["ngh\u0129a l\u00e0 bi\u1ebfn m\u1ed7i cu\u1ed9c h\u1ecdp th\u00e0nh m\u1ed9t cu\u1ed9c lo\u1ea1n \u0111\u1ea3, c\u0169ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 s\u1eed d\u1ee5ng c\u00e1c cu\u1ed9c tr\u01b0ng c\u1ea7u \u00fd ki\u1ebfn \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty. M\u00e0 n\u00f3 bi\u1ec3u th\u1ecb hai \u0111i\u1ec1u. T h\u1ee9 nh\u1ea5t, n\u00ean c\u00f3 \u0111\u01b0\u1ee3c c\u00e0ng nhi\u1ec1u quy\u1ebft \u0111\u1ecbnh \u0111\u01b0a ra b\u1edfi nh\u1eefng ng\u01b0\u1eddi s\u00e2u s\u00e1t v\u1edbi t\u00ecnh hu\u1ed1ng c\u1ee5 th\u1ec3 c\u00e0ng t\u1ed1t. T hay v\u00ec quan ni\u1ec7m t\u1ea5t c\u1ea3 c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u1ea3i chuy\u1ec3n l\u00ean t\u1eebng c\u1ea5p trong h\u1ec7 th\u1ed1ng c\u1ea5p b\u1eadc v\u00e0 m\u1ed7i gi\u1ea3i ph\u00e1p \u0111\u01b0\u1ee3c chuy\u1ec3n xu\u1ed1ng t\u1eebng c\u1ea5p ng\u01b0\u1ee3c tr\u1edf l\u1ea1i, c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 tin t\u01b0\u1edfng r\u1eb1ng, gi\u1ed1ng h\u1ec7t nh\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng, m\u1ecdi ng\u01b0\u1eddi v\u1edbi ki\u1ebfn th\u1ee9c c\u1ee5c b\u1ed9 th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1eb7t v\u00e0o v\u1ecb tr\u00ed ph\u00f9 h\u1ee3p nh\u1ea5t \u0111\u1ec3 \u0111\u01b0a ra gi\u1ea3i ph\u00e1p kh\u1ea3 thi v\u00e0 hi\u1ec7u qu\u1ea3. T h\u1ee9 hai, d\u00f9 l\u00e0 khi c\u00e1c quy\u1ebft \u0111\u1ecbnh do c\u1ea5p qu\u1ea3n l\u00fd cao nh\u1ea5t \u0111\u01b0a ra, th\u00ec th\u1ee7 t\u1ecbch h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb hay m\u1ed9t s\u1ed1 \u00edt ng\u01b0\u1eddi \u1edf c\u1ea5p cao nh\u1ea5t c\u0169ng kh\u00f4ng n\u00ean tuy\u00ean b\u1ed1. M\u1eb7c d\u00f9 nhi\u1ec1u c\u00f4ng ty t\u00edch c\u1ef1c b\u00e0n \u0111\u1ebfn vi\u1ec7c ti\u1ebfn t\u1edbi m\u1edf r\u1ed9ng quy\u1ec1n l\u1ef1c t\u1eeb tr\u00ean xu\u1ed1ng, nh\u01b0ng s\u1ef1 th\u1ef1c l\u00e0 \u00fd t\u01b0\u1edfng cho nh\u00e2n vi\u00ean tham gia m\u1ed9t c\u00e1ch th\u1ef1c s\u1ef1 v\u1eabn l\u00e0 m\u1ed9t t\u01b0 t\u01b0\u1edfng c\u1ea5p ti\u1ebfn (Ch\u1eb3ng h\u1ea1n, Blasi v\u00e0 Kruse \u01b0\u1edbc t\u00ednh c\u00f3 d\u01b0\u1edbi 2% c\u00f4ng ty M\u1ef9 th\u1ef1c s\u1ef1 s\u1eed d\u1ee5ng c\u00e1i m\u00e0 h\u1ecd g\u1ecdi l\u00e0 \\\"c\u00e1c h\u1ec7 th\u1ed1ng l\u00e0m vi\u1ec7c hi\u1ec7u su\u1ea5t cao\\\".). \u0110i\u1ec1u c\u00f2n g\u00e2y l\u00fang t\u00fang cho vi\u1ec7c n\u00e0y \u0111\u00f3 l\u00e0 c\u00f3 qu\u00e1 nhi\u1ec1u b\u1eb1ng ch\u1ee9ng \u1ee7ng h\u1ed9 vi\u1ec7c phi t\u1eadp trung h\u00f3a, kh\u00f4ng ch\u1ec9 bao g\u1ed3m ph\u1ea7n l\u1edbn nh\u1eefng vi\u1ec7c t\u00f4i \u0111\u00e3 th\u1ea3o lu\u1eadn trong cu\u1ed1n s\u00e1ch n\u00e0y, m\u00e0 l\u00e0 b\u1eb1ng ch\u1ee9ng th\u1ef1c t\u1ebf t\u1eeb c\u00e1c t\u1eadp \u0111o\u00e0n tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi. T rong m\u1ed9t nghi\u00ean c\u1ee9u to\u00e0n di\u1ec7n m\u1edbi \u0111\u00e2y v\u1ec1 nh\u1eefng g\u00ec gi\u00fap c\u00e1c t\u1eadp \u0111o\u00e0n th\u00e0nh c\u00f4ng, Nitin Nohria v\u00e0 Patrick","Joyce nh\u1eadn th\u1ea5y \u1edf nh\u1eefng c\u00f4ng ty th\u00e0nh c\u00f4ng nh\u1ea5t, \\\"C\u1ea3 nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd v\u00e0 nh\u00e2n vi\u00ean \u0111\u1ec1u \u0111\u01b0\u1ee3c trao quy\u1ec1n \u0111\u01b0a ra nhi\u1ec1u quy\u1ebft \u0111\u1ecbnh \u0111\u1ed9c l\u1eadp h\u01a1n v\u00e0 c\u00f3 ham mu\u1ed1n m\u1ea1nh m\u1ebd t\u00ecm c\u00e1ch c\u1ea3i ti\u1ebfn c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty, bao g\u1ed3m c\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a ch\u00ednh h\u1ecd.\\\" V\u00ed d\u1ee5, h\u00e3y xem h\u1ec7 th\u1ed1ng s\u1ea3n xu\u1ea5t c\u1ee7a Toyota, h\u1ec7 th\u1ed1ng ch\u1ebf t\u1ea1o \u00f4 t\u00f4 hi\u1ec7u qu\u1ea3 \u0111\u00e3 \u0111i v\u00e0o huy\u1ec1n tho\u1ea1i c\u1ee7a Toyota. C\u1ed1t l\u00f5i c\u1ee7a h\u1ec7 th\u1ed1ng s\u1ea3n xu\u1ea5t l\u00e0 \u00fd t\u01b0\u1edfng cho r\u1eb1ng nh\u01b0ng c\u00f4ng nh\u00e2n c\u1ea5p th\u1ea5p nh\u1ea5t n\u00ean \u0111\u01b0\u1ee3c \u0111\u00e0o t\u1ea1o \u0111\u1ec3 c\u00f3 nhi\u1ec1u k\u1ef9 n\u0103ng v\u00e0 h\u1ecd ph\u1ea3i hi\u1ec3u \u0111\u01b0\u1ee3c ti\u1ebfn tr\u00ecnh s\u1ea3n xu\u1ea5t ho\u1ea1t \u0111\u1ed9ng t\u1eeb d\u01b0\u1edbi l\u00ean tr\u00ean nh\u01b0 th\u1ebf n\u00e0o n\u1ebfu h\u1ecd mu\u1ed1n tham gia m\u1ed9t c\u00e1ch c\u00f3 l\u1ee3i nh\u1ea5t. \u0110i\u1ec1u n\u00e0y, t\u1ea5t nhi\u00ean, ho\u00e0n to\u00e0n \u0111\u1ed1i l\u1eadp v\u1edbi \u00fd t\u01b0\u1edfng c\u1ee7a Sloan cho r\u1eb1ng c\u00e1c c\u00f4ng nh\u00e2n kh\u00f4ng bao gi\u1edd c\u00f3 th\u1ec3 l\u00e0m cho ti\u1ebfn tr\u00ecnh s\u1ea3n xu\u1ea5t xe \u00f4 t\u00f4 hi\u1ec7u qu\u1ea3 h\u01a1n. \u0110\u1ed3ng th\u1eddi, Toyota \u0111\u00e3 lo\u1ea1i b\u1ecf d\u00e2y thuy\u1ec1n l\u1eafp r\u00e1p c\u1ed5 \u0111i\u1ec3n, trong \u0111\u00f3 m\u1ed7i c\u00f4ng nh\u00e2n b\u1ecb t\u00e1ch bi\u1ec7t v\u1edbi nh\u1eefng ng\u01b0\u1eddi xung quanh v\u00e0 th\u01b0\u1eddng l\u00e0m vi\u1ec7c v\u1edbi m\u1ed9t b\u1ed9 ph\u1eadn \u0111\u01a1n l\u1ebb c\u1ee7a xe v\u00e0 thay th\u1ebf d\u00e2y chuy\u1ec1n \u0111\u00f3 b\u1eb1ng c\u00e1c nh\u00f3m c\u00f4ng nh\u00e2n, nh\u1eefng ng\u01b0\u1eddi n\u00e0y \u0111\u01b0\u1ee3c giao tr\u00e1ch nhi\u1ec7m th\u1ef1c s\u1ef1 v\u1ec1 m\u1ed9t b\u1ed9 ph\u1eadn s\u1ea3n xu\u1ea5t. Bi\u1ec3u t\u01b0\u1ee3ng quen thu\u1ed9c c\u1ee7a vi\u1ec7c n\u00e0y l\u00e0 vi\u1ec7c b\u1ea5t k\u1ef3 c\u00f4ng nh\u00e2n n\u00e0o c\u0169ng c\u00f3 th\u1ec3 k\u00e9o d\u00e2y \u0111\u1ec3 d\u1eebng c\u1ea3 d\u00e2y chuy\u1ec1n s\u1ea3n xu\u1ea5t n\u1ebfu h\u1ecd th\u1ea5y c\u1ea7n ph\u1ea3i s\u1eeda c\u00e1i g\u00ec \u0111\u00f3. Chi\u1ebfc d\u00e2y \u0111\u00f3 hi\u1ebfm khi b\u1ecb k\u00e9o. B\u1ea1n c\u00f3 th\u1ec3 n\u00f3i ch\u1ec9 ri\u00eang s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a n\u00f3 \u0111\u00e3 l\u00e0 \u0111\u1ee7.","T rao cho c\u00e1c c\u00f4ng nh\u00e2n m\u1ee9c \u0111\u1ed9 ki\u1ec3m so\u00e1t n\u00e0o \u0111\u00f3 \u0111\u1ed1i v\u1edbi ch\u00ednh c\u00f4ng vi\u1ec7c c\u1ee7a h\u1ecd c\u00f2n l\u00e0m cho h\u1ecd \u0111\u1ea7u t\u01b0 nhi\u1ec1u h\u01a1n nh\u1eefng c\u00f4ng vi\u1ec7c \u0111\u00f3. M\u1ed9t nghi\u00ean c\u1ee9u n\u1ed5i ti\u1ebfng v\u1ec1 c\u00e1c c\u00f4ng nh\u00e2n \u1edf nh\u00e0 m\u00e1y s\u1ea3n xu\u1ea5t qu\u1ea7n \u00e1o pijama \u1edf Marion, bang Virginia, cho th\u1ea5y khi nh\u1eefng c\u00f4ng nh\u00e2n \u0111\u01b0\u1ee3c chuy\u1ec3n t\u1eeb c\u00f4ng vi\u1ec7c n\u00e0y sang c\u00f4ng vi\u1ec7c kh\u00e1c h\u1ecd \u0111\u01b0\u1ee3c ph\u00e9p thi\u1ebft k\u1ebf l\u1ea1i c\u00f4ng vi\u1ec7c v\u00e0 ph\u00e1t bi\u1ec3u vi\u1ec7c \u0111\u1eb7t ra t\u1ef7 l\u1ec7 m\u1ee9c l\u01b0\u01a1ng theo s\u1ea3n ph\u1ea9m cho ch\u00ednh m\u00ecnh, n\u00ean h\u1ecd \u0111\u00e3 l\u00e0m vi\u1ec7c n\u0103ng su\u1ea5t h\u01a1n, \u00edt b\u1ea5t m\u00e3n h\u01a1n v\u00e0 \u00edt c\u00f3 kh\u1ea3 n\u0103ng b\u1ecf vi\u1ec7c h\u01a1n so v\u1edbi nh\u1eefng c\u00f4ng nh\u00e2n kh\u00f4ng c\u00f3 ti\u1ebfng n\u00f3i g\u00ec. Gi\u1edd \u0111\u00e2y, nh\u1eefng nghi\u00ean c\u1ee9u nh\u01b0 th\u1ebf n\u00e0y l\u00e0m cho nhi\u1ec1u ng\u01b0\u1eddi trong ch\u00fang ta kh\u00f4ng tho\u1ea3i m\u00e1i, v\u00ec ch\u00fang c\u1ee9 nh\u01b0 th\u1ec3 c\u00e1ch ng\u01b0\u1eddi cha gi\u1ea3 v\u1edd nh\u01b0\u1eddng nh\u1ecbn con m\u00ecnh v\u1eady, l\u00e0m cho c\u00e1c c\u00f4ng nh\u00e2n h\u1ea1nh ph\u00fac b\u1eb1ng c\u00e1ch cho h\u1ecd \u1ea3o t\u01b0\u1edfng v\u1ec1 quy\u1ec1n ki\u1ec3m so\u00e1t th\u1eadm ch\u00ed khi quy\u1ec1n l\u1ef1c th\u1ef1c s\u1ef1 v\u1eabn ti\u1ebfp t\u1ee5c n\u1eb1m trong tay nh\u1eefng ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u. T h\u1ef1c ra, trong cu\u1ed1n s\u00e1ch m\u1edbi \u0111\u00e2y c\u1ee7a m\u00ecnh, False Prophets, nh\u00e0 l\u00fd lu\u1eadn kinh doanh James Hoopes cho r\u1eb1ng nh\u1eefng ng\u01b0\u1eddi ch\u1ee7 tr\u01b0\u01a1ng t\u1eadp \u0111o\u00e0n d\u00e2n ch\u1ee7 h\u01a1n, t\u1eeb d\u01b0\u1edbi l\u00ean tr\u00ean, ho\u1eb7c l\u00e0 t\u1ef1 l\u1eeba d\u1ed1i ch\u00ednh m\u00ecnh, ho\u1eb7c l\u00e0 \u0111\u01b0a ra m\u1ed9t c\u00e2u chuy\u1ec7n \u0111\u1ec3 che \u0111\u1eady c\u00f3 l\u1ee3i cho c\u00e1c \u1ee7y vi\u00ean ban qu\u1ea3n tr\u1ecb nh\u1eefng ng\u01b0\u1eddi, khi c\u1ea7n thi\u1ebft, l\u1ea1i c\u00f3 ti\u1ebfng n\u00f3i cu\u1ed1i c\u00f9ng. Quy\u1ec1n l\u1ef1c t\u1eeb tr\u00ean xu\u1ed1ng d\u01b0\u1edbi \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng t\u1ea1o n\u00ean th\u00e0nh ph\u1ea7n c\u01a1 b\u1ea3n nh\u1ea5t c\u1ee7a t\u1eadp \u0111o\u00e0n, Hoopes l\u1eadp lu\u1eadn v\u00e0 ch\u1eb3ng c\u00f3 \u00fd ngh\u0129a g\u00ec khi t\u00ecm c\u00e1ch lo\u1ea1i b\u1ecf n\u00f3.","C\u00f3 th\u1ec3 l\u00e0 nh\u01b0 v\u1eady. Ch\u1eafc ch\u1eafn khi g\u1eb7p nh\u1eefng v\u1ea5n \u0111\u1ec1 nh\u01b0 ai s\u1ebd b\u1ecb sa th\u1ea3i, th\u00ec r\u1ea5t hi\u1ebfm c\u00f3 s\u1ef1 \u1ee7y quy\u1ec1n ra quy\u1ebft \u0111\u1ecbnh. Nh\u01b0ng r\u1ea5t d\u1ec5 nh\u1ea7m vi\u1ec7c c\u1ea7n c\u00f3 ai \u0111\u00f3 ch\u1ecbu tr\u00e1ch nhi\u1ec7m th\u1ef1c hi\u1ec7n v\u00e0 thi h\u00e0nh c\u00e1c quy\u1ebft \u0111\u1ecbnh v\u1edbi vi\u1ec7c c\u1ea7n c\u00f3 m\u1ed9t ng\u01b0\u1eddi ch\u1ecbu tr\u00e1ch nhi\u1ec7m ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh \u0111\u00f3. Ch\u1ee7 t\u1ecbch h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb, r\u1ed1t cu\u1ed9c, l\u00e0 quan ch\u1ee9c ch\u1ea5p h\u00e0nh ch\u00ednh. T r\u00ean l\u00fd thuy\u1ebft, \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y vai tr\u00f2 th\u1ef1c s\u1ef1 c\u1ee7a ng\u01b0\u1eddi n\u00e0y c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i ch\u1ec9 l\u00e0 tuy\u00ean b\u1ed1 ch\u00ednh s\u00e1ch, m\u00e0 c\u00f2n \u0111\u01b0a n\u00f3 v\u00e0o th\u1ef1c hi\u1ec7n nhi\u1ec1u h\u01a1n. V\u00e0 trong khi vi\u1ec7c thi h\u00e0nh m\u1ed9t quy\u1ebft \u0111\u1ecbnh \u0111\u00f2i h\u1ecfi h\u1ea1n \u0111\u1ecbnh quy\u1ec1n l\u1ef1c t\u1eeb tr\u00ean xu\u1ed1ng d\u01b0\u1edbi - t\u1ee9c l\u00e0 n\u1ebfu Toyota quy\u1ebft \u0111\u1ecbnh s\u1ebd ch\u1ebf t\u1ea1o lo\u1ea1i xe h\u01a1i ch\u1ea1y b\u1eb1ng n\u0103ng l\u01b0\u1ee3ng hydro, th\u00ec c\u00e1c k\u1ef9 s\u01b0 c\u1ee7a h\u1ecd ph\u1ea3i ti\u1ebfp t\u1ee5c l\u00e0m vi\u1ec7c v\u1edbi lo\u1ea1i xe ch\u1ea1y b\u1eb1ng hydro - m\u1ed9t vi\u1ec7c c\u00f3 th\u1ec3 n\u00f3i gi\u1ed1ng v\u1edbi c\u00e1c c\u01a1 quan h\u00e0nh ph\u00e1p th\u1ef1c thi c\u00e1c \u0111\u1ea1o lu\u1eadt \u0111\u01b0\u1ee3c ban h\u00e0nh m\u1ed9t c\u00e1ch d\u00e2n ch\u1ee7. M\u1ed9t l\u1ea7n n\u1eefa, vi\u1ec7c n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 c\u00e1c c\u00f4ng ty n\u00ean l\u1eadp ch\u00ednh s\u00e1ch b\u1eb1ng c\u00e1ch tr\u01b0ng c\u1ea7u \u00fd ki\u1ebfn, m\u00e0 l\u00e0 kh\u00f4ng c\u00f3 g\u00ec c\u1ed1 h\u1eefu trong t\u1eadp \u0111o\u00e0n - ngo\u00e0i ra, c\u00f3 l\u1ebd, t\u1eeb v\u1ea5n \u0111\u1ec1 ai \u0111\u01b0\u1ee3c t\u00ednh l\u00e0 c\u00f3 vai tr\u00f2 trong t\u1eadp \u0111o\u00e0n (t\u1ee9c l\u00e0 d\u00f9 ai \u0111\u01b0\u1ee3c nh\u1eadn v\u00e0o l\u00e0m hay b\u1ecb sa th\u1ea3i) \u0111i\u1ec1u \u0111\u00f3 \u0111\u1ec1u mang t\u00ednh th\u00f9 \u0111\u1ecbch v\u1edbi vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh hay gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 m\u1ed9t c\u00e1ch phi t\u1eadp trung, t\u1eeb d\u01b0\u1edbi l\u00ean t r\u00ean. T rong th\u1ef1c t\u1ebf, hi\u1ebfm c\u00f3 s\u1ef1 tr\u00f9ng h\u1ee3p ng\u1eabu nhi\u00ean m\u00e0 c\u1ea3 hai v\u1ecb ch\u1ee7 t\u1ecbch h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb \u0111\u00e1ng k\u00ednh nh\u1ea5t \u1edf th\u1ebf k\u1ef7 XX - Alfred Sloan v\u00e0 Jack Welch - \u0111\u1ec1u l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 m\u1ea1nh","nh\u1ea5t cho ph\u01b0\u01a1ng th\u1ee9c qu\u1ea3n l\u00fd mang t\u00ednh t\u1eadp th\u1ec3 h\u01a1n. N\u1ebfu nh\u01b0 Sloan c\u00f3 m\u1ed9t \u0111i\u1ec3m m\u00f9 khi x\u1eed s\u1ef1 v\u1edbi c\u00e1c c\u00f4ng nh\u00e2n l\u00e0m vi\u1ec7c theo d\u00e2y chuy\u1ec1n l\u1eafp r\u00e1p, th\u00ec phong c\u00e1ch ra quy\u1ebft \u0111\u1ecbnh c\u1ee7a \u00f4ng l\u1ea1i ho\u00e0n to\u00e0n kh\u00f4ng chuy\u00ean quy\u1ec1n v\u00e0 \u00f4ng ph\u1ea3n \u0111\u1ed1i vi\u1ec7c cho ph\u00e9p \u0111\u1ecbnh \u0111o\u1ea1t ph\u1ea9m ch\u1ea5t x\u1ee9ng \u0111\u00e1ng c\u1ee7a m\u1ed9t \u00fd t\u01b0\u1edfng c\u0103n c\u1ee9 v\u00e0o \u0111\u1ecba v\u1ecb c\u1ee7a ng\u01b0\u1eddi \u0111\u01b0a ra \u00fd t\u01b0\u1edfng \u0111\u00f3. Nh\u01b0 \u00f4ng \u0111\u00e3 ph\u00e1t bi\u1ec3u, khi ho\u00e0n to\u00e0n c\u00f4ng khai b\u1ea3o v\u1ec7 tr\u00ed tu\u1ec7 c\u1ee7a nhi\u1ec1u ng\u01b0\u1eddi, \\\"T \u1ed5 ch\u1ee9c phi t\u1eadp trung v\u00e0 truy\u1ec1n th\u1ed1ng nh\u01b0\u1ee3ng c\u00e1c \u00fd t\u01b0\u1edfng c\u1ee7a ch\u00fang ta, ch\u1ee9 kh\u00f4ng ch\u1ec9 ra m\u1ec7nh l\u1ec7nh, bu\u1ed9c t\u1ea5t c\u1ea3 c\u00e1c c\u1ea5p qu\u1ea3n l\u00fd c\u1ea7n ph\u1ea3i th\u1ef1c hi\u1ec7n t\u1ed1t nh\u1eefng vi\u1ec7c h\u1ecd \u0111\u1ec1 xu\u1ea5t. Ng\u01b0\u1eddi qu\u1ea3n l\u00fd th\u00edch l\u00e0m vi\u1ec7c theo tr\u1ef1c gi\u00e1c s\u1ebd lu\u00f4n th\u1ea5y kh\u00f3 nh\u01b0\u1ee3ng \u00fd t\u01b0\u1edfng c\u1ee7a m\u00ecnh cho ng\u01b0\u1eddi kh\u00e1c tr\u00ean c\u01a1 s\u1edf n\u00e0y. Nh\u01b0ng, n\u00f3i chung, m\u1ecdi s\u1ef1 hy sinh c\u1ea7n thi\u1ebft \u0111\u1ec3 lo\u1ea1i b\u1ecf m\u1ed9t tr\u1ef1c gi\u00e1c c\u00f3 th\u1ec3 l\u00e0 xu\u1ea5t s\u1eafc \u0111\u1ec1u \u0111\u01b0\u1ee3c \u0111\u1ec1n b\u00f9 b\u1eb1ng nh\u1eefng k\u1ebft qu\u1ea3 tr\u00ean m\u1ee9c trung b\u00ecnh, nh\u1eefng k\u1ebft qu\u1ea3 c\u00f3 th\u1ec3 mong \u0111\u1ee3i t\u1eeb m\u1ed9t ch\u00ednh s\u00e1ch \u0111\u01b0\u1ee3c \u1ee7ng h\u1ed9 nhi\u1ec7t t\u00ecnh tr\u01b0\u1edbc s\u1ef1 ph\u00ea ph\u00e1n c\u00f3 hi\u1ec3u bi\u1ebft v\u00e0 \u0111\u1ea7y th\u00f4ng c\u1ea3m.\\\" T \u01b0\u01a1ng t\u1ef1, s\u00e1ng ki\u1ebfn quan tr\u1ecdng nh\u1ea5t c\u1ee7a Welch v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ch\u1ee7 t\u1ecbch h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u1ee7a GE l\u00e0 vi\u1ec7c \u00f4ng \u0111\u00e3 bi\u1ebfn c\u00f4ng ty th\u00e0nh c\u00e1i m\u00e0 \u00f4ng g\u1ecdi l\u00e0 \\\"t\u1eadp \u0111o\u00e0n kh\u00f4ng bi\u00ean gi\u1edbi\\\". Suy ng\u1eabm l\u1ea1i nh\u1eefng v\u1ea5n \u0111\u1ec1 Ronald Coase \u0111\u00e3 n\u00eau, Welch c\u1ed1 g\u1eafng x\u00f3a nh\u00f2a ranh gi\u1edbi gi\u1eefa GE v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i. \u00d4ng ph\u00e1 b\u1ecf ranh gi\u1edbi gi\u1eefa c\u00e1c b\u1ed9 ph\u1eadn kh\u00e1c nhau trong GE, \u00f4ng l\u1eadp lu\u1eadn r\u1eb1ng \u0111\u1ec3 gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1, th\u00ec ph\u01b0\u01a1ng th\u1ee9c li\u00ean quan","\u0111\u1ebfn nhi\u1ec1u l\u0129nh v\u1ef1c h\u01a1n s\u1ebd th\u00fac \u0111\u1ea9y \u0111\u01b0\u1ee3c t\u00ednh \u0111a d\u1ea1ng. \u00d4ng b\u1ecf \u0111i r\u1ea5t nhi\u1ec1u c\u1ea5p qu\u1ea3n l\u00fd ph\u00e2n t\u00e1ch gi\u1eefa c\u1ea5p qu\u1ea3n l\u00fd cao nh\u1ea5t v\u1edbi s\u1ed1 c\u00f2n l\u1ea1i trong c\u00f4ng ty. V\u00e0 b\u1eb1ng c\u00e1ch t\u1ed5 ch\u1ee9c c\u00e1i g\u1ecdi l\u00e0 c\u00e1c bu\u1ed5i \\\"luy\u1ec7n t\u1eadp\\\", n\u01a1i nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd th\u01b0\u1eddng ch\u1ecbu s\u1ef1 ch\u1ec9 tr\u00edch gay g\u1eaft c\u00f4ng khai t\u1eeb ph\u00eda nh\u1eefng ng\u01b0\u1eddi h\u1ecd qu\u1ea3n l\u00fd, \u00f4ng \u0111\u00e3 c\u1ed1 g\u1eafng l\u00e0m cho ranh gi\u1edbi gi\u1eefa c\u00e1c \u00f4ng ch\u1ee7 v\u00e0 nh\u1eefng ng\u01b0\u1eddi d\u01b0\u1edbi quy\u1ec1n b\u1edbt c\u1ee9ng nh\u1eafc h\u01a1n. Welch h\u1ea7u nh\u01b0 kh\u00f4ng th\u00e0nh c\u00f4ng trong t\u1ea5t c\u1ea3 nh\u1eefng vi\u1ec7c \u00f4ng c\u1ed1 g\u1eafng th\u1ef1c hi\u1ec7n v\u00e0 \u0111\u1ed1i v\u1edbi nh\u1eefng quy\u1ebft \u0111\u1ecbnh nh\u1ea5t \u0111\u1ecbnh, nh\u01b0 c\u00f3 n\u00ean chi h\u00e0ng ch\u1ee5c t\u1ef7 \u0111\u00f4 la cho vi\u1ec7c mua s\u1eafm hay kh\u00f4ng, \u00f4ng d\u01b0\u1eddng nh\u01b0 kh\u00f4ng \u0111\u1ec3 \u00fd \u0111\u1ebfn nh\u1eefng quan \u0111i\u1ec3m \u0111\u1ed1i l\u1eadp b\u1edfi \u0111\u00e3 c\u00f3 nh\u1eefng ni\u1ec1m tin ch\u1eafc ch\u1eafn c\u1ee7a ch\u00ednh m\u00ecnh. Nh\u01b0ng t\u00ednh kh\u00f4ng bi\u00ean gi\u1edbi l\u00e0 m\u1ed9t trong nh\u1eefng \u0111i\u1ec1u \u0111\u00e3 cho ph\u00e9p GE ph\u00e1t tri\u1ec3n r\u1ea5t m\u1ea1nh v\u00e0o th\u1eadp k\u1ef7 cu\u1ed1i [th\u1ebf k\u1ef7 XX], kh\u00f4ng gi\u1ed1ng nh\u01b0 ph\u1ea7n l\u1edbn c\u00e1c t\u1eadp \u0111o\u00e0n c\u00f4ng nghi\u1ec7p ki\u1ec3u c\u0169 c\u1ee7a M\u1ef9. V\u00e0 nh\u01b0 v\u1eady, c\u00f3 l\u1ebd c\u00f2n l\u1ea1i \u0111i\u1ec1u g\u00ec \u0111\u00f3 c\u1ee7a m\u1ed9t b\u00ed m\u1eadt. C\u00e1c chuy\u00ean gia qu\u1ea3n l\u00fd gi\u1ecfi d\u01b0\u1eddng nh\u01b0 ngh\u0129 r\u1eb1ng vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh t\u1eeb d\u01b0\u1edbi l\u00ean tr\u00ean c\u00f3 hi\u1ec7u qu\u1ea3. B\u1eb1ng ch\u1ee9ng t\u1eeb b\u00ean ngo\u00e0i ph\u1ea1m vi kinh doanh cho th\u1ea5y \u0111\u00fang nh\u01b0 v\u1eady. T hung l\u0169ng Silicon, n\u01a1i \u0111\u1ebfn nay n\u00f3i chung v\u1eabn \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ed7 c\u1ee7a s\u1ef1 \u0111\u1ed5i m\u1edbi \u1edf M\u1ef9 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean c\u01a1 s\u1edf n\u00e0y. M\u1ed9t s\u1ed1 t\u1eadp \u0111o\u00e0n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi GM c\u0169, Toyota, GE \u0111\u00e3 \u0111i theo h\u01b0\u1edbng \u0111\u00f3. V\u00e0 nh\u1eefng nh\u00e2n v\u1eadt k\u1ef3 c\u1ef1u trong kinh doanh M\u1ef9 \u0111\u1ec1u \u1ee7ng h\u1ed9 n\u00f3. T h\u1ebf nh\u01b0ng, \u0111a s\u1ed1 c\u00e1c c\u00f4ng ty v\u1eabn l\u1ea3ng","tr\u00e1nh n\u00f3, m\u00e0 th\u00edch t\u1eadp trung quy\u1ec1n l\u1ef1c v\u00e0o tay m\u1ed9t s\u1ed1 r\u1ea5t \u00edt ng\u01b0\u1eddi v\u00e0 h\u1ea1n ch\u1ebf s\u1ef1 li\u00ean quan c\u1ee7a \u0111a s\u1ed1 c\u00e1c nh\u00e2n vi\u00ean tham gia ph\u00f2ng h\u1ed9i \u0111\u00e0m. \u0110\u00e1m \u0111\u00f4ng c\u00f3 th\u1ec3 th\u00f4ng th\u00e1i, nh\u01b0ng \u1edf \u0111a s\u1ed1 c\u00e1c c\u00f4ng ty, \u00f4ng ch\u1ee7 v\u1eabn l\u00e0 ng\u01b0\u1eddi bi\u1ebft r\u00f5 nh\u1ea5t.","Ch\u01b0\u01a1ng 11. TH\u1eca TR\u01af\u1edcNG Nh\u1eefng cu\u1ed9c thi hoa h\u1eadu, ph\u00f2ng c\u00e1ch \u00e2m v\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n I V\u00e0o th\u00e1ng M\u1ed9t n\u0103m 1956, nh\u00e0 kinh t\u1ebf h\u1ecdc Vernon Smith quy\u1ebft \u0111\u1ecbnh s\u1eed d\u1ee5ng ph\u00f2ng h\u1ecdc c\u1ee7a \u00f4ng l\u00e0m ph\u00f2ng th\u00ed nghi\u1ec7m. Ng\u00e0y nay, vi\u1ec7c l\u00e0m \u0111\u00f3 d\u01b0\u1eddng nh\u01b0 kh\u00f4ng c\u00f3 g\u00ec \u0111\u00e1ng ng\u1ea1c nhi\u00ean. C\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc th\u01b0\u1eddng s\u1eed d\u1ee5ng th\u00ed nghi\u1ec7m \u1edf ph\u00f2ng h\u1ecdc \u0111\u1ec3 ki\u1ec3m nghi\u1ec7m c\u00e1c gi\u1ea3 thuy\u1ebft kinh t\u1ebf v\u00e0 c\u1ed1 g\u1eafng t\u00ecm hi\u1ec3u s\u1ef1 \u1ea3nh h\u01b0\u1edfng c\u1ee7a h\u00e0nh vi con ng\u01b0\u1eddi \u0111\u1ebfn ph\u01b0\u01a1ng th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. T uy nhi\u00ean, c\u00e1ch \u0111\u00e2y 50 n\u0103m, \u00fd t\u01b0\u1edfng \u0111\u00f3 c\u00f2n l\u00e0 m\u1ed9t \u00fd t\u01b0\u1edfng c\u1ea5p ti\u1ebfn. Kinh t\u1ebf l\u00e0 v\u1ea5n \u0111\u1ec1 ch\u1ee9ng minh c\u00e1c \u0111\u1ecbnh l\u00fd to\u00e1n h\u1ecdc hay ph\u00e2n t\u00edch c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u1ee7a th\u1ebf gi\u1edbi th\u1ef1c. Ng\u01b0\u1eddi ta cho r\u1eb1ng c\u00e1c th\u00ed nghi\u1ec7m trong ph\u00f2ng th\u00ed nghi\u1ec7m ch\u1eb3ng c\u00f3 g\u00ec hay \u0111\u1ec3 n\u00f3i v\u1ec1 th\u1ebf gi\u1edbi th\u1ef1c. T h\u1ef1c ra, trong t\u1ea5t c\u1ea3 c\u00e1c t\u00e0i li\u1ec7u kinh t\u1ebf, ch\u1ec9 c\u00f3 r\u1ea5t \u00edt nghi\u00ean c\u1ee9u th\u00ed nghi\u1ec7m trong ph\u00f2ng h\u1ecdc \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1. Nghi\u00ean c\u1ee9u n\u1ed5i ti\u1ebfng nh\u1ea5t l\u00e0 c\u1ee7a m\u1ed9t gi\u00e1o s\u01b0 \u1edf T r\u01b0\u1eddng Harvard t\u00ean l\u00e0 Edward Chamberlin. H\u1eb1ng n\u0103m, \u00f4ng \u0111\u1ec1u t\u1ea1o ra m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00f4 ph\u1ecfng \u0111\u1ec3 c\u00e1c sinh vi\u00ean c\u1ee7a \u00f4ng trao \u0111\u1ed5i mua b\u00e1n v\u1edbi nhau. M\u1ed9t trong nh\u1eefng sinh vi\u00ean \u0111\u00f3 t\u00ecnh c\u1edd l\u1ea1i l\u00e0 Vernon Smit h .","T h\u00ed nghi\u1ec7m Smith th\u1ef1c hi\u1ec7n r\u1ea5t \u0111\u01a1n gi\u1ea3n theo nh\u1eefng ti\u00eau chu\u1ea9n hi\u1ec7n \u0111\u1ea1i. \u00d4ng \u0111\u00e3 l\u1ea5y m\u1ed9t nh\u00f3m g\u1ed3m 22 sinh vi\u00ean, m\u1ed9t n\u1eeda l\u00e0 ng\u01b0\u1eddi b\u00e1n v\u00e0 m\u1ed9t n\u1eeda l\u00e0 ng\u01b0\u1eddi mua. Sau \u0111\u00f3, \u00f4ng trao cho m\u1ed7i ng\u01b0\u1eddi b\u00e1n m\u1ed9t t\u1ea5m th\u1ebb tr\u00ean \u0111\u00f3 ghi gi\u00e1 r\u1ebb nh\u1ea5t h\u1ecd c\u00f3 th\u1ec3 b\u1eb1ng l\u00f2ng b\u00e1n v\u00e0 cho m\u1ed7i ng\u01b0\u1eddi mua m\u1ed9t t\u1ea5m th\u1ebb tr\u00ean \u0111\u00f3 ghi gi\u00e1 cao nh\u1ea5t h\u1ecd c\u00f3 th\u1ec3 b\u1eb1ng l\u00f2ng mua. N\u00f3i c\u00e1ch kh\u00e1c, n\u1ebfu b\u1ea1n l\u00e0 ng\u01b0\u1eddi b\u00e1n v\u00e0 b\u1ea1n c\u00f3 t\u1ea5m th\u1ebb ghi gi\u00e1 25 \u0111\u00f4 la th\u00ec b\u1ea1n s\u1ebd ch\u1ea5p nh\u1eadn b\u1ea5t k\u1ef3 l\u1eddi tr\u1ea3 gi\u00e1 n\u00e0o 25 \u0111\u00f4 la ho\u1eb7c cao h\u01a1n. B\u1ea1n s\u1ebd mong ch\u1edd gi\u00e1 cao h\u01a1n, v\u00ec m\u1ee9c ch\u00eanh l\u1ec7ch c\u00f3 th\u1ec3 l\u00e0 ph\u1ea7n l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n. Nh\u01b0ng n\u1ebfu b\u1ea1n bu\u1ed9c ph\u1ea3i b\u00e1n th\u00ec b\u1ea1n ch\u1ec9 b\u1eb1ng l\u00f2ng b\u00e1n v\u1edbi gi\u00e1 25 \u0111\u00f4 la. Ng\u01b0\u1ee3c l\u1ea1i, \u0111i\u1ec1u \u0111\u00f3 c\u0169ng \u0111\u00fang v\u1edbi ng\u01b0\u1eddi mua (m\u1ed9t ng\u01b0\u1eddi mua c\u00f3 t\u1ea5m th\u1ebb ghi 25 \u0111\u00f4 la c\u00f3 th\u1ec3 c\u1ed1 g\u1eafng tr\u1ea3 c\u00e0ng \u00edt c\u00e0ng t\u1ed1t, nh\u01b0ng n\u1ebfu c\u1ea7n thi\u1ebft h\u1ecd s\u1ebd b\u1eb1ng l\u00f2ng mi\u1ec5n c\u01b0\u1ee1ng tr\u1ea3 25 \u0111\u00f4 la.). V\u1edbi nh\u1eefng th\u00f4ng tin \u0111\u00f3, Smith c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng \u0111\u01b0\u1ee3c \u0111\u01b0\u1eddng cung v\u00e0 \u0111\u01b0\u1eddng c\u1ea7u (k\u1ebf ho\u1ea1ch l\u00e0m vi\u1ec7c) c\u1ee7a nh\u00f3m nghi\u00ean c\u1ee9u v\u00e0 t\u1eeb \u0111\u00f3 c\u00f3 th\u1ec3 t\u00ednh ra m\u1ee9c gi\u00e1 ph\u00f9 h\u1ee3p cho c\u1ea3 ng\u01b0\u1eddi b\u00e1n v\u00e0 ng\u01b0\u1eddi mua. M\u1ed9t l\u1ea7n, khi t\u1ea5t c\u1ea3 c\u00e1c sinh vi\u00ean \u0111\u00e3 c\u00f3 \u0111\u1ee7 th\u1ebb v\u00e0 \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch v\u1ec1 c\u00e1c nguy\u00ean t\u1eafc mua b\u00e1n, Smith \u0111\u00e3 \u0111\u1ec3 cho h\u1ecd b\u1eaft \u0111\u1ea7u trao \u0111\u1ed5i v\u1edbi nhau. Vi\u1ec7c trao \u0111\u1ed5i mua b\u00e1n g\u1ea7n gi\u1ed1ng nh\u01b0 c\u00e1ch ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n ra gi\u00e1 v\u00e0 tr\u1ea3 gi\u00e1 m\u1ed9t c\u00e1ch c\u00f4ng khai v\u00e0 b\u1ea5t k\u1ef3 ng\u01b0\u1eddi n\u00e0o \u0111\u00f3 mu\u1ed1n ch\u1ea5p nh\u1eadn m\u1ee9c gi\u00e1 \u0111\u01b0a ra, h\u1ecd s\u1ebd l\u00ean ti\u1ebfng. Nh\u1eefng cu\u1ed9c mua b\u00e1n th\u00e0nh c\u00f4ng \u0111\u01b0\u1ee3c ghi l\u1ea1i \u1edf tr\u00ean b\u1ea3ng ph\u00eda tr\u01b0\u1edbc","ph\u00f2ng h\u1ecdc. N\u1ebfu b\u1ea1n l\u00e0 ng\u01b0\u1eddi mua c\u00f3 t\u1ea5m th\u1ebb ghi 35 \u0111\u00f4 la, khi \u0111\u00f3 b\u1ea1n c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u tr\u1ea3 gi\u00e1 b\u1eb1ng c\u00e1ch x\u01b0\u1edbng to \\\"6 \u0111\u00f4 la\\\". N\u1ebfu kh\u00f4ng ai ch\u1ea5p nh\u1eadn gi\u00e1 \u0111\u00f3, th\u00ec c\u00f3 l\u1ebd b\u1ea1n n\u00ean t\u0103ng gi\u00e1 cho \u0111\u1ebfn khi b\u1ea1n c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y ng\u01b0\u1eddi ch\u1ea5p nh\u1eadn gi\u00e1 c\u1ee7a b\u1ea1n. L\u00fac \u0111\u00f3, Smith l\u00e0m th\u00ed nghi\u1ec7m v\u1edbi m\u1ed9t l\u00fd do \u0111\u01a1n gi\u1ea3n. L\u00fd thuy\u1ebft kinh t\u1ebf d\u1ef1 b\u00e1o n\u1ebfu b\u1ea1n \u0111\u1ec3 ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n trao \u0111\u1ed5i mua b\u00e1n v\u1edbi nhau th\u00ec t\u1ea5t c\u1ea3 c\u00e1c cu\u1ed9c mua b\u00e1n \u0111\u00f3 s\u1ebd nhanh ch\u00f3ng quy v\u1ec1 m\u1ed9t gi\u00e1 duy nh\u1ea5t, \u0111\u00f3 l\u00e0 gi\u00e1 m\u00e0 cung v\u00e0 c\u1ea7u g\u1eb7p nhau. \u0110\u00f3 ch\u00ednh l\u00e0 gi\u00e1 l\u00e0m t\u0103ng t\u1ed1i \u0111a t\u1ed5ng gi\u00e1 tr\u1ecb mua b\u00e1n, hay l\u00e0 c\u00e1i m\u00e0 c\u00e1c nh\u00e0 kinh t\u1ebf g\u1ecdi l\u00e0 \\\"gi\u00e1 c\u00e2n b\u1eb1ng\u201d. Nh\u1eefng g\u00ec Smith mu\u1ed1n t\u00ecm hi\u1ec3u \u0111\u00f3 l\u00e0 li\u1ec7u l\u00fd thuy\u1ebft kinh t\u1ebf c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi th\u1ef1c t\u1ebf hay kh\u00f4ng. N\u00f3 c\u00f3 ph\u00f9 h\u1ee3p. R\u1ea5t nhanh, c\u00e1c cu\u1ed9c trao \u0111\u1ed5i mua b\u00e1n trong th\u1ecb tr\u01b0\u1eddng c\u1ee7a sinh vi\u00ean \u0111\u1ec1u quy v\u1ec1 gi\u00e1 c\u00e2n b\u1eb1ng. S\u1ef1 vi\u1ec7c \u0111\u00e3 