当前位置：文档之家 › RISKY INNOVATION

RISKY INNOVATION

  • 格式：doc
  • 大小：46.50 KB
  • 文档页数：10

1 RISKY INNOVATION: DERIVATIVES

Excerpt from Joseph Stiglitz „Freefall‟ The financial markets were innovative, but not always in ways that led to a more stable and productive economy. They had incentives to create complex and non-transparent products, such as collateralized debt instruments (CDOs), slicing and dicing the mortgages into securities, and then slicing and dicing the securities into ever more complicated products. When gambling –speculating- on corn, gold, oil, or pork bellies didn‟t productive enough opportunities for risk-taking, they invented “synthetic” products, derivatives based on these commodities. Then, in a flurry of metaphysical ingenuity, they invented synthetic products were helping the economy to manage meaningful risk swell, but it was clear that they provided new opportunities for risk-taking and for earning hefty fees. These derivatives are among the innovations that those in financial markets are most proud of. The name says much about their essence: their value is derived from some other asset. A bet that the price of a stock will be greater than ten dollars next Monday is a derivative. A bet that the market value of a bet that a stock will be greater than ten dollars next Monday is a derivative based on a derivative,. There are an infinite number of such products that one could invent. Derivatives are a double-edged sword. On the one hand, they can be used to manage risk. If southwest Airlines worried about the rising price market, locking in a 2

price today for oil to be delivered in sic months. Using derivatives, Southwest can similarly take out an “insurance policy” against the risk that the price will rise. The transaction costs may be slightly lower than in the ole way of hedging, say, buying or selling oil in futures markets. On the other hand, as Warren Buffet pointed out, derivatives can also be financial weapons f mass destruction, which is what they turned out to be for AIG, as they destroyed it and much of the economy at the same time. AIG sole “insurance” against the collapse of other banks, a particular kind of derivative called a credit default swap. Insurance can be a very profitable business, so long as the insurer doesn‟t have to pay out too often. It can be especially profitable in the short run the insurer rakes in premiums, and so long as the insured event doesn‟t occur, everything looks rosy. AIG thought it as rolling in money. What was the chance that a large form like Bear Stearns or Lehman Brothers would ever go bankrupt? Even if there was the potential for them to mismanage their risks, surely the government would bail them out. Life insurance companies know how to estimate their risk accurately. They might not know how long a particular person is going to live, but on average, Americans live, say, seventy-seven years (current life expectancy at birth). If an insurance company insures a large cross-section of Americans, it can be fairly certain that if the average age of death will be close to that number. Additionally, companies can get 3

data on life expectancy by occupation, sex, income, and so forth make an even better prediction of the life expectancy of the person seeking insurance. Moreover, with few exceptions (like wars and epidemics), the risks are “independent,” the likelihood of one person dying is unrelated to that of another. Estimating the risk of a particular firm going bankrupt, however, is not like estimating life expectancy. It doesn‟t happen every day, and as we‟ve seen, the risk of one firm may be highly correlated with that of another. AIG thought that it understood risk management. It did not. It wrote credit default swaps that required it to make huge payments all at the same time- more money than even the world‟s largest insurance company possessed. Because those who bought the “insurance” wanted to be sure that the other side could pay, they required the insured bond fell-suggesting that the market thought there was a higher risk of bankruptcy. It was these collateral payments, which AIG couldn‟t meet, that eventually did it in. Credit default swaps played a nefarious role in the current crisis for several reasons. Without properly assessing whether the seller of the insurance could honor his promise, people weren‟t just buying insurance they were gambling. Some of the gambles were most peculiar and gave rise to perverse incentives. In the United States and most other countries, one person cannot buy insurance on the life of another person unless he

合集下载

disruptive innovation例子

disruptive innovation例子

disruptive innovation例子Disruptive innovation是指一种新的商业模式的出现，能够颠覆传统企业的现有业务模式，从而创造新的市场，并用更为高效的方式满足消费者需求。

