课程节选

The socialist idea started to lead to a number of experiments in various countries around the world that were pooling risks-- they might not have put it this way.

这种社会主义设想,引发了全世界很多国家,在风险管理上的改制与试行-,他们可能没用“社会主义“这一叫法。

耶鲁公开课 - 金融市场课程节选

Insurers, just like mutual funds, are providing risk pooling for you.

保险公司和共同基金一样,为客户提供风险汇聚服务

耶鲁公开课 - 金融市场课程节选

They're both based on risk management and pooling of risks.

他们都是基于风险管理与风险汇聚

耶鲁公开课 - 金融市场课程节选