di\u1ec5n ra nh\u01b0 v\u1eady, m\u1eb7c d\u00f9 kh\u00f4ng m\u1ed9t sinh vi\u00ean n\u00e0o mu\u1ed1n k\u1ebft qu\u1ea3 n\u00e0y (ng\u01b0\u1eddi mua mu\u1ed1n gi\u00e1 th\u1ea5p h\u01a1n, ng\u01b0\u1eddi b\u00e1n mu\u1ed1n gi\u00e1 cao h\u01a1n) v\u00e0 d\u00f9 l\u00e0 c\u00e1c sinh vi\u00ean kh\u00f4ng bi\u1ebft b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec kh\u00e1c ngo\u00e0i gi\u00e1 ghi tr\u00ean t\u1ea5m th\u1ebb c\u1ee7a h\u1ecd. Smith c\u0169ng th\u1ea5y r\u1eb1ng th\u1ecb tr\u01b0\u1eddng sinh vi\u00ean \u0111\u00e3 t\u0103ng t\u1ed1i \u0111a t\u1ed5ng thu c\u1ee7a nh\u00f3m t\u1eeb vi\u1ec7c mua b\u00e1n. N\u00f3i c\u00e1ch kh\u00e1c, c\u00e1c sinh vi\u00ean c\u0169ng kh\u00f4ng th\u1ec3 l\u00e0m t\u1ed1t h\u01a1n n\u1ebfu nh\u01b0 c\u00f3 m\u1ed9t ng\u01b0\u1eddi c\u00f3 ki\u1ebfn th\u1ee9c ho\u00e0n h\u1ea3o n\u00e0o \u0111\u00f3 n\u00f3i cho h\u1ecd bi\u1ebft n\u00ean l\u00e0m g\u00ec. L\u00fac \u1ea5y, theo \u00fd ngh\u0129a n\u00e0o \u0111\u00f3, nh\u1eefng k\u1ebft qu\u1ea3 n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 kh\u00f4ng \u0111\u00e1ng ng\u1ea1c nhi\u00ean. T h\u1ef1c ra, khi Vernon Smith g\u1eedi","b\u00e0i b\u00e1o c\u0103n c\u1ee9 tr\u00ean th\u00ed nghi\u1ec7m c\u1ee7a \u00f4ng t\u1edbi T \u1ea1p ch\u00ed Kinh t\u1ebf Ch\u00ednh tr\u1ecb (Joumal of Political Economy) - t\u1ea1p ch\u00ed c\u1ee7a c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc \u1edf \u0110\u1ea1i h\u1ecdc Chicago, m\u1ed9t t\u1ed5 ch\u1ee9c \u1ee7ng h\u1ed9 th\u1ecb tr\u01b0\u1eddng t\u1ef1 do m\u1ea1nh m\u1ebd nh\u1ea5t trong n\u01b0\u1edbc th\u00ec t\u1edd t\u1ea1p ch\u00ed n\u00e0y l\u1ea1i t\u1eeb ch\u1ed1i \u00f4ng. V\u00ec theo quan \u0111i\u1ec3m c\u1ee7a h\u1ecd, t\u1ea5t c\u1ea3 nh\u1eefng vi\u1ec7c Smith th\u1ef1c hi\u1ec7n \u0111\u1ec1u hi\u1ec3n nhi\u00ean nh\u01b0 m\u1eb7t tr\u1eddi m\u1ecdc \u0111\u1eb1ng \u0110\u00f4ng v\u1eady. Cu\u1ed1i c\u00f9ng, k\u1ec3 t\u1eeb th\u1eddi Adam Smith, c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc l\u1eadp lu\u1eadn r\u1eb1ng c\u00e1c th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 l\u00e0m t\u1ed1t vi\u1ec7c ph\u00e2n b\u1ed1 c\u00e1c ngu\u1ed3n l\u1ef1c. V\u00e0 v\u00e0o nh\u1eefng n\u0103m 1950, hai nh\u00e0 kinh t\u1ebf h\u1ecdc Kenneth Arrow v\u00e0 Gerard Debreu \u0111\u00e3 ch\u1ee9ng minh r\u1eb1ng trong nh\u1eefng \u0111i\u1ec1u ki\u1ec7n nh\u1ea5t \u0111\u1ecbnh, c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u1ef1 do th\u1ef1c s\u1ef1 d\u1eabn \u0111\u1ebfn vi\u1ec7c ph\u00e2n b\u1ed1 t\u1ed1i \u01b0u c\u00e1c ngu\u1ed3n l\u1ef1c. V\u1eady t\u1ea1i sao nh\u1eefng th\u00ed nghi\u1ec7m cua Smith l\u1ea1i quan tr\u1ecdng nh\u01b0 v\u1eady? Ch\u00fang quan tr\u1ecdng v\u00ec \u0111\u00e3 ch\u1ee9ng minh \u0111\u01b0\u1ee3c r\u1eb1ng c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng ngay c\u1ea3 khi c\u00f3 nh\u1eefng con ng\u01b0\u1eddi th\u1ef1c \u0111ang trao \u0111\u1ed5i mua b\u00e1n trong \u0111\u00f3. B\u1eb1ng ch\u1ee9ng c\u1ee7a Arrow v\u00e0 Debreu v\u1ec1 hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00e1i \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u0110\u1ecbnh l\u00ed c\u00e2n b\u1eb1ng chung r\u1ea5t tuy\u1ec7t v\u1eddi v\u00ec s\u1ef1 ho\u00e0n h\u1ea3o c\u1ee7a n\u00f3. N\u00f3 di\u1ec5n t\u1ea3 m\u1ed9t n\u1ec1n kinh t\u1ebf, trong \u0111\u00f3 t\u1eebng ph\u1ea7n \u0111\u1ec1u ph\u00f9 h\u1ee3p v\u1edbi nhau v\u00e0 kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng sai s\u00f3t. V\u1ea5n \u0111\u1ec1 v\u1edbi b\u1eb1ng ch\u1ee9ng \u0111\u00f3 l\u00e0 kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf n\u00e0o th\u1ecfa m\u00e3n c\u00e1c \u0111i\u1ec1u ki\u1ec7n c\u1ee7a n\u00f3. T rong th\u1ebf gi\u1edbi c\u1ee7a Arrow v\u00e0 Debreu, m\u1ed7i ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n \u0111\u1ec1u c\u00f3 th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7, c\u00f3 ngh\u0129a l\u00e0 h\u1ecd bi\u1ebft \u0111i\u1ec1u m\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n kh\u00e1c s\u1eb5n l\u00f2ng chi tr\u1ea3","hay b\u00e1n \u0111i l\u00e0 g\u00ec v\u00e0 h\u1ecd bi\u1ebft t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c c\u0169ng bi\u1ebft r\u1eb1ng h\u1ecd bi\u1ebft. T \u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n ho\u00e0n to\u00e0n l\u00fd tr\u00ed, c\u00f3 ngh\u0129a l\u00e0 h\u1ecd \u00fd th\u1ee9c r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 n\u00e2ng cao t\u1ed1i \u0111a quy\u1ec1n l\u1ee3i ri\u00eang c\u1ee7a b\u1ea3n th\u00e2n h\u1ecd. V\u00e0 m\u1ed7i ng\u01b0\u1eddi mua ng\u01b0\u1eddi b\u00e1n \u0111\u1ec1u c\u00f3 quy\u1ec1n s\u1eed d\u1ee5ng m\u1ed9t b\u1ed9 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7y \u0111\u1ee7, n\u00f3 bao h\u00e0m m\u1ecdi tr\u1ea1ng th\u00e1i c\u00f3 th\u1ec3 nh\u1eadn th\u1ee9c \u0111\u01b0\u1ee3c v\u1ec1 th\u1ebf gi\u1edbi. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 h\u1ecd c\u00f3 th\u1ec3 \u0111\u1ea3m b\u1ea3o cho m\u00ecnh tr\u01b0\u1edbc b\u1ea5t k\u1ef3 t\u00ecnh hu\u1ed1ng n\u00e0o c\u00f3 th\u1ec3 x\u1ea3y ra. Hi\u1ec7n t\u1ea1i, kh\u00f4ng c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng n\u00e0o gi\u1ed1ng nh\u01b0 v\u1eady. Lo\u00e0i ng\u01b0\u1eddi kh\u00f4ng c\u00f3 \u0111\u01b0\u1ee3c th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7. H\u1ecd ch\u1ec9 c\u00f3 th\u00f4ng tin h\u1ea1n ch\u1ebf ri\u00eang. \u0110\u00f3 c\u00f3 th\u1ec3 l\u00e0 th\u00f4ng tin c\u00f3 gi\u00e1 tr\u1ecb v\u00e0 ch\u00ednh x\u00e1c (ho\u1eb7c c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 t\u00e1c d\u1ee5ng v\u00e0 kh\u00f4ng ch\u00ednh x\u00e1c), nh\u01b0ng lu\u00f4n lu\u00f4n l\u00e0 th\u00f4ng tin kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7. Lo\u00e0i ng\u01b0\u1eddi c\u0169ng kh\u00f4ng ho\u00e0n to\u00e0n c\u00f3 l\u00fd tr\u00ed. Ph\u1ea7n l\u1edbn, h\u1ecd mu\u1ed1n n\u00e2ng cao t\u1ed1i \u0111a l\u1ee3i \u00edch ri\u00eang c\u1ee7a b\u1ea3n th\u00e2n, nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o h\u1ecd c\u0169ng bi\u1ebft ch\u1eafc c\u00e1ch l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00e0 h\u1ecd th\u01b0\u1eddng b\u1eb1ng l\u00f2ng k\u1ebft th\u00fac v\u1edbi nh\u1eefng k\u1ebft qu\u1ea3 d\u01b0\u1edbi m\u1ee9c ho\u00e0n h\u1ea3o. V\u00e0 c\u00e1c h\u1ee3p \u0111\u1ed3ng \u0111\u1ec1u kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7 t\u1edbi m\u1ee9c t\u1ec7 h\u1ea1i. V\u00ec th\u1ebf, trong khi Arrow - Debreu l\u00e0 c\u00f4ng c\u1ee5 kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb - v\u00ec n\u00f3 \u0111\u01b0a ra c\u00e1ch \u0111o m\u1ed9t k\u1ebft qu\u1ea3 l\u00fd t\u01b0\u1edfng c\u00f3 th\u1ec3 tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0o - gi\u1ed1ng nh\u01b0 s\u1ef1 th\u1ec3 hi\u1ec7n tr\u00ed tu\u1ec7 c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng, n\u00f3 thi\u1ebfu s\u1ee9c n\u1eb7ng c\u1ee7a kinh nghi\u1ec7m. D\u1eabu v\u1eady, nh\u1eefng g\u00ec m\u00e0 c\u00e1c th\u00ed nghi\u1ec7m c\u1ee7a Smith \u0111\u00e3 ti\u00ean phong th\u1ef1c hi\u1ec7n cho th\u1ea5y r\u1eb1ng t\u1ea5t c\u1ea3 c\u00e1c \u0111i\u1ec1u ki\u1ec7n ch\u1eb7t ch\u1ebd m\u00e0","Arrow v\u00e0 Debreu \u0111\u1eb7t ra r\u1ed1t cu\u1ed9c \u0111\u1ec1u kh\u00f4ng c\u1ea7n thi\u1ebft. B\u1ea1n c\u00f3 th\u1ec3 l\u00e0m cho ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n - nh\u1eefng ng\u01b0\u1eddi ch\u1ec9 s\u1eed d\u1ee5ng th\u00f4ng tin ri\u00eang c\u1ee7a m\u00ecnh, nh\u1eefng ng\u01b0\u1eddi l\u00fd tr\u00ed c\u00f3 h\u1ea1n v\u00e0 kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 \u0111\u1ec1u gi\u1ecfi t\u00ecm \u0111\u01b0\u1ee3c l\u1ee3i \u00edch ri\u00eang cho b\u1ea3n th\u00e2n - b\u1eaft \u0111\u1ea7u mua b\u00e1n v\u1edbi nhau v\u00e0 b\u1ea1n c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng c\u00e1 nh\u00e2n r\u00f5 r\u00e0ng l\u00e0 kh\u00f4ng ho\u00e0n h\u1ea3o n\u00e0y l\u1ea1i r\u1ea5t s\u1edbm t\u1ea1o ra \u0111\u01b0\u1ee3c k\u1ebft qu\u1ea3 t\u1eadp th\u1ec3 c\u00f3 hi\u1ec7u qu\u1ea3 v\u1ec1 m\u1eb7t kinh t\u1ebf, th\u1ef1c ra, g\u1ea7n gi\u1ed1ng v\u1edbi k\u1ebft qu\u1ea3 m\u00e0 b\u1eb1ng ch\u1ee9ng Arrow - Debreu c\u00f3 th\u1ec3 d\u1ef1 b\u00e1o. Nh\u1eefng ng\u01b0\u1eddi trong c\u00e1c th\u00ed nghi\u1ec7m c\u1ee7a Smith kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng bi\u1ebft ch\u1eafc ch\u00ednh x\u00e1c nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra. T