下面我将介绍两个具有代表性的disruptive innovation例子。

第一个例子是Netflix。

在DVD租赁行业的巨头Blockbuster未能适应数字化时代的变化，同时消费者对于去到实体店租借DVD的需求日趋下降，Netflix借助邮寄方式租赁DVD的商业模式积累了大量的用户。

但随着数码化时代的到来，Netflix通过自己的实时视频流媒体服务，颠覆了DVD租借行业。

Netflix能够为消费者提供更加便捷的视频时尚点播服务，并且使用了比Blockbuster更为先进的黑科技算法，使用用户行为数据实现对电影、电视节目和文化节目的推荐。

此外，Netflix还将自制剧的模式与其业务模式相结合，创造出许多原创内容，增加了用户的黏性以及效益。

第二个例子是Uber。

Uber通过打造一个基于共享经济的平台，解决了传统出租车行业中存在的诸多问题。

在Uber之前，乘客必须在车上支付现金，并且无法在手机上支付，司机普遍不愿意接受短途订单等等问题。

然而，Uber通过自己先进的手机应用，提供了更加安全、便捷、低价的房车服务。

通过共享经济的原则，Uber为用户提供随时随地召唤出租车的服务，同时为司机提供了一个在想要工作的时候随时可以自由工作的机会。

Uber现如今在全球各个城市已经广泛普及，并且已经实现盈利。

以上这些例子展示了这样一个事实：disruptive innovation不仅仅是为了打败某个传统企业，而是创造了新的市场和商业机会。

这些新市场和商业机会能够满足消费者的需求，并为人们带来更大的方便。

另外，在实现市场颠覆的同时，技术的进步也助推了disruptive innovation。

正如Netflix和Uber在自己的领域内投入了大量所投入的黑科技算法和大数据，对提高用户体验和提高自己的商业模式质量产生了积极的影响。

勇气创新不息的英语作文

勇气创新不息的英语作文

Courage and innovation are two essential qualities that drive human progress and development.They are the cornerstones of success in various fields,from science and technology to arts and culture.Courage is the ability to face challenges and take risks,even when the outcome is uncertain.It is the strength to stand up for ones beliefs and values,despite opposition or criticism.Courageous individuals are not afraid to make mistakes or fail,as they understand that these experiences are opportunities for growth and learning.Innovation,on the other hand,is the process of creating new ideas,methods,or products that have the potential to improve our lives and solve problems.It involves thinking outside the box,questioning the status quo,and exploring uncharted territories. Innovative individuals are curious,creative,and openminded,always seeking new ways to approach challenges and opportunities.The relationship between courage and innovation is symbiotic.Courage provides the motivation and confidence to pursue innovative ideas,while innovation offers a platform for courageous individuals to make a difference in the world.Without courage, innovation may be stifled by fear of failure or resistance to change.Conversely,without innovation,courage may lack a meaningful purpose or direction.Throughout history,we have seen countless examples of individuals who have demonstrated both courage and innovation.For instance,scientists like Galileo Galilei and Marie Curie challenged established beliefs and made groundbreaking discoveries that changed our understanding of the universe.Entrepreneurs like Steve Jobs and Elon Musk took risks and introduced revolutionary products and services that have transformed industries and societies.In conclusion,courage and innovation are intertwined qualities that can lead to remarkable achievements and advancements.By embracing these qualities,we can overcome obstacles,break barriers,and create a better future for ourselves and generations to come.It is our responsibility to nurture and celebrate these qualities in ourselves and others,as they are the driving forces behind human progress and fulfillment.。

