Market failures are often not failures of markets, but failures of market design.
市場失靈常常不是市場的失敗,而是市場設(shè)計的失敗。
The best predictions come not from complex models, but from understanding fundamental incentives.
最好的預(yù)測不是來自復雜模型,而是來自對基本激勵的理解。
Uncertainty is not the absence of information, but the presence of too much conflicting information.
Uncertainty is not the absence of information, but the presence of too much conflicting information.
不確定性不是信息的缺失,而是過多矛盾信息的存在。
The art of pricing is not in setting the price, but in designing the process that reveals the true value.
定價的藝術(shù)不在于設(shè)定價格,而在于設(shè)計揭示真實價值的過程。
Rationality is not about being right, but about being consistent in your beliefs and actions.
理性不在于正確,而在于信念與行動的一致性。
A good mechanism design aligns individual incentives with social goals.
好的機制設(shè)計能將個人激勵與社會目標對齊。
The value of information is not in knowing more, but in knowing what others don't know.
信息的價值不在于知道得更多,而在于知道別人不知道的東西。
In auctions, the winner's curse is not that you win, but that you pay too much for what you win.
拍賣中的"贏家詛咒"不在于你贏了,而在于你為所贏之物付出過多。
Game theory is not about winning; it's about understanding the rules of the game so that you can change them.
博弈論不是為了贏,而是為了理解游戲規(guī)則從而改變規(guī)則。
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
自由市場最重要的一個核心事實是,除非雙方都受益,否則交易不會發(fā)生。