rong c\u00e1c cu\u1ed9c ph\u1ecfng v\u1ea5n sau n\u00e0y, h\u1ecd \u0111\u00e3 n\u00f3i v\u1ec1 kinh nghi\u1ec7m c\u1ee7a vi\u1ec7c mua b\u00e1n l\u00e0 r\u1ea5t \u1ed3n \u00e0o v\u00e0 l\u1ed9n x\u1ed9n. V\u00e0 h\u1ecd m\u00f4 t\u1ea3 c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a ch\u00ednh h\u1ecd kh\u00f4ng nh\u01b0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 c\u1ea9n th\u1eadn t\u00ecm ki\u1ebfm l\u1ef1a ch\u1ecdn cho th\u1eadt \u0111\u00fang, m\u00e0 ch\u1ec9 l\u00e0 nh\u1eefng quy\u1ebft \u0111\u1ecbnh t\u1ed1t nh\u1ea5t h\u1ecd c\u00f3 th\u1ec3 \u0111\u01b0a ra l\u00fac \u0111\u00f3. T uy nhi\u00ean, khi b\u1ea1n k\u1ebft h\u1ee3p t\u1ea5t c\u1ea3 nh\u1eefng quy\u1ebft \u0111\u1ecbnh c\u00f2n h\u1ea1n ch\u1ebf n\u00e0y l\u1ea1i, b\u1ea1n s\u1ebd c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t quy\u1ebft \u0111\u1ecbnh t\u1eadp th\u1ec3 s\u00e1ng su\u1ed1t. Nh\u00f3m, nh\u01b0 \u0111\u00e3 th\u1ea5y, bi\u1ebft \u0111\u01b0\u1ee3c nhi\u1ec1u h\u01a1n so v\u1edbi c\u00e1c c\u00e1 nh\u00e2n trong nh\u00f3m. T rong b\u1ed1n th\u1eadp k\u1ef7 k\u1ec3 t\u1eeb khi Smith c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 c\u00e1c th\u00ed nghi\u1ec7m \u1edf ph\u00f2ng h\u1ecdc \u0111\u1ea7u ti\u00ean, ch\u00fang \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00e1i t\u1ea1o h\u00e0ng tr\u0103m, n\u1ebfu kh\u00f4ng n\u00f3i l\u00e0 h\u00e0ng ngh\u00ecn l\u1ea7n. Nh\u01b0ng k\u1ebft lu\u1eadn c\u01a1 b\u1ea3n c\u1ee7a nh\u1eefng cu\u1ed9c ki\u1ec3m nghi\u1ec7m ng\u00e0y \u0111\u1ea7u \u0111\u00f3 - r\u1eb1ng, trong \u0111i\u1ec1u ki\u1ec7n th\u00edch h\u1ee3p, nh\u1eefng con ng\u01b0\u1eddi thi\u1ebfu ho\u00e0n h\u1ea3o c\u00f3 th\u1ec3 t\u1ea1o ra nh\u1eefng k\u1ebft qu\u1ea3 ho\u00e0n h\u1ea3o - v\u1eabn kh\u00f4ng h\u1ec1 b\u1ecb th\u00e1ch th\u1ee9c. \u0110i\u1ec1u","n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng lu\u00f4n d\u1eabn \u0111\u1ebfn k\u1ebft qu\u1ea3 l\u00fd t\u01b0\u1edfng ch\u0103ng? Kh\u00f4ng. T h\u1ee9 nh\u1ea5t, d\u00f9 l\u00e0 c\u00e1c sinh vi\u00ean c\u1ee7a Smith c\u00f2n l\u00e2u m\u1edbi l\u00e0 nh\u1eefng ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh l\u00fd t\u01b0\u1edfng nh\u01b0ng ph\u00f2ng h\u1ecdc kh\u00f4ng c\u00f3 nh\u1eefng khi\u1ebfm khuy\u1ebft \u0111\u1eb7c tr\u01b0ng c\u1ee7a \u0111a s\u1ed1 c\u00e1c th\u1ecb tr\u01b0\u1eddng trong th\u1ebf gi\u1edbi th\u1ef1c (v\u00e0 \u0111i\u1ec1u \u0111\u00f3, t\u1ea5t nhi\u00ean, l\u00e0m cho kinh doanh th\u00fa v\u1ecb h\u01a1n nhi\u1ec1u so v\u1edbi trong c\u00e1c gi\u00e1o tr\u00ecnh kinh t\u1ebf h\u1ecdc). T h\u1ee9 hai, c\u00e1c th\u00ed nghi\u1ec7m c\u1ee7a Smith cho th\u1ea5y c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c s\u1ef1 gi\u1eefa c\u00e1ch con ng\u01b0\u1eddi c\u01b0 x\u1eed trong th\u1ecb tr\u01b0\u1eddng ti\u00eau d\u00f9ng (ch\u1eb3ng h\u1ea1n nh\u01b0 th\u1ecb tr\u01b0\u1eddng ti vi) v\u00e0 c\u00e1ch c\u01b0 x\u1eed c\u1ee7a con ng\u01b0\u1eddi trong th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n (ch\u1eb3ng h\u1ea1n nh\u01b0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n). Khi h\u1ecd mua v\u00e0 b\u00e1n \\\"ti vi\\\", c\u00e1c sinh vi\u00ean \u0111i \u0111\u1ebfn gi\u1ea3i ph\u00e1p \u0111\u00fang r\u1ea5t nhanh. Khi h\u1ecd mua v\u00e0 b\u00e1n \\\"c\u1ed5 phi\u1ebfu\u201d, c\u00e1c k\u1ebft qu\u1ea3 th\u1ea5t th\u01b0\u1eddng v\u00e0 k\u00e9m \u1ed5n \u0111\u1ecbnh h\u01a1n nhi\u1ec1u. T h\u1ee9 ba, c\u00e1c th\u00ed nghi\u1ec7m c\u1ee7a Smith - gi\u1ed1ng nh\u01b0 c\u00e1c ph\u01b0\u01a1ng tr\u00ecnh c\u1ee7a Arrow v\u00e0 Debreu - kh\u00f4ng th\u1ec3 cho ch\u00fang ta bi\u1ebft b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec v\u1ec1 vi\u1ec7c n\u1ebfu c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 t\u1ea1o ra nh\u1eefng k\u1ebft qu\u1ea3 t\u1ed1i \u01b0u v\u1ec1 m\u1eb7t x\u00e3 h\u1ed9i, ch\u1ee9 kh\u00f4ng ph\u1ea3i kinh t\u1ebf, hay kh\u00f4ng? N\u1ebfu c\u1ee7a c\u1ea3i kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i \u0111\u1ed3ng \u0111\u1ec1u tr\u01b0\u1edbc khi m\u1ecdi ng\u01b0\u1eddi b\u1eaft \u0111\u1ea7u mua b\u00e1n trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng, th\u00ec sau \u0111\u00f3 n\u00f3 c\u0169ng s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i \u0111\u1ed3ng \u0111\u1ec1u h\u01a1n ch\u00fat n\u00e0o. M\u1ed9t th\u1ecb tr\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t s\u1ebd l\u00e0m cho m\u1ecdi ng\u01b0\u1eddi gi\u00e0u c\u00f3 h\u01a1n khi vi\u1ec7c mua b\u00e1n m\u1edbi b\u1eaft \u0111\u1ea7u - nh\u01b0ng gi\u00e0u c\u00f3 h\u01a1n so v\u1edbi h\u1ecd tr\u01b0\u1edbc \u0111\u00f3 kh\u00f4ng so v\u1edbi ng\u01b0\u1eddi kh\u00e1c. M\u1eb7t kh\u00e1c, s\u1ef1 gi\u00e0u c\u00f3 l\u1ea1i c\u00e0ng l\u00e0m cho h\u1ecd gi\u00e0u c\u00f3 h\u01a1n.","T heo m\u1ed9t ngh\u0129a r\u1ed9ng h\u01a1n, nghi\u00ean c\u1ee9u c\u1ee7a Smith ch\u1ee9ng t\u1ecf r\u1eb1ng m\u1ecdi ng\u01b0\u1eddi nh\u01b0 \u00f4ng g\u1ecdi l\u00e0 \\\"nh\u1eefng con ng\u01b0\u1eddi gi\u1ea3n d\u1ecb v\u00e0 ch\u1ea5t ph\u00e1c\\\" c\u00f3 th\u1ec3 t\u1ef1 ph\u1ed1i h\u1ee3p \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c \u0111\u00edch c\u00e1c b\u00ean c\u00f9ng c\u00f3 l\u1ee3i d\u00f9 l\u00e0 h\u1ecd th\u1ef1c s\u1ef1 ch\u01b0a bi\u1ebft ch\u1eafc, tr\u01b0\u1edbc h\u1ebft, nh\u1eefng m\u1ee5c \u0111\u00edch \u0111\u00f3 l\u00e0 g\u00ec. V\u00e0 h\u1ecd c\u00f3 th\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c vi\u1ec7c n\u00e0y m\u00e0 kh\u00f4ng c\u1ea7n ai h\u01b0\u1edbng d\u1eabn hay sai khi\u1ebfn h\u00e0nh vi c\u1ee7a h\u1ecd. M\u1eb7c d\u00f9 kh\u00f4ng ai trong s\u1ed1 h\u1ecd bi\u1ebft t\u1ea5t c\u1ea3, nh\u01b0ng ph\u1ed1i h\u1ee3p c\u00f9ng nhau h\u1ecd l\u1ea1i bi\u1ebft \u0111\u1ea7y \u0111\u1ee7. II T h\u1eadm ch\u00ed khi Smith v\u00e0 c\u00e1c h\u1ecdc tr\u00f2 c\u1ee7a \u00f4ng \u0111\u00e3 ch\u1ee9ng minh \u0111\u01b0\u1ee3c c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o d\u00f9 v\u1edbi nh\u1eefng con ng\u01b0\u1eddi th\u1ef1c \u1edf trong \u0111\u00f3, th\u00ec m\u1ed9t tr\u01b0\u1eddng ph\u00e1i t\u01b0 t\u01b0\u1edfng kh\u00e1c trong kinh t\u1ebf h\u1ecdc v\u1eabn t\u00ecm c\u00e1ch ch\u1ee9ng t\u1ecf c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 g\u1eb7p r\u1eafc r\u1ed1i nh\u01b0 th\u1ebf n\u00e0o n\u1ebfu nh\u1eefng con ng\u01b0\u1eddi th\u1ef1c trong th\u1ecb tr\u01b0\u1eddng b\u1ecb t\u00ecnh c\u1ea3m chi ph\u1ed1i. T heo truy\u1ec1n th\u1ed1ng, c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc l\u00e0m vi\u1ec7c d\u1ef1a tr\u00ean gi\u1ea3 thuy\u1ebft cho r\u1eb1ng m\u1ecdi ng\u01b0\u1eddi c\u01a1 b\u1ea3n \u0111\u1ec1u c\u00f3 l\u00fd tr\u00ed trong \u0111\u1eddi s\u1ed1ng kinh t\u1ebf c\u1ee7a m\u00ecnh. Ch\u1eafc ch\u1eafn, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 kinh t\u1ebf bi\u1ebft r\u1eb1ng ng\u01b0\u1eddi ti\u00eau d\u00f9ng ho\u00e0n to\u00e0n kh\u00f4ng theo m\u1ed9t m\u1eabu h\u00ecnh l\u00fd tr\u00ed l\u00fd t\u01b0\u1edfng n\u00e0o. Nh\u01b0ng d\u01b0\u1eddng nh\u01b0 h\u1ecd cho r\u1eb1ng, nh\u00ecn chung, m\u1ecdi ng\u01b0\u1eddi \u0111\u00e3 h\u00e0nh \u0111\u1ed9ng c\u1ee9 nh\u01b0 l\u00e0 h\u1ecd r\u1ea5t c\u00f3 l\u00fd tr\u00ed. V\u00e0, trong b\u1ea5t c\u1ee9 tr\u01b0\u1eddng h\u1ee3p n\u00e0o, n\u1ebfu kh\u00f4ng c\u00f3 m\u1ed9t \u00fd th\u1ee9c r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c m\u1ecdi ng\u01b0\u1eddi \u0111\u00e3 xa r\u1eddi l\u00fd tr\u00ed nh\u01b0 th\u1ebf n\u00e0o th\u00ec kh\u00f3 c\u00f3 th\u1ec3 n\u00f3i \u0111\u01b0\u1ee3c \u0111i\u1ec1u g\u00ec r\u00f5","r\u00e0ng v\u00e0 h\u00f9ng h\u1ed3n v\u1ec1 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng. Cu\u1ed1i c\u00f9ng, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 l\u00e0m cho t\u1ea5t c\u1ea3 thay \u0111\u1ed5i. C\u00e1c nh\u00e0 kinh t\u1ebf b\u1eaft \u0111\u1ea7u d\u00e0nh r\u1ea5t nhi\u1ec1u s\u1ef1 ch\u00fa \u00fd v\u00e0 c\u00f4ng s\u1ee9c \u0111\u1ec3 t\u00ecm hi\u1ec3u t\u00e2m l\u00fd v\u00e0 h\u00e0nh vi c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u1ee7a kh\u00e1ch h\u00e0ng, v\u00e0 \u0111\u00e3 ph\u00e1t hi\u1ec7n \u0111\u01b0\u1ee3c m\u1ed9t s\u1ed1 c\u00e1ch m\u00e0 c\u00e1c nh\u00f3m \u0111\u00f4ng ng\u01b0\u1eddi r\u00f5 r\u00e0ng \u0111\u00e3 xa r\u1eddi l\u00fd tr\u00ed. M\u1ed9t s\u1ed1 ng\u01b0\u1eddi \u0111\u00e3 di\u1ec5n gi\u1ea3i s\u1ef1 s\u00e1ng su\u1ed1t c\u1ee7a kinh t\u1ebf