{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u9322\u741b","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/chinshun","title":"\u5fe0\u8aa0\u52c7\u6bc5\u00b7\u5fc3\u4fc2Long Put - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/483702\">\u5fe0\u8aa0\u52c7\u6bc5\u00b7\u5fc3\u4fc2Long Put<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var 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class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/05\/hkpf.jpg","thumbnail_width":1200,"thumbnail_height":800,"description":"\u5fe0\u52c7\u6bc5\u8fd1\u65e5\u8209\u52d5\uff0c\u5b8c\u5168\u53ef\u8aaa\u662f\u5f97\u5230\u514d\u8cbb\u4e0b\u884c\u98a8\u96aa\u7684\u5168\u9762\u4fdd\u969c\uff0c\u800c\u4e14\u6b64\u4fdd\u96aa\u4e0d\u8a2dcopayment\uff0c\u6709\u5982\u7d14long put\uff08\u8cfc\u5165\u8a8d\u6cbd\u671f\u6b0a\uff09\uff0c\u5b8c\u5168\u4e0d\u9700\u70ba\u60e1\u884c\u8ca0\u8cac\u3002 \u5728\u91d1\u878d\u6846\u67b6\u5167\uff0c\u6709\u4fdd\u96aa\u5247\u554f\u984c\u751f\u3002\u6700\u4e3b\u8981\u7684\u5169\u7a2e\u554f\u984c\u5206\u5225\u70ba\u9053\u5fb7\u5371\u6a5f\uff08moral hazard\uff09\u53ca\u9006\u5411\u9078\u64c7\uff08adverse selection\uff09\u3002\u4e0d\u8ad6\u5728\u5fe0\u52c7\u6bc5\u7684\u5e73\u8861\u6642\u7a7a\u6216\u91d1\u878d\u5e02\u5834\uff0c\u90fd\u80fd\u770b\u5230\u7aef\u502a\u3002 \u9053\u5fb7\u5371\u6a5f\u6307long put\u8005\u56e0\u6709\u4fdd\u96aa\u4e4b\u4fdd\u8b77\uff0c\u63d0\u9ad8\u81ea\u5df1\u53ef\u4ee5\u627f\u53d7\u7684\u98a8\u96aa\uff0c\u640d\u5bb3\u4ed6\u4eba\u5229\u76ca\u3002\u00a0\u5fe0\u52c7\u6bc5\u9760\u653f\u6cbb\u5f8c\u53f0\uff0c\u57f7\u6cd5\u6642\u72af\u6cd5\u4ea6\u4e0d\u7528\u8ca0\u8cac\uff0c\u50b7\u5bb3\u5e02\u6c11\u5229\u76ca\uff0c\u4f8b\u5b50\u6bd4\u6bd4\u7686\u662f\u3002 \u985e\u4f3c\u91d1\u878d\u5e02\u5834\u4f8b\u5b50\u70ba\u5b58\u6b3e\u4fdd\u969c\uff0c\u9280\u884c\u5f97\u77e5\u5176\u5b58\u6b3e\u53d7\u4fdd\u96aa\u4fdd\u8b77\uff0c\u96e3\u514d\u6709\u66f4\u5927\u8a98\u56e0\u589e\u52a0\u91d1\u878d\u98a8\u96aa\uff0c\u63d0\u9ad8\u6f5b\u5728\u5229\u6f64\uff0c\u6709\u6a5f\u6703\u5c0d\u501f\u8cb8\u5e02\u5834\u4ee5\u53ca\u9280\u884c\u6301\u80a1\u4eba\u9020\u6210\u640d\u5931\u3002 \u9006\u5411\u9078\u64c7\u5247\u5c0d\u793e\u6703\u9020\u6210\u9577\u9060\u885d\u64ca\u3002\u00a0\u6709\u4eba\u7406\u89e3\u6feb\u7528\u5fe0\u52c7\u6bc5long put\u7684\u65b9\u6cd5\u5f8c\uff0c\u5c31\u6703\u5145\u65a5\u5728\u5fe0\u52c7\u6bc5\u7684\u52de\u52d5\u5e02\u5834\u4e2d\uff0c\u9577\u9060\u800c\u8a00\u5fe0\u52c7\u6bc5\u5927\u968a\u4e2d\u6703\u6feb\u7528long put\u7684\u4eba\u6578\u6bd4\u4f8b\u6703\u5927\u5927\u63d0\u9ad8\uff0c\u662f\u70ba\u9006\u5411\u9078\u64c7\u3002In the long run\uff0c\u57f7\u6cd5\u5718\u968a\u7684\u4fe1\u7528\u5d29\u6f70\uff0c\u5e36\u4f86\u6975\u5927\u793e\u6703\u6210\u672c\u3002 \u540c\u6a23\u539f\u7406\uff0c\u61c2\u5f97\u5229\u7528\u5b58\u6b3e\u4fdd\u969c\u7684\u4eba\u58eb\u6703\u6e67\u5165\u9280\u884c\u696d\uff0c\u4ee4\u884c\u696d\u6574\u9ad4\u80cc\u8ca0\u7684\u98a8\u96aa\u5927\u5927\u63d0\u9ad8\uff0c\u5f9e\u800c\u9054\u81f4profit maximisation\uff0c\u7d50\u679c\u7576\u7136\u662f\u9019\u985e\u4eba\u58eb\u4f54\u9280\u884c\u696d\u754c\u7684\u6bd4\u4f8b\u4e0a\u5347\uff0c\u589e\u52a0\u91d1\u878d\u7cfb\u7d71\u6027\u98a8\u96aa\u3002 \u4fdd\u96aa\u696d\u9762\u5c0d\u96b1\u85cf\u7684\u98a8\u96aa\uff0c\u7576\u7136\u6709\u4e0d\u540c\u89e3\u6c7a\u65b9\u6cd5\uff0c\u4f8b\u5982\u5728\u640d\u5931\u51fa\u73fe\u5f8c\uff0c\u4fdd\u96aa\u516c\u53f8\u8207\u4fdd\u96aa\u6301\u6709\u8005\u96d9\u65b9\u90fd\u8981\u8ca0\u64d4\u76f8\u95dc\u8cbb\u7528\uff08copayment\uff09\uff0c\u6e1b\u4f4e\u9053\u5fb7\u5371\u6a5f\u3002 \u53ef\u60dc\u5728\u73fe\u5be6\u4e2d\uff0c\u5fe0\u52c7\u6bc5long put\u7684\u554f\u984c\u96e3\u4ee5\u6839\u6cbb\uff0c\u800c\u4e14\u5f9e\u5176\u6700\u8fd1\u884c\u52d5\u53ef\u4ee5\u770b\u5230\uff0c\u554f\u984c\u7d55\u5c0d\u6703\u5c0d\u91d1\u878d\u696d\u9020\u6210\u6f5b\u5728spillover effect\u3002 \u56e0\u70ba\u6709long put\uff0c\u4ed6\u5011\u4e0d\u65b7\u6253\u58d3\u8a18\u8005\uff0c\u860b\u570b\u65e5\u5831\u3001\u6709\u7dda\u3001nowtv\u3001\u751a\u81f3\u4e00\u4f4d13\u6b72\u7684\u5b78\u751f\u8a18\u8005\uff0c\u90fd\u6210\u70ba\u6253\u58d3\u5c0d\u8c61\uff0c\u4ee4\u9999\u6e2f\u7684\u63a1\u8a2a\u81ea\u7531\u56b4\u91cd\u53d7\u640d\u3002 \u91d1\u878d\u696d\u8981\u66a2\u9806\u904b\u4f5c\uff0c\u9996\u8981\u689d\u4ef6\u5fc5\u5b9a\u70ba\u8cc7\u8a0a\u6d41\u901a\u6027\u9ad8\u3002\u6253\u58d3\u8a18\u8005\uff0c\u53ea\u6703\u5a01\u8105\u8a18\u8005\u63a1\u8a2a\u6642\u7684\u5b89\u5168\uff0c\u6700\u7d42\u8cc7\u8a0a\u7684\u6d41\u901a\u7a0b\u5ea6\u5fc5\u7136\u6e1b\u4f4e\u3002\u4f60\u53ef\u80fd\u6703\u554f\uff0c\u73fe\u5728\u53d7\u5f71\u97ff\u7684\u8a18\u8005\u5927\u591a\u8207\u8ca1\u7d93\u91d1\u878d\u7121\u95dc\uff0c\u70ba\u4f55\u91d1\u878d\u696d\u7684\u904b\u4f5c\u6703\u53d7\u5f71\u97ff\uff1f \u4eca\u65e5\u672a\u6709\uff0c\u4e0d\u4ee3\u8868\u660e\u5929\u6c92\u6709\u3002\u5047\u82e5\u672a\u4f86\u6709\u8207\u653f\u5e9c\u6709\u5bc6\u5207\u95dc\u4fc2\u7684\u4e0a\u5e02\u516c\u53f8\u6709\u91d1\u878d\u932f\u5931\uff0c\u8a18\u8005\u63a1\u8a2a\u6642\uff0c\u5c31\u6975\u5927\u6a5f\u6703\u6703\u7e7c\u7e8c\u53d7\u5fe0\u52c7\u6bc5\u6253\u58d3\uff0c\u6700\u7d42\u4f01\u696d\u8cc7\u6599\u5c31\u4e0d\u6703\u5b8c\u5168\u900f\u660e\uff0c\u5373\u6240\u8b02\u51fa\u73fe\u4e0d\u5c0d\u7a31\u8cc7\u8a0a\uff08asymmetric information\uff09\u3002 \u5c0d\u91d1\u878d\u7406\u8ad6\u7a0d\u6709\u8a8d\u8b58\u7684\u670b\u53cb\uff0c\u61c9\u8a72\u5373\u6642\u6703\u660e\u767d\u4e0d\u5c0d\u7a31\u8cc7\u8a0a\u7684\u5f8c\u679c\u3002\u6700\u7d42\uff0c\u91d1\u878d\u5e02\u5834\u7684\u6548\u7387\u6703\u5927\u5927\u6e1b\u4f4e\uff0c\u540c\u6642\u4ea6\u6703\u51fa\u73fe\u4e0a\u8ff0\u7684\u9053\u5fb7\u5371\u6a5f\u4ee5\u53ca\u9006\u5411\u9078\u64c7\uff0c\u9020\u6210\u5e02\u5834\u5931\u6548\uff08market failure\uff09\u3002\u66f4\u4f55\u6cc1\uff0c\u8207\u653f\u5e9c\/\u9ad8\u7d1a\u5b98\u54e1\/\u5fe0\u52c7\u6bc5\u6709\u5bc6\u5207\u95dc\u4fc2\u7684\u4e0a\u5e02\u516c\u53f8\u70ba\u6578\u4e0d\u5c11\uff0c\u5982\u6e2f\u9435\uff080066\uff09\u3001\u6676\u82d1\u570b\u969b\uff082232\uff09\u7b49\u7b49\u3002\u5176\u919c\u805e\u73fe\u6642\u8857\u77e5\u5df7\u805e\uff0c\u4f46\u5e7e\u500b\u6708\u5f8c\uff0c\u8a18\u8005\u9084\u80fd\u9806\u5229\u63a1\u8a2a\u55ce\uff1f \u5fe0\u52c7\u6bc5\u4e4b\u60e1\u884c\uff0c\u96a8\u6642\u640d\u5bb3\u6975\u591a\u5efa\u5236\u65e2\u5f97\u5229\u76ca\u8005\u7684\u5229\u76ca\uff0c\u4f46\u5c0f\u5f1f\u5c0d\u4e00\u500b\u554f\u984c\u4ecd\u7136\u767e\u601d\u4e0d\u5f97\u5176\u89e3\uff1a\u7232\u4f55\u793e\u6703\u4e0along bias\u6975\u91cd\u7684\u6b0a\u8cb4\uff0c\u591a\u6578\u7e7c\u7e8c\u652f\u6301\u4e09\u842c\u5927\u8ecd\uff1f"}