reverse innovation例子

reverse innovation例子

reverse innovation例子Reverse innovation is a concept that refers to the process of developing innovations in emerging markets and then effectively scaling them to mature markets. It involves creating products, services, and business models in resource-constrained environments and subsequently adapting them for global markets. Here are some examples and relevant details of reverse innovation: 1. General Electric's MAC 400:General Electric (GE) successfully implemented reverse innovation through the development of the MAC 400 electrocardiogram (ECG) machine. The MAC 400 was designed specifically for rural healthcare settings in emerging markets, where physicians often lack access to expensive and bulky ECG machines. GE created a smaller and more affordable device that could be operated easily by healthcare workers in remote areas. Following its success in emerging markets, GE introduced the MAC 400 in developed markets, providing a cost-effective alternative to traditional ECG machines.2. Godrej's Chotukool:Godrej, an Indian consumer goods company, introduced the Chotukool, a portable and low-cost refrigerator designed for rural areas with frequent power outages and inadequate electricity supply. The Chotukool operates on a battery and can maintain low temperatures for a sufficient period without electricity. This innovation was initially targeted at low-income consumers in India and other developing countries. However, Godrej recognized its potential in mature markets, where there is a demand for compact and energy-efficient refrigerators. The Chotukool wassubsequently launched in Japan and other developed countries. 3. Tata Nano:The Tata Nano, commonly referred to as the "people's car," is a notable example of reverse innovation in the automotive industry. Tata Motors, an Indian automobile manufacturer, developed this ultra-affordable car specifically for the Indian market, aiming to provide a safer alternative to two-wheeled transportation. The Nano achieved significant success in India, and Tata Motors recognized its potential in other emerging markets. However, the company also realized that the low-cost and compact nature of the Nano could cater to niche segments in mature markets, such as urban areas with limited parking space. Tata Motors explored opportunities to introduce the Nano in countries like Italy and the United Kingdom.4. Aravind Eye Care System:Aravind Eye Care System, an Indian nonprofit organization, has revolutionized eye care delivery through reverse innovation. Aravind developed a highly efficient and scalable model for providing low-cost cataract surgeries and other eye care services. By leveraging inexpensive yet high-quality medical equipment and optimizing operational processes, Aravind has successfully treated millions of patients in India and neighboring countries. Recognizing the large unmet need for affordable eye care in mature markets, Aravind expanded its operations to the United States, offering cost-effective surgeries to underserved populations.5. Safaricom's M-Pesa:M-Pesa, a mobile phone-based money transfer and paymentservice, was launched by Safaricom, a Kenyan telecommunications company. Initially targeting unbanked and underbanked populations in Kenya, M-Pesa allowed users to deposit, withdraw, and transfer money through their mobile phones. This innovation transformed the financial landscape in Kenya and facilitated economic inclusion. Recognizing the potential of M-Pesa in other emerging markets, Safaricom expanded the service to countries like Tanzania, Afghanistan, and India. Furthermore, the concept of mobile-based money transfer gained attention in developed markets, leading to the implementation of similar services by major financial institutions worldwide.These examples demonstrate the effectiveness of reverse innovation in developing and scaling innovations across markets. They emphasize the need for understanding local contexts, identifying unmet needs, and adapting products and services accordingly. Reverse innovation enables companies and organizations to address key challenges, break traditional barriers, and create sustainable solutions for various markets.。

创新与传承的作文题目题记

创新与传承的作文题目题记

创新与传承的作文题目题记英文回答：Innovation and tradition are two essential componentsof human progress. Innovation is the act of creating something new, while tradition is the practice of passing down beliefs and customs from one generation to the next. Both innovation and tradition are important, as they allow us to both learn from the past and create a better future.Innovation is essential for progress. It allows us to find new ways to solve problems, create new products, and improve our lives. Without innovation, we would be stuck in the past, unable to move forward. However, innovation isnot always easy. It can be difficult to challenge thestatus quo and come up with new ideas. It can also be risky, as there is no guarantee that a new idea will be successful.Tradition is also important, as it provides us with a sense of identity and stability. It connects us to our pastand gives us a sense of belonging. Tradition can also teach us valuable lessons about life. However, tradition can also be limiting. It can prevent us from considering new ideas and making progress. It can also be oppressive, as it can force us to conform to certain behaviors and beliefs.The ideal relationship between innovation and tradition is one of balance. We need to be open to new ideas and change, but we also need to respect and preserve our traditions. By striking a balance between innovation and tradition, we can create a society that is both progressive and stable.中文回答：创新与传承是人类进步不可或缺的两个组成部分。