VOA慢速英語:Three Americans Win Nobel Economics Prize

From VOA Learning English, this is the Economics Report.

這里是美國之音慢速英語經(jīng)濟報道。

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.

本周，瑞典皇家科學(xué)院將諾貝爾經(jīng)濟學(xué)獎授予三位美國人。該科學(xué)院贊賞了這三位經(jīng)濟學(xué)家在金融市場如何定價上的研究和理解。

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.

尤金·法瑪(Eugene Fama)和拉爾斯·彼得·漢森(Lars Peter Hansen)都是芝加哥大學(xué)的教授。羅伯特·希勒(Robert Shiller)是耶魯大學(xué)的教授。他們將分享價值120萬美元的獎金。

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

瑞典皇家科學(xué)院常任秘書斯塔凡·諾爾馬克(Staffan Normark)對這三位科學(xué)家因何獲獎做了一個簡短說明。

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

他說，“今年的經(jīng)濟學(xué)獎和預(yù)測有關(guān)。”

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.

預(yù)測價格是參與市場的每個人都希望做的事情。特別是金融市場中當(dāng)投資管理人為其客戶投資數(shù)百萬美元之時。

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.

今年的全部三位獲獎?wù)叨贾饕云湓诮鹑谑袌龆▋r力量上的研究和解釋而聞名。他們對人們?nèi)绾慰创驼務(wù)摻鹑谑袌霎a(chǎn)生了巨大影響。

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.

但可能令人驚訝的是，法瑪和希勒是因為貌似彼此沖突的研究發(fā)現(xiàn)而獲獎。然而瑞典皇家科學(xué)院認(rèn)為，預(yù)測能力的主要理念將這三位獲獎?wù)叩墓ぷ骶o密聯(lián)系在一起。

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.

法瑪在20世紀(jì)60年代對金融市場的研究導(dǎo)致市場觀察家們改變了他們的投資理念。他的觀點和“有效市場理論”有關(guān)，該理論意味著市場參與者會使用一切可用信息為特定時間的物品制定正確的價格。這也就意味著，預(yù)測短期內(nèi)的價格是不可能的。

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.

然而希勒卻發(fā)現(xiàn)，在長時間內(nèi)事實正好相反，預(yù)測價格走勢是可能的，而且其變動和人類行為有關(guān)。

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.

兩位科學(xué)家的這些發(fā)現(xiàn)導(dǎo)致了指數(shù)基金的成長。指數(shù)基金投資多種不同的股票作為降低風(fēng)險的手段。希勒先生還幫助創(chuàng)建了標(biāo)準(zhǔn)普爾公司的凱斯-席勒房價指數(shù)。該指數(shù)對美國各地房價進(jìn)行跟蹤。

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.

漢森開發(fā)了研究歷史定價信息的方法。他的方法支持了希勒先生的研究發(fā)現(xiàn)，并且在金融業(yè)的價格預(yù)測上極具作用。

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

諾貝爾經(jīng)濟學(xué)獎并非由阿爾弗雷德·諾貝爾(Alfred Nobel)先生創(chuàng)立，而是瑞典中央銀行為了紀(jì)念他而成立的。