Asset-price booms are a source of cheer, but also anxiety. 资产价格牛市既是欢乐之头，也是焦虑之源。 There are two immediate reasons to worry. 担心有两方面的直接原因。 First, markets have been steadily rising against a...
Leaders 领导者 Asset Prices: The bull market in everything 资产价格：全面牛市 Prices are high across a range of assets. Is it time to worry? 纵观各类资产，价格已经高高在上。到了担心的时候了吗？ In his classic, Th...
The British establishment is not only a perfect machine for producing secrets and lies. 英国的这种体制不仅是一台生产秘密和谎言的完美机器。 It also produces the mavericks and misfits who thrive in the secret world. 它还出产标...
Britain 英国 Bagehot 白芝浩专栏 Spies like us 间谍众生 To understand Britain, read its spy novels. 要想了解英国，就读读她的间谍小说吧。 Few countries have dominated any industry as Britain has dominated the industry of pr...
Making enrolment in pension plans the default for new employees (ie, they must decide to opt out rather than opt in) dramatically increases the share of employees saving through such programmes, for example. 例如，把加入养老金计划列为新员...
The importance of context also arose in Mr Thaler's work on mental accounting. 背景的重要性还出现在了赛勒有关心理演算（mental accounting）的研究中。 In thinking about money, people tend to compartmentalise, grouping certain...
Mr Thaler, an American born in New Jersey in 1945, spent most of his early career at Cornell University before moving to the University of Chicago in 1995. 赛勒，这位1945年出生在新泽西州的美国人，在1995年转投芝加哥大学之前，...
Finance and Economics 财经 Free exchange: Reasonable doubt 自由交流：合理的怀疑 Richard Thaler wins the Nobel prize for economic sciences 理查德赛勒赢得诺贝尔经济学奖 The credit-card bill arrives. 信用卡账单到了。 Yo...
Human quirks also play a role. 人类的怪癖也起到一定的作用。 Robert Shiller, who helped create the subfield now known as behavioural finance (and won a Nobel prize), reckons that ideas about markets spread like an epidemic. 曾为如今以...
This looks like irrationality in action, bound to end in tears. 这看上去想是行动方面的不理性，注定要在泪水中收场。 Why, then, should the party continue? 那么，为什么这场盛宴应当继续下去呢？ Manias are as old...
