翻译：夏普的资本资产价格回应精选.docx

REPLY夏普的资本资产价格回应 WILLIAM F. SHARPEt （1）MESSRS. BIERWAAGN and GROVE operate in a world that differs considerably from the one I inhabit. BIERWAAGN and GROVE运行一个世界相当不同于我居住的那一个。As they have pointed out, mine is informal and heuristic; theirs is quite obviously formal and analytic. But there is a more important difference. 正如他们指出的，我的那个是不专业的和启发式的，他们的是很明显地专业的和分析性的。但这还有一个更重要的不同。For Bierwag and Grove my asset is your liability; when all the plus signs and minus signs are added up there is nothing left. Such an economy is certainly not without interest对于他们来说，我的资产就是你的负债；当所有的加号和减号加起来而没有剩余。这样的经济肯定是不计利息的。. But I am concerned with a different world, one in which some risky assets just cant be made to go away. After all my liabilities and assets have been added together (algebraically), such assets remain; and they must be held by someone但我关心的是一个不同的世界，在其中的一些风险资产只是不能进行走开。经过我的所有负债及资产已经加在一起（代数），这些资产依然存在;他们必须由某人持有。It seems unlikely that they will command a price of zero, since even risk-averters will place some value on them. 这似乎不太可能的是他们将指挥一个零价格，因为即使风险厌恶者将会给他们赋予一些价值。My paper attempted to explore the determinants of the prices of such assets1. It is hardly surprising that I reached substantially different conclusions. 我的论文试图探讨这样资产价格的决定因素。不足为奇的是我达到了完全不同的结论。For Bierwag and Grove, risky assets do not exist unless someone creates them. If you and I are risk-averters it will obviously pay neither of us to create risk where there was none before. （2）对于Bierwag和格罗夫来说，高风险资产是不存在的除非有人创建它们。如果你和我都是风险厌恶者，这会明显让我们双方都不创造之前没有的危险。Suppose I create a risky bond with a known expected value of *; I will refuse to sell it to you unless you pay me more than *. But you will refuse to buy it unless you can get it for less than *. Quite obviously we are not going to do business together. This is not surprising.假设我创建的一个有已知的期望值*的有风险的债券;我会拒绝卖给你除非你给我多于*的价格。但你会拒绝购买它，除非你能以少于*的价格得到它。很明显，这样我们是做不成买卖的。这没什么可惊讶的。In a world in which beautiful women are more highly prized than ugly ones, there will be little trade for cosmetic