I'm now exploring the question of whether or not stock prices are indeed memoryless, or the stock changes.
我现在要探索一个问题那就是股价,是否真的是无记忆的,或者说股票的变化是否是无记忆性的。
And it seems pretty obvious that at least two of the things I'm going to want are stock and market.
很明显,我至少要有的两个类是,股票和市场。
On one level, there are things like companies that have two . different classes of stock that are economically identical.
一方面,我们有这样的例子,有的公司拥有两种,不同类别的股票,他们在经济意义上是相同的。
And that's essentially what we saw people have more nucleus accumbens activation priority choice " they are more likely to choose that stock.
这就是我们得到的结果,在作出选择时,受试者的伏隔核活动越多,他们就越有可能选择“股票。
Suppose there's a common resource out there, maybe it's a fish stock or maybe it's the atmosphere.
假如这里有一个可利用的公共资源,比如是个鱼群,或者是新鲜的空气
I start $100 as the average price of the stock, what should the average price of the stock be?
我把100美元作为股票的初始平均值,你们觉得这个股价的平均值应该是多少呢?
If the stock went up yesterday, it's more likely to go up today, than if it didn't go up yesterday.
如果股票昨天涨了,今天涨的可能性也就更大,如果昨天没涨今天也不大可能会涨。
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。
I wrote this book in 2000 right at the peak of-- fortunately right at the peak of the stock market.
我2000年写这本书的时候,当时希勒教授在书中提醒投资者注意泡沫风险 股市正处于最高点 2个月后此预言果然应验
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?
I won't be able to show you what a market does unless I have stocks, but I can look at what an individual stock does without having a market.
我不会在没有股票的时候,就给你讲股市应该是怎么样的,但是我可以在没有股市的情况下,先去看单独的股票。
It emphasizes the long run performance of the stock market, but it's really a general treatise of financial markets.
虽然这本书着重于股票长期投资,但它其实是一本关于金融市场的综合性著作
So, there's been a number of articles that documented that stock prices tend to jump shortly after options are issued to managers.
有一些文章记载表明,在公司发给经理们股票期权之后,股票的价格往往会出现短期激涨
Those are institutions that arrange for or manage the buying and selling of financial assets, such as the New York Stock Exchange.
经纪机构是指那些安排或,管理买卖的,金融资产的机构,比如说纽约股票交易所
Builders were doing extremely well until a couple of years ago their stock was soaring--now all of a sudden they're in crisis.
直至前几年建造商们的表现一直非常优异,本来股票大涨,忽然就陷入了危机
Now the brokerage industry-- The New York Stock Exchange goes back into the eighteenth century, it's very old.
经纪行业历史悠久...,纽约股票交易所历史悠久,成立于18世纪
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