Name: 市場は効率的か？ (Are markets efficient?)
Uploaded: 2021-01-14T06:33:20.000Z
Duration: 42 min 26 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

all available information about future values.

simply doesn't reflect how markets actually work.

the monthly video series from Chicago Booth Review.

I'm Hal Weitzman and I'm joined by an expert panel.

Distinguished Service Professor of Finance at Chicago Booth.

of the 2013 Nobel Prize in economic science,

and Richard Thaler is the Charles R. Walgreen

of Behavioral Science and Economics at Chicago Booth.

He's director of Booth's center for decision research

You came up with the efficient market hypothesis,

- [Voiceover] Well, it's a very simple statement

that prices reflect all available information.

Testing the hypothesis turns out to be more difficult,

but it's a simple hypothesis in principle.

- Okay, Richard Thaler, do you agree that market prices

Like Gene says, it's easier to say than to test

and I like to distinguish two aspects of it.

that's the one most people are most interested in,

and the other is whether prices are correct,

is something you don't agree with then, it sounds like?

- It's almost impossible to test that hypothesis.

Except through the two questions that I've asked,

can you beat the market and are prices right?

If you say that prices reflect all available information,

it necessarily means that a price is right

- That's the statement of the hypothesis,

but it's a model, it's not completely true,

They're approximations to the world, the question is,

for what purposes are they a good approximation?

they're a good approximation from almost every purpose.

I don't know any investors who shouldn't be able

in which the hypothesis that prices adjust quickly

So, it's a model, it's not entirely always true,

but it's a good working model for most practical uses.

- Okay, is that right, is it a good working model?

I think for the first part, can you beat the market?

which is that's a good working hypothesis for any investor.

- Behave as if, would be the way you put it.

I guess, I mean, one of Gene's first students,

who did a thesis on whether mutual funds, on average,

and after they account for their fees, they don't,

that was in the 60s, it's been updated a zillion times.

You can quibble about exactly how to do it,

regardless of the nuances that Gene and I might get into.

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市場は効率的か？ (Are markets efficient?)

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