I mean, one thing--I play a fair amount of I play a little bit of poker and I'm very interested in the game.
举个例子说,有一件事情-我自己也玩的很多,我会玩一点扑克,而且我对这个游戏非常感兴趣。
And then in the middle, they play a big game against other teams
在中间,他们跟别的队打比赛
You played the game; I don't know if there's a videogame now, if people play games like this where London Bridge is Falling Down.
你们也玩过这个游戏吧,我不知道现在是不是有电子游戏了,如果有人玩过伦敦桥这个游戏
This is our first game and we're going to play games throughout the course, sometimes several times a week, sometimes just once a week.
这是第一游戏 整个课程充满了游戏,有时候一周做几次,有时一周一次
The problem is even more severe when you're looking at mutual funds because there's kind of a cynical game that mutual fund management companies play.
当你去观察基金市场,会发现问题更严重,因为基金管理公司,会玩一个偷梁换柱的把戏
So we can play a final little game here by thinking about having somebody sitting in a room planning to reach up into the left.
这样,我们最后来做一个小游戏,大家想象有人坐在房间里,想要够到左边。
Let's take a minute to just play this game of asking.
我们花一点时间来问个问题
I think Republicans play a dirty game of politics,
我认为共和党在政治游戏中玩得很烂,
So that's a particular play of the game and that has a different name.
这就是一次博弈,给它起个名字
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
I know this might be changing the game a little bit, but if you ever expected to play the same game with the partner you have more.
我知道这可能会稍微改变点这个博弈,但是如果你认为以后你还会,和你的对手进行相同博弈
Instead, we will again play a little game.
可惜,我只能再次演示一下。
It's measured by subsequent performance in the amount by which the winner wins equals the amount by which the loser loses, but it costs a lot to play the game.
之后的业绩表现可判输赢,而且赢方赚的钱,就等于输方赔的钱,但是交易本身会产生巨大的成本
So what I want to do is, I want to lay this out a little bit more formally as a game, since we haven't done anything like this for a week or so, we're going to play the game.
我想做的是,把这个安排得更正式一点 就像博弈一样,因为我们已经大约一个星期没有这样做了,我们将做这个博弈
I think what makes a difference is not only do you, yourselves, know better how to play this game now, but you also know that everybody around you knows better how to play the game.
我觉得因为不仅你们自己,玩这个数字游戏玩得更好了,你们也了解到周围的人,也玩得更高了
I chose 22 because I thought that most people would play the game dividing by two-thirds a couple of times, and give numbers averaging around the low 30's.
我选了22因为我想大多数人在游戏中,可能会多次求平均数的2/3,最后会得出30以下的数
As a matter of fact, it costs an increasing amount to play the game when you look at the fees that are paid to investment managers and hedge funds.
事实上,当把付给投资经理,和对冲基金的费用都算进去的话,这个博弈的成本越来越高
Now we can play a little game.
现在我们来做个游戏。
This is a particular play of the game.
这就是一次特定的博弈
While we're here, our third notation for strategy, I'm going to use little "s" without an "i," no subscripts: little "s" without an "i," to mean a particular play of the game.
说到这,我们来定义第三个标记符,我们用不带下标的小写s,来表示某一次博弈
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