h\u1ecdc h\u00e0nh vi c\u00f3 ngh\u0129a l\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng lu\u00f4n c\u00f3 khi\u1ebfm khuy\u1ebft gi\u1ed1ng nh\u01b0 c\u00e1c c\u01a1 ch\u1ebf ph\u00e2n ph\u1ed1i hay gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1. T uy nhi\u00ean, \u0111i\u1ec1u n\u00e0y \u0111\u00f2i h\u1ecfi ph\u1ea3i c\u00f3 b\u01b0\u1edbc nh\u1ea3y v\u1ecdt v\u1ec1 nh\u1eadn th\u1ee9c nh\u01b0ng l\u1ea1i ch\u01b0a c\u00f3 l\u00fd do \u0111\u1ec3 th\u1ef1c hi\u1ec7n. M\u1eb7c d\u00f9 r\u00f5 r\u00e0ng nhi\u1ec1u c\u00e1 nh\u00e2n c\u00f3 nh\u1eefng th\u00e1i \u0111\u1ed9 phi l\u00fd \u0111\u1ed1i v\u1edbi v\u1ea5n \u0111\u1ec1 ti\u1ec1n b\u1ea1c, \u0111\u1ea7u t\u01b0, ti\u00eau d\u00f9ng th\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u0169ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 khi ta t\u1ed5ng h\u1ee3p l\u1ea1i t\u1ea5t c\u1ea3 nh\u1eefng s\u1ef1 l\u1ef1a ch\u1ecdn c\u1ee7a h\u1ecd, k\u1ebft qu\u1ea3 c\u0169ng s\u1ebd l\u00e0 m\u1ed9t s\u1ef1 phi l\u00fd chung cho c\u1ea3 t\u1eadp th\u1ec3. L\u1ea5y m\u1ed9t ph\u00e1t hi\u1ec7n \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn nhi\u1ec1u nh\u1ea5t trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh h\u00e0nh vi, \u0111\u00f3 l\u00e0 con ng\u01b0\u1eddi ta th\u01b0\u1eddng qu\u00e1 c\u1ea3 tin. Ch\u00fang ta bi\u1ebft r\u1eb1ng \u0111i\u1ec1u n\u00e0y g\u00e2y ra nh\u1eefng h\u1eadu qu\u1ea3 c\u1ee5 th\u1ec3 trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n - c\u00e1c c\u00e1 nh\u00e2n mua b\u00e1n nhi\u1ec1u h\u01a1n m\u1ee9c h\u1ecd n\u00ean l\u00e0m v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 h\u1ecd b\u1ecb m\u1ea5t ti\u1ec1n. V\u00ed d\u1ee5, m\u1ed9t c\u00f4ng tr\u00ecnh nghi\u00ean c\u1ee9u \u0111i\u1ec3n h\u00ecnh c\u1ee7a Terrence Barber v\u00e0 Brad O'Dean \u0111\u00e3 quan s\u00e1t t\u1ea5t c\u1ea3 s\u1ed1 c\u1ed5 phi\u1ebfu m\u00e0 c\u00e1c c\u00e1 nh\u00e2n giao d\u1ecbch trong v\u00f2ng m\u1ed9t s\u1ed1 th\u00e1ng nh\u1ea5t \u0111\u1ecbnh (theo thu\u1eadt ng\u1eef c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, kho\u1ea3ng th\u1eddi gian n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 T K - N.D). T rong kho\u1ea3ng th\u1eddi gian \u1ea5y, t\u00ednh trung","b\u00ecnh, s\u1ed1 c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd mua gi\u1ea3m T K% trong khi \u0111\u00f3, s\u1ed1 c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd b\u00e1n ra l\u1ea1i t\u0103ng T K%. Nh\u1eefng ng\u01b0\u1eddi n\u00e0y n\u1ebfu ng\u1ed3i khoanh tay m\u1ed9t ch\u1ed7 c\u00f3 th\u1ec3 m\u1ecdi vi\u1ec7c \u0111\u00e3 t\u1ed1t h\u01a1n. T uy v\u1eady, v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng kh\u00f4ng ph\u1ea3i l\u00e0 li\u1ec7u s\u1ef1 qu\u00e1 c\u1ea3 tin c\u00f3 l\u00e0m cho c\u00e1c c\u00e1 nh\u00e2n giao d\u1ecbch b\u1ecb t\u1ed5n h\u1ea1i hay kh\u00f4ng. V\u1ea5n \u0111\u1ec1 quan tr\u1ecdng l\u00e0 n\u1ebfu n\u00f3 c\u00f3 l\u00e0m nghi\u00eang l\u1ec7ch th\u1ecb tr\u01b0\u1eddng (hay gi\u00e1 c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu c\u1ee5 th\u1ec3) m\u1ed9t c\u00e1ch h\u1ec7 th\u1ed1ng theo m\u1ed9t h\u01b0\u1edbng hay kh\u00f4ng. V\u00e0 \u0111i\u1ec1u r\u00f5 r\u00e0ng l\u00e0 kh\u00f4ng c\u00f3 l\u00fd do g\u00ec \u0111\u1ec3 tin l\u00e0 n\u00f3 c\u00f3, v\u00ec vi\u1ec7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u00e1 c\u1ea3 tin kh\u00f4ng cho ch\u00fang ta bi\u1ebft h\u1ecd qu\u00e1 tin v\u1ec1 quan \u0111i\u1ec3m n\u00e0o. N\u00f3i c\u00e1ch kh\u00e1c, t\u00f4i c\u00f3 th\u1ec3 qu\u00e1 tin r\u1eb1ng c\u1ed5 phi\u1ebfu t\u00f4i v\u1eeba mua s\u1ebd t\u0103ng gi\u00e1, ho\u1eb7c t\u00f4i c\u00f3 th\u1ec3 qu\u00e1 tin r\u1eb1ng c\u1ed5 phi\u1ebfu t\u00f4i v\u1eeba b\u00e1n non s\u1ebd gi\u1ea3m gi\u00e1. C\u1ea3m gi\u00e1c ch\u1eafc ch\u1eafn c\u1ee7a t\u00f4i s\u1ebd kh\u00f4ng c\u00f3 t\u00e1c \u0111\u1ed9ng h\u1ec7 th\u1ed1ng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng v\u00ec kh\u00f4ng c\u00f3 l\u00fd do g\u00ec \u0111\u1ec3 ngh\u0129 r\u1eb1ng s\u1ef1 qu\u00e1 tin \u1edf m\u1ee9c \u0111\u1ed9 n\u00e0o \u0111\u00f3 t\u01b0\u01a1ng quan v\u1edbi m\u1ed9t th\u00e1i \u0111\u1ed9 c\u1ee5 th\u1ec3 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. N\u1ebfu c\u00f3 - ch\u1eb3ng h\u1ea1n, n\u1ebfu t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi qu\u00e1 tin \u0111\u1ec1u gh\u00e9t c\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 - th\u00ec t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi gi\u00e1 c\u1ea3 c\u00f3 th\u1ec3 nghi\u00eam tr\u1ecdng. T h\u1ebf nh\u01b0ng, v\u1eabn ch\u01b0a c\u00f3 b\u1eb1ng ch\u1ee9ng v\u1ec1 m\u1ed1i li\u00ean h\u1ec7 \u0111\u00f3. \u00dd ngh\u0129a ch\u00ednh l\u00e0 ch\u1ec9 c\u00f3 nh\u1eefng th\u00f3i quen h\u00e0nh vi n\u00e0o t\u1ea1o ra s\u1ef1 thi\u00ean l\u1ec7ch trong quan \u0111i\u1ec3m m\u1ed9t c\u00e1ch h\u1ec7 th\u1ed1ng - ngh\u0129a l\u00e0 theo c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 nh\u1eefng c\u1ed5 phi\u1ebfu c\u1ee5 th\u1ec3, hay c\u00e1ch h\u1ecd \u0111\u00e1nh gi\u00e1 \u0111\u1ea7u t\u01b0 n\u00f3i chung - m\u1edbi th\u1ef1c s\u1ef1 g\u00e2y t\u1ed5n h\u1ea1i cho","th\u1ecb tr\u01b0\u1eddng. T \u00f3m l\u1ea1i, quan \u0111i\u1ec3m chung trong c\u00f4ng tr\u00ecnh c\u1ee7a Vernon Smith \u0111\u00f3 l\u00e0: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i duy l\u00fd v\u00e0 th\u1ecb tr\u01b0\u1eddng kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i ho\u00e0n h\u1ea3o, v\u00ec th\u1ecb tr\u01b0\u1eddng v\u1eabn r\u1ea5t xu\u1ea5t s\u1eafc trong vi\u1ec7c gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1. Nh\u01b0 Smith nh\u1eadn x\u00e9t, \\\"C\u00e1c th\u1ecb tr\u01b0\u1eddng l\u00e0m vi\u1ec7c c\u1ee7a ch\u00fang v\u1edbi b\u1ea5t k\u1ec3 m\u1ee9c gi\u00e1 n\u00e0o c\u00e1c c\u00e1 nh\u00e2n \u0111\u01b0a ra - h\u1ee3p l\u00fd, kh\u00f4ng h\u1ee3p l\u00fd, hay phi l\u00fd.\\\" N\u00f3i c\u00e1ch kh\u00e1c s\u1ef1 phi l\u00fd c\u00e1 nh\u00e2n v\u1eabn c\u00f3 th\u1ec3 l\u00e0m t\u0103ng th\u00eam s\u1ef1 phi l\u00fd t\u1eadp th\u1ec3 (nh\u01b0 ph\u1ea7n nhi\u1ec1u cu\u1ed1n s\u00e1ch n\u00e0y \u0111\u00e3 c\u1ed1 g\u1eafng th\u1ec3 hi\u1ec7n). C\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc Shyam Sunder v\u00e0 Dhananjay Gode \u0111\u00e3 ti\u1ebfn h\u00e0nh m\u1ed9t th\u00ed nghi\u1ec7m v\u1edbi c\u00e1c robot tham gia giao d\u1ecbch \u0111\u1ec3 ch\u1ee9ng minh quan \u0111i\u1ec3m n\u00e0y. M\u1ed9t trong nh\u1eefng xu h\u01b0\u1edbng m\u00e0 c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc h\u00e0nh vi ph\u00e1t hi\u1ec7n ra l\u00e0 c\u1ea5m m\u1ecdi ng\u01b0\u1eddi d\u1ef1a v\u00e0o nh\u1eefng \\\"c\u01a1 s\u1edf tin c\u1eady\\\" khi h\u1ecd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh. C\u01a1 s\u1edf tin c\u1eady th\u1ef1c th\u1ea5t l\u00e0 nh\u1eefng con s\u1ed1 b\u1ea5t k\u1ef3 - ch\u1eb3ng h\u1ea1n nh\u01b0 gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t lo\u1ea1i c\u1ed5 phi\u1ebfu - m\u00e0 m\u1ecdi ng\u01b0\u1eddi d\u1eabu sao c\u0169ng n\u1eafm b\u1eaft v\u00e0 cho ph\u00e9p t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u00e1ch h\u1ecd \u0111\u01b0a ra s\u1ef1 l\u1ef1a ch\u1ecdn. V\u00ed d\u1ee5, thay v\u00ec ch\u1ec9 \u0111\u01a1n gi\u1ea3n nghi\u00ean c\u1ee9u m\u1ed9t c\u00f4ng ty v\u00e0 quy\u1ebft \u0111\u1ecbnh xem gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty n\u00ean \u1edf m\u1ee9c n\u00e0o cho ph\u00f9 h\u1ee3p \u0111\u1ec3 m\u1edf ra nh\u1eefng tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai cho n\u00f3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1ea1i r\u1ea5t d\u1ec5 b\u1ecb \u1ea3nh h\u01b0\u1edfng m\u1ed9t c\u00e1ch th\u00e1i qu\u00e1 (\u1edf m\u1ee9c n\u00e0y hay m\u1ee9c kh\u00e1c) b\u1edfi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3. \u0110\u1ec3 ki\u1ec3m \u0111\u1ecbnh l\u1ea1i t\u00e1c \u0111\u1ed9ng c\u1ee7a s\u1ef1 \u1ea3nh h\u01b0\u1edfng n\u00e0y, Sunder v\u00e0 Gode \u0111\u00e3 trang b\u1ecb cho nh\u00f3m c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 robot m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c g\u1ecdi l\u00e0 chi\u1ebfn l\u01b0\u1ee3c c\u1ed1 \u0111\u1ecbnh-v\u00e0-\u0111i\u1ec1u ch\u1ec9nh. N\u00f3i c\u00e1ch kh\u00e1c, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eaft \u0111\u1ea7u t\u1ea1i m\u1ed9t v\u1ecb tr\u00ed c\u1ee5 th\u1ec3 v\u00e0 thay","v\u00ec ch\u1ec9 \u0111\u01a1n gi\u1ea3n