經(jīng)濟專業(yè)經(jīng)濟學(xué)原理

1、 PAGE PAGE 5TheThebasictoolsof1Finance is the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk.2現(xiàn)現(xiàn)Present衡量貨幣的時間價MEASURING THE TIME VALUE OF 3現(xiàn)PresentX（）一年以后值X(1+r),其中r是年利兩年后值以此類推，可知N年后值4ApplicationApplicationof5Managing 風(fēng)險厭惡（risk

2、Apersonissaidtoberiskaverseifheorshe exhibits a dislike of uncertainty.6風(fēng)險風(fēng)險管Managing 0 7Utilityloss fromUtilitygain 保險市Marketsfor人們應(yīng)付風(fēng)險的辦法之一就是購買保險Onewaytodealwithriskistobuy 89保險保險面臨的問逆向選擇（adverse 道德風(fēng)險(moral DiversificationofFirm-Specific Diversification refers to the reduction of risk achieved by

3、replacing a single risk with a large number of smaller unrelated deviationof portfolio (More(Less0 1 4 6 840 Number of 2.but 1.Increasingthenumberofstocks inaportfolioreducesfirm-specific risk through diversificationtradeoffbetweenriskand per 0520 (standard 資產(chǎn)資產(chǎn)評ASSETFundamental analysis is the stud

4、y of a companys accounting statements and future prospects to determine its value.有效市場假TheEfficientMarketsThe efficient markets hypothesis is the theory that asset prices reflect all publicly available information about the value of an asset.TheTheEfficientMarketsA market is informationally efficient when it reflects all available information about the value of an asset in a rational way.機游走（random walks）Market沖動（animal spiri