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[经济报道]三名美国人共享2013诺贝尔经济学奖

2014-03-07    来源:普特英语听力    【      美国外教 在线口语培训
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From VOA Learning English, this is the Economics Report.

This week, the Royal Swedish Academy of Sciences awarded the Nobel Prize in economics to three Americans. The academy recognises the three men for their work in the study and understanding of how things are priced in financial markets.

Eugene Fama and Lars Peter Hansen are both professors at the University of Chicago. Robert Shiller is a professor at Yale University. They will share the prize worth about 1.2 million dollars.

The academy's permanent secretary Staffan Normark offered a short explanation of why the men won the award.

This year's prize in economic sciences is about predictions."

Predicting prices is something everyone involved in markets wants to do. This is especially true for financial markets when money managers invest millions of dollars for their clients and customers.

All three of this year's prize winners are mainly known for their research and explanations of pricing forces in financial markets. They have had a big influence on the way people look at and talk about financial markets.

But what might be surprising is that Eugene Fama and Robert Shiller receive the prize for findings that appear to oppose one another. The Swedish Academy however found that the underline idea of predict ability tied the work of all three winners together closely.

Eugene Fama's research on financial markets in the 1960s led market watchers to change their ideas about investing. His ideas are linked to the theory that markets are efficient, that means market actors taking all available information to create the correct price for things at any given time. This also means that over short periods of time, it is not possible to predict prices.

Robert Shiller found however that over long periods, the opposite is true. It is possible to predict the movement of prices and that its changes are linked to human behaviour.

The findings of both economists have led to the growth of index funds. Index funds investing many different securities as a way to reduce risk. Mr Shiller also helped to create the Standard & Poor's Case-Shiller home prices index. That index follows home prices across the United States.

Lars Peter Hansen developed the method for studying historical pricing information. His methods support Mr Shiller's findings and has an influenced efforts to predict prices in the financial industry.

The Nobel Prize in economics was not created by Alfred Nobel, but was established in his memory by Sweden's central bank in 1968.

文本来源于普特论坛[report整理] SENEWS-2013-10-25


这里是美国之音慢速英语经济报道。

这周,瑞典皇家科学学院将诺贝尔经济学奖授予了三位美国人。该科学院赞赏了三位经济学家在金融市场如何定价上的研究和理解。

尤金·法玛(Eugene Fama)和拉尔斯·彼得·汉森(Lars Peter Hansen)都是芝加哥大学的教授。罗伯特·希勒(Robert Shiller)是耶鲁大学的教授。他们将共同分享120万美元的奖金。

瑞典皇家科学院常任秘书斯塔凡·诺尔马克(Staffan Normark)就这三位经济学家为何获奖做了简短的解释

“今年诺贝尔经济学奖是关于预测方面的。”

预测价格是市场参与者都希望做的事。特别是金融市场中当投资管理人为客户投资了数百万美元的时候。

今年三个获奖者主要因金融市场定价力度的研究和解释而出名。他们对人们如何看待和讨论金融市场产生了很大影响。

不过最让人意外的可能是,尤金·法玛(Eugene Fama)和罗伯特·希勒(Robert Shiller)是因为彼此冲突的研究发现而获奖的。然而,瑞典皇家学院认为,是预测能力的主要概念将三位获奖者的工作紧紧联系到了一起。

在20世纪60年代,尤金·法玛(Eugene Fama)对金融市场的研究,导致了市场观察员改变了他们的投资理念。他的观念和“有效市场”理论有关,这就意味着市场参与者会使一切可用信息,为特定时间的物品,定制正确的价格。这还意味着,在短时间内,预测价格是不会变的。

然而,罗伯特·希勒(Robert Shiller)发现在长时间内,事实正好相反。预测价格走势是有可能的,而且这个变化是和人类习惯有关。

两位经济学家的这些发现导致了指数基金的增长。指数基金投资多种不同的股票可以作为降低风险的手段。罗伯特·希勒(Robert Shiller)还希望帮助创造标准普尔公司的凯斯-席勒房价指数。该指数对美国各地房价进行追踪。

汉森开发了研究历史定价信息的方法。他的方法支持了罗伯特·希勒(Robert Shiller)的研究发现,并且在金融的价格预测上极具作用。

诺贝尔经济学奖并非由阿尔佛雷德·诺贝尔(Alfred Nobel)创造,而是瑞典中央银行为了纪念他,于1968年成立的。



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