t\u1ef1 m\u00ecnh xem x\u00e9t m\u1ed9t th\u00f4ng tin m\u1edbi, h\u1ecd l\u1ea1i lu\u00f4n li\u00ean h\u1ec7 th\u00f4ng tin \u0111\u00f3 v\u1edbi ngu\u1ed3n g\u1ed1c c\u1ed5 phi\u1ebfu v\u00e0 th\u1eddi \u0111i\u1ec3m h\u1ecd mua n\u00f3. H\u1ecd \u0111i\u1ec1u ch\u1ec9nh theo th\u00f4ng tin m\u1edbi, nh\u01b0ng kh\u00f4ng ho\u00e0n to\u00e0n t\u1ef1 do nh\u01b0 c\u00e1ch m\u00e0 h\u1ecdc thuy\u1ebft kinh t\u1ebf d\u1ef1 b\u00e1o l\u00e0 h\u1ecd n\u00ean \u00e1p d\u1ee5ng. Nh\u01b0ng, cu\u1ed1i c\u00f9ng, \u0111i\u1ec1u \u0111\u00f3 c\u0169ng kh\u00f4ng t\u1ea1o n\u00ean s\u1ef1 kh\u00e1c bi\u1ec7t. Vi\u1ec7c mua v\u00e0 b\u00e1n c\u1ee7a c\u00e1c robot giao d\u1ecbch r\u1ed1t cu\u1ed9c \u0111\u1ec1u quy v\u1ec1 r\u1ea5t g\u1ea7n v\u1edbi m\u1ee9c gi\u00e1 t\u1ed1i \u01b0u. C\u00e1c robot giao d\u1ecbch th\u1ef1c s\u1ef1 phi l\u00fd v\u00e0 th\u1ecb tr\u01b0\u1eddng v\u1eabn l\u00e0m cho m\u1ecdi vi\u1ec7c \u1ed5n th\u1ecfa. Nh\u01b0 v\u1eady \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c th\u00f3i quen h\u00e0nh vi ch\u1ec9 l\u00e0 nh\u1eefng \u0111i\u1ec1u b\u1ea5t th\u01b0\u1eddng v\u00e0 th\u1ef1c s\u1ef1 kh\u00f4ng li\u00ean quan \u0111\u1ebfn c\u00e1ch th\u1ee9c th\u1ecb tr\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng? K\u1ebft lu\u1eadn \u0111\u00f3 \u0111i qu\u00e1 xa theo m\u1ed9t h\u01b0\u1edbng kh\u00e1c. Ch\u1eebng n\u00e0o nh\u1eefng l\u1ec7ch l\u1ea1ch xa t\u1edbi s\u1ef1 \\\"h\u1ee3p l\u00fd\\\" c\u00f2n mang t\u00ednh ng\u1eabu nhi\u00ean, th\u00ec nh\u1eefng sai l\u1ea7m n\u00e0y s\u1ebd t\u1ef1 lo\u1ea1i b\u1ecf ch\u00fang v\u00e0, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea5y kh\u00f4ng bi\u1ebft bao nhi\u00eau l\u1ea7n, nh\u00f3m s\u1ebd v\u1eabn \u0111\u01b0a ra c\u00e2u tr\u1ea3 l\u1eddi \u0111\u00fang. Nh\u01b0ng khi nh\u1eefng sai l\u1ea7m n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 ng\u1eabu nhi\u00ean, m\u00e0 mang t\u00ednh h\u1ec7 th\u1ed1ng v\u00e0 khi kh\u00f4ng c\u00f3 c\u01a1 ch\u1ebf \u0111\u1ec3 ch\u00fang lo\u1ea1i b\u1ecf l\u1eabn nhau, th\u00ec c\u00e1c th\u1ecb tr\u01b0\u1eddng s\u1ebd kh\u00f3 kh\u0103n h\u01a1n r\u1ea5t nhi\u1ec1u \u0111\u1ec3 t\u00ecm ra \u0111\u01b0\u1ee3c gi\u1ea3i ph\u00e1p \u0111\u00fang \u0111\u1eafn. C\u00f3 l\u1ebd v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh nh\u1ea5t v\u1ec1 \u0111i\u1ec1u n\u00e0y l\u00e0 xu h\u01b0\u1edbng \u00edt ti\u1ebft ki\u1ec7m c\u1ee7a ng\u01b0\u1eddi M\u1ef9. H\u1ecdc thuy\u1ebft kinh t\u1ebf cho r\u1eb1ng m\u1ee9c chi ti\u00eau c\u1ee7a con ng\u01b0\u1eddi n\u00ean \u1ed5n \u0111\u1ecbnh t\u01b0\u01a1ng \u0111\u1ed1i v\u1edbi v\u00f2ng \u0111\u1eddi. X\u00e9t cho c\u00f9ng, m\u1ed7i kho\u1ea3nh kh\u1eafc b\u1ea1n \u0111ang s\u1ed1ng c\u00f3 l\u1ebd \u0111\u1ec1u c\u00f3 gi\u00e1 tr\u1ecb nh\u01b0 b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o kh\u00e1c, v\u1eady t\u1ea1i sao b\u1ea1n n\u00ean h\u01b0\u1edfng th\u1ee5 \u00edt h\u01a1n (b\u1eb1ng c\u00e1ch chi ti\u00eau \u00edt \u0111i) khi v\u1ec1 gi\u00e0? D\u1eabu sao, \u0111\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u","n\u00e0y, m\u1ecdi ng\u01b0\u1eddi c\u1ea7n ph\u1ea3i ti\u1ebft ki\u1ec7m m\u1ed9t ph\u1ea7n thu nh\u1eadp \u0111\u00e1ng k\u1ec3 khi c\u00f2n \u0111ang l\u00e0m vi\u1ec7c. H\u1ecd c\u1ea7n h\u1ea1n ch\u1ebf m\u1ee9c chi ti\u00eau hi\u1ec7n t\u1ea1i \u0111\u1ec3 d\u00e0nh cho chi ti\u00eau sau n\u00e0y. \u0110a s\u1ed1 ng\u01b0\u1eddi M\u1ef9 kh\u00f4ng l\u00e0m nh\u01b0 v\u1eady. T h\u1ef1c ra, m\u1ee9c chi ti\u00eau gi\u1ea3m \u0111i nhi\u1ec1u khi ng\u01b0\u1eddi ta v\u1ec1 h\u01b0u v\u00e0 nh\u1eefng c\u00f4ng d\u00e2n cao tu\u1ed5i xoay x\u1edf k\u00e9m h\u01a1n nhi\u1ec1u so v\u1edbi th\u1eddi h\u1ecd \u0111ang c\u00f2n l\u00e0m vi\u1ec7c. T h\u1eadt k\u1ef3 l\u1ea1, \u0111i\u1ec1u n\u00e0y kh\u00f4ng ph\u1ea3i v\u00ec m\u1ecdi ng\u01b0\u1eddi kh\u00f4ng mu\u1ed1n ti\u1ebft ki\u1ec7m. T r\u00ean th\u1ef1c t\u1ebf, n\u1ebfu b\u1ea1n h\u1ecfi m\u1ecdi ng\u01b0\u1eddi v\u1ec1 nh\u1eefng vi\u1ec7c h\u1ecd n\u00ean l\u00e0m, h\u1ecd s\u1ebd th\u1ec3 hi\u1ec7n \u00fd mu\u1ed1n ti\u1ebft ki\u1ec7m. Nh\u01b0ng \u0111\u1ebfn l\u00fac th\u1ef1c s\u1ef1 ph\u1ea3i ti\u1ebft ki\u1ec7m th\u00ec nh\u1eefng sinh vi\u00ean \u0111\u1ea1i h\u1ecdc (v\u00e0 c\u00e1c nh\u00e0 v\u0103n) t\u1eeb trong t\u1eadn \u0111\u00e1y l\u00f2ng: h\u1ecd ch\u1ea7n ch\u1eeb. T heo thu\u1eadt ng\u1eef kinh t\u1ebf, h\u1ecd coi tr\u1ecdng hi\u1ec7n t\u1ea1i h\u01a1n t\u01b0\u01a1ng lai t\u1edbi m\u1ee9c nh\u1eefng kho\u1ea3n ti\u1ec1n ti\u1ebft ki\u1ec7m d\u01b0\u1eddng nh\u01b0 kh\u00f4ng c\u00f3 \u00fd ngh\u0129a. \u0110i\u1ec1u ngh\u1ecbch l\u00fd \u0111\u00f3 l\u00e0 m\u1eb7c d\u00f9 ng\u01b0\u1eddi M\u1ef9 kh\u00f4ng s\u1eb5n s\u00e0ng hy sinh m\u1ed9t ph\u1ea7n hi\u1ec7n t\u1ea1i \u0111\u1ec3 c\u1ea3i thi\u1ec7n t\u01b0\u01a1ng lai, nh\u01b0ng h\u1ecd n\u00f3i h\u1ecd s\u1eb5n s\u00e0ng hy sinh m\u1ed9t ph\u1ea7n t\u01b0\u01a1ng lai \u0111\u1ec3 c\u1ea3i thi\u1ec7n nh\u1eefng tri\u1ec3n v\u1ecdng l\u00e2u d\u00e0i. N\u00f3i c\u00e1ch kh\u00e1c, d\u00f9 ng\u00e0y h\u00f4m nay h\u1ecd ch\u01b0a s\u1eb5n s\u00e0ng ti\u1ebft ki\u1ec7m ph\u1ea7n thu nh\u1eadp n\u00e0o, nh\u01b0ng ng\u00e0y mai h\u1ecd s\u1eb5n s\u00e0ng ti\u1ebft ki\u1ec7m nh\u1eefng kho\u1ea3n thu nh\u1eadp \u0111\u00e1ng k\u1ec3. V\u1ea5n \u0111\u1ec1 l\u00e0 \u1edf ch\u1ed7, m\u1ecdi ng\u01b0\u1eddi h\u00f3a ra kh\u00f4ng gi\u1ecfi \u0111\u00e1nh gi\u00e1 nh\u1eefng s\u1edf th\u00edch trong t\u01b0\u01a1ng lai c\u1ee7a m\u00ecnh s\u1ebd l\u00e0 g\u00ec. \u0110i\u1ec1u n\u00e0y th\u1ef1c s\u1ef1 kh\u00f4ng c\u00f3 g\u00ec \u0111\u00e1ng ng\u1ea1c nhi\u00ean l\u1eafm: ch\u00fang ta thay \u0111\u1ed5i, ho\u00e0n c\u1ea3nh thay \u0111\u1ed5i, v\u1eady t\u1ea1i sao ch\u00fang ta ph\u1ea3i t\u01b0\u1edfng t\u01b0\u1ee3ng r\u1eb1ng ch\u00fang ta bi\u1ebft","nh\u1eefng \u0111i\u1ec1u ch\u00fang ta s\u1ebd mu\u1ed1n? Nh\u01b0ng m\u1ed9t h\u1eadu qu\u1ea3 c\u1ee7a \u0111i\u1ec1u \u0111\u00f3 l\u00e0: nh\u1eefng k\u1ebf ho\u1ea1ch ch\u00fang ta l\u1eadp ra ng\u00e0y h\u00f4m nay \u0111\u1ec3 d\u1ef1 t\u00ednh c\u00e1ch ch\u00fang ta s\u1ebd h\u00e0nh \u0111\u1ed9ng ng\u00e0y mai c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 t\u00e1c d\u1ee5ng. C\u1ee5 th\u1ec3, n\u1ebfu ch\u00fang ta n\u00f3i ch\u00fang ta s\u1ebd kh\u00f4ng lo ti\u1ebft ki\u1ec7m h\u00f4m nay v\u00ec cu\u1ed1i c\u00f9ng ng\u00e0y mai ch\u00fang ta c\u0169ng s\u1ebd ti\u1ebft ki\u1ec7m th\u00ec s\u1ebd kh\u00f4ng \u0111\u00e1ng ng\u1ea1c nhi\u00ean n\u1ebfu ng\u00e0y mai \u0111\u1ebfn ch\u00fang ta nh\u1eadn th\u1ea5y m\u00ecnh v\u1eabn ti\u1ebfp t\u1ee5c chi ti\u00eau. Nh\u01b0 v\u1eady, trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, s\u1ef1 phi l\u00fd c\u00e1 nh\u00e2n d\u1eabn \u0111\u1ebfn s\u1ef1 phi l\u00fd t\u1eadp th\u1ec3 - n\u1ebfu ch\u00fang ta c\u00f3 th\u1ec3 cho r\u1eb1ng th\u1eadt phi l\u00fd khi c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi s\u1ebd kh\u00f4ng c\u00f3 \u0111\u1ee7 ti\u1ec1n \u0111\u1ec3 s\u1ed1ng tho\u1ea3i m\u00e1i l\u00fac v\u1ec1 h\u01b0u. T uy nhi\u00ean, ch\u01b0a ph\u1ea3i \u0111\u00e3 m\u1ea5t h\u1ebft t\u1ea5t c\u1ea3. M\u1ecdi ng\u01b0\u1eddi, suy cho c\u00f9ng, \u0111\u1ec1u mu\u1ed1n ti\u1ebft ki\u1ec7m. V\u00e0 b\u1eb1ng ch\u1ee9ng cho th\u1ea5y h\u1ecd kh\u00f4ng c\u1ea7n \u0111\u1ed9ng l\u1ef1c l\u1edbn \u0111\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3. C\u00e1i h\u1ecd c\u1ea7n, b\u1ea1n c\u00f3 th\u1ec3 n\u00f3i, l\u00e0 c\u00e1ch \u0111\u1ec3 ti\u1ebft ki\u1ec7m d\u1ec5 h\u01a1n v\u00e0 chi ti\u00eau kh\u00f3 h\u01a1n. C\u00f3 m\u1ed9t c\u00e1ch th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c vi\u1ec7c n\u00e0y \u0111\u00f3 l\u00e0 l\u00e0m cho vi\u1ec7c tham gia v\u00e0o c\u00e1c k\u1ebf ho\u1ea1ch h\u01b0u tr\u00ed tr\u1edf n\u00ean t\u1ef1 \u0111\u1ed9ng, ch\u1ee9 kh\u00f4ng y\u00eau c\u1ea7u m\u1ecdi ng\u01b0\u1eddi ph\u1ea3i k\u00fd giao k\u00e8o \u0111\u1ed1i v\u1edbi h\u1ecd. H\u00f3a ra, n\u1ebfu m\u1ecdi ng\u01b0\u1eddi ph\u1ea3i h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh kh\u00f4ng tham gia v\u00e0o k\u1ebf ho\u1ea1ch h\u01b0u tr\u00ed, thay v\u00ec ph\u1ea3i h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh tham gia v\u00e0o, h\u1ecd c\u00e0ng c\u00f3 kh\u1ea3 n\u0103ng g\u1eafn b\u00f3 v\u1edbi k\u1ebf ho\u1ea1ch n\u00e0y h\u01a1n nhi\u1ec1u v\u00e0 v\u00ec th\u1ebf c\u00e0ng