2009年4月1日星期三

ppp违背了马克思经济学的价值观了吗?

in my example, there is a 10% chance that an asset will be worth $1000, and a 90% chance that it will be worthless, so that the full expected value of the asset is $100. Assuming competition among funds forces them to bid the expected value of this asset to them, how much will they bid? When the asset pays off $1000, a fund would get half the difference between $1000 and 86% of its bid price, while if the asset becomes worthless they would be compensated for everything but 7% of what they bid. The expected value of these outcomes is approximately $243, and that would be the price that competition forces hedge funds and other funds to pay for the assets. Since the expected value of the asset is only $100, government subsidies would encourage funds to bid about 2 1/2 times the true worth of the asset!
价格硬是在政府补助的情况下被推高到实际价值的2.5倍,这是何其搞笑。
其实,市场的初衷不是这样的,市场所形成的出清价格就是实际价值的,特别是金融产品,因为它不会因为消费者的偏好而改变价值。

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