c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng ti\u1ebft ki\u1ec7m h\u01a1n. T \u00ednh \u00ec l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 hi\u1ec7u l\u1ef1c. T \u01b0\u01a1ng t\u1ef1, n\u1ebfu m\u1ecdi ng\u01b0\u1eddi c\u00f3 c\u01a1 h\u1ed9i \u0111\u1ec3 d\u00e0nh m\u1ed9t ph\u1ea7n thu nh\u1eadp t\u01b0\u01a1ng lai, th\u00ec c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng h\u1ecd s\u1ebd l\u00e0m vi\u1ec7c \u0111\u00f3 h\u01a1n so v\u1edbi vi\u1ec7c h\u1ecd \u0111\u1ecbnh \u0111\u1ec3 d\u00e0nh","kho\u1ea3n thu nh\u1eadp hi\u1ec7n t\u1ea1i. V\u00ec th\u1ebf, c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc Richard T haler v\u00e0 Shlomo Benartri \u0111\u00e3 l\u1eadp ra k\u1ebf ho\u1ea1ch h\u01b0u tr\u00ed t\u1ea1i m\u1ed9t c\u00f4ng ty, n\u01a1i c\u00e1c nh\u00e2n vi\u00ean c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn c\u00e1c m\u1ee9c ti\u1ebft ki\u1ec7m kh\u00e1c nhau theo thu nh\u1eadp hi\u1ec7n t\u1ea1i v\u00e0 t\u01b0\u01a1ng lai. Ch\u1eb3ng c\u00f3 g\u00ec ng\u1ea1c nhi\u00ean, h\u1ecd \u0111\u00e3 ch\u1ea5p nh\u1eadn c\u00e1c m\u1ee9c cao h\u01a1n \u0111\u1ed1i v\u1edbi thu nh\u1eadp h\u1eb1ng th\u00e1ng trong t\u01b0\u01a1ng lai v\u00e0 trong v\u00f2ng m\u1ed9t th\u1eddi gian ng\u1eafn, h\u1ecd \u0111\u00e3 nh\u00e2n \u0111\u00f4i m\u1ee9c ti\u1ebft ki\u1ec7m trung b\u00ecnh c\u1ee7a m\u00ecnh. \u0110i\u1ec1u l\u00e0m cho nh\u1eefng gi\u1ea3i ph\u00e1p n\u00e0y c\u00f3 hi\u1ec7u l\u1ef1c \u0111\u00f3 l\u00e0: thay v\u00ec \u00e1p \u0111\u1eb7t c\u00e1c y\u00eau c\u1ea7u hay nhi\u1ec7m v\u1ee5 t\u1eeb tr\u00ean xu\u1ed1ng d\u01b0\u1edbi, h\u1ecd c\u1ed1 g\u1eafng khai th\u00e1c c\u00e1c s\u1edf th\u00edch c\u1ee7a m\u1ecdi ng\u01b0\u1eddi m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 b\u1eb1ng c\u00e1ch cho h\u1ecd nhi\u1ec1u quy\u1ec1n l\u1ef1a ch\u1ecdn v\u00e0 thay \u0111\u1ed5i c\u00e1c g\u00f3c nh\u00ecn \u0111\u1ec3 qua \u0111\u00f3 m\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 quan s\u00e1t \u0111\u01b0\u1ee3c cu\u1ed9c s\u1ed1ng t\u00e0i ch\u00ednh c\u1ee7a ch\u00ednh m\u00ecnh. B\u1eb1ng c\u00e1ch t\u1ea1o ra nh\u1eefng c\u01a1 c\u1ea5u th\u1ecb tr\u01b0\u1eddng ph\u00f9 h\u1ee3p, h\u1ecd \u0111\u00e3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n l\u00e0m n\u1ea3y sinh h\u00e0nh vi t\u1eadp th\u1ec3 h\u1ee3p l\u00fd h\u01a1n. Nh\u1eefng c\u01a1 c\u1ea5u m\u1edbi, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea5y, kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng c\u1ea7n thi\u1ebft. M\u1ed9t s\u1ed1 \u0111i\u1ec1u phi l\u00fd c\u00e1 nh\u00e2n c\u00f2n quan tr\u1ecdng h\u01a1n nh\u1eefng th\u1ee9 kh\u00e1c. Nhi\u1ec7m v\u1ee5 v\u1eabn c\u00f2n \u0111\u1ed1i v\u1edbi kinh t\u1ebf h\u1ecdc h\u00e0nh vi l\u00e0 t\u00ecm hi\u1ec3u xem th\u1ee9 n\u00e0o l\u00e0 th\u1ee9 n\u00e0o. III Nh\u01b0 v\u1eady, c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng th\u1eadm ch\u00ed v\u1edbi nh\u1eefng con ng\u01b0\u1eddi c\u00f2n t\u01b0\u01a1ng \u0111\u1ed1i thi\u1ebfu th\u00f4ng tin v\u00e0 thi\u1ebfu l\u00fd tr\u00ed. Nh\u01b0ng c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1ea5t m\u1ed9t th\u1eddi gian kh\u00f3 kh\u0103n h\u01a1n nhi\u1ec1u","\u0111\u1ec3 ho\u1ea1t \u0111\u1ed9ng t\u1ed1t khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111a d\u1ea1ng. L\u00fac \u0111\u00f3, \u0111i\u1ec1u n\u00e0y h\u1ea7u nh\u01b0 kh\u00f4ng c\u00f3 \u00fd ngh\u0129a theo quan \u0111i\u1ec3m c\u1ee7a kinh t\u1ebf h\u1ecdc truy\u1ec1n th\u1ed1ng, quan \u0111i\u1ec3m cho r\u1eb1ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u c\u00f3 nh\u1eefng s\u1edf th\u00edch v\u00e0 nh\u1eefng quan \u0111i\u1ec3m gi\u1ed1ng nhau. Nguy\u00ean nh\u00e2n khi\u1ebfn c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc th\u1eeba nh\u1eadn \u0111i\u1ec1u n\u00e0y l\u00e0 v\u00ec theo quan ni\u1ec7m t\u1ef1 nhi\u00ean cho r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u c\u00f3 l\u00fd tr\u00ed v\u00e0 c\u00f3 \u0111\u1ea7y \u0111\u1ee7 th\u00f4ng tin. N\u1ebfu c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 l\u00fd tr\u00ed v\u00e0 c\u00f3 \u0111\u1ea7y \u0111\u1ee7 th\u00f4ng tin th\u00ec h\u1ecd kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu, b\u1edfi nh\u1eefng ng\u01b0\u1eddi c\u00f3 l\u00fd tr\u00ed v\u00e0 c\u00f3 th\u00f4ng tin nh\u01b0 nhau kh\u00f4ng th\u1ec3 kh\u00f4ng \u0111\u1ed3ng \u00fd v\u1edbi nhau. \u0110i\u1ec1u g\u00e2y b\u1ed1i r\u1ed1i \u0111\u1ed1i v\u1edbi m\u1ed9t nh\u00e0 kinh t\u1ebf tr\u01b0\u1edbc th\u1ef1c t\u1ebf c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 r\u00f5 r\u00e0ng kh\u00f4ng \u0111\u1ed3ng nh\u1ea5t v\u00e0 kh\u00f4ng th\u1ed1ng nh\u1ea5t v\u1edbi nhau v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu l\u00e0 \u1edf ch\u1ed7 n\u00f3 bi\u1ec3u th\u1ecb r\u1eb1ng nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0, n\u1ebfu kh\u00f4ng n\u00f3i l\u00e0 t\u1ea5t c\u1ea3, \u0111\u1ec1u kh\u00f4ng c\u00f3 l\u00fd tr\u00ed theo m\u1ed9t \u00fd ngh\u0129a n\u00e0o \u0111\u00f3. T uy nhi\u00ean, k\u1ebft lu\u1eadn quan tr\u1ecdng v\u00e0 \u0111\u00e1ng ng\u1ea1c nhi\u00ean l\u00e0: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e0ng kh\u00e1c nhau th\u00ec th\u1ecb tr\u01b0\u1eddng c\u00e0ng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t. S\u1ef1 \u0111a d\u1ea1ng quan tr\u1ecdng \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng gi\u1ed1ng nh\u01b0 n\u00f3 quan tr\u1ecdng \u0111\u1ed1i v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c nh\u00f3m m\u00e0 ch\u00fang ta \u0111\u00e3 nghi\u00ean c\u1ee9u trong cu\u1ed1n s\u00e1ch n\u00e0y: S\u1ef1 \u0111a d\u1ea1ng n\u00e2ng cao t\u1ed1i \u0111a c\u01a1 h\u1ed9i n\u1eafm b\u1eaft th\u00f4ng tin m\u1edbi v\u00e0 gi\u1ea3m thi\u1ec3u c\u01a1 h\u1ed9i ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ed9c l\u1eadp. Nh\u1eefng h\u1eadu qu\u1ea3 khi thi\u1ebfu s\u1ef1 \u0111a d\u1ea1ng l\u00e0 g\u00ec? H\u00e3y nh\u00ecn l\u1ea1i m\u00f9a h\u00e8 n\u0103m 1998, khi m\u1ed9t nh\u00f3m nh\u1ecf c\u00e1c chuy\u00ean gia \u0111\u01b0a n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u \u0111\u1ebfn ch\u1ed7 d\u01b0\u1eddng nh\u01b0 l\u00e0 b\u1edd v\u1ef1c c\u1ee7a th\u1ea3m h\u1ecda t\u00e0i ch\u00ednh. Nh\u1eefng chuy\u00ean gia n\u00e0y l\u00e0m vi\u1ec7c cho Qu\u1ef9 Qu\u1ea3n l\u00fd V\u1ed1n","D\u00e0i h\u1ea1n (LT CM), m\u1ed9t qu\u1ef9 ho\u1ea1t \u0111\u1ed9ng l\u00e9n l\u00fat b\u1eaft \u0111\u1ea7u t\u1eeb n\u0103m 1994 c\u1ee7a John Meriwether, m\u1ed9t c\u1ef1u nh\u00e2n vi\u00ean giao d\u1ecbch ch\u1ee9ng kho\u00e1n c\u00f3 nh\u1eefng k\u1ef9 n\u0103ng giao d\u1ecbch gi\u1ecfi \u0111\u1ebfn m\u1ee9c khi\u1ebfn \u00f4ng tr\u1edf th\u00e0nh huy\u1ec1n tho\u1ea1i \u1edf Ph\u1ed1 Wall. Nh\u00ecn b\u1ec1 ngo\u00e0i, LT CM h\u01a1i gi\u1ed1ng D\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 Manhattan. Meriwether \u0111\u00e3 thu\u00ea \u0111\u1ed9i qu\u00e2n nh\u1eefng ng\u01b0\u1eddi m\u1edbi n\u1ed5i \u1edf Ph\u1ed1 Wall, nh\u1eefng ng\u01b0\u1eddi t\u1eebng l\u00e0 chuy\u00ean gia s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh m\u00e1y t\u00ednh \u0111\u1ec3 t\u00ednh to\u00e1n c\u00e1ch ki\u1ebfm ti\u1ec1n. V\u00e0 \u00f4ng \u0111\u00e3 thu n\u1ea1p m\u1ed9t s\u1ed1 ng\u01b0\u1eddi l\u00e0 cha \u0111\u1ebb c\u1ee7a t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i. Myron Scholes v\u00e0 Robert Merton th\u1ef1c t\u1ebf \u0111\u00e3 s\u00e1ng t\u1ea1o ra m\u00f4 h\u00ecnh m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1eafp n\u01a1i s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh to\u00e1n xem c\u00f3 bao nhi\u00eau s\u1ef1 l\u1ef1a ch\u1ecdn c\u00f3 gi\u00e1 tr\u1ecb v\u00e0 l\u00fac b\u1ea5y gi\u1edd h\u1ecd \u0111ang l\u00e0m vi\u1ec7c cho LT MC. Kh\u00f3 c\u00f3 th\u1ec3 hi\u1ec3u n\u1ed5i v\u00ec sao m\u1ed9t \u0111\u1ed9i ng\u0169 nh\u01b0 trong m\u01a1 \u0111\u00f3 l\u1ea1i c\u00f3 th\u1ec3 m\u1eafc sai l\u1ea7m. D\u00f9 l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 ph\u1ea3i g\u00f3p v\u1ed1n m\u1ed9t kho\u1ea3n t\u1ed1i thi\u1ec3u l\u00e0 10 tri\u1ec7u \u0111\u00f4 la \u0111\u1ec3 \u0111\u01b0\u1ee3c gia nh\u1eadp qu\u1ef9 v\u00e0 25% l\u1ee3i t\u1ee9c h\u1eb1ng n\u0103m thu\u1ed9c v\u1ec1 nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd qu\u1ef9, nh\u01b0ng m\u1ecdi ng\u01b0\u1eddi v\u1eabn l\u1edbn ti\u1ebfng \u0111\u00f2i gia nh\u1eadp \u0111\u1eb7c bi\u1ec7t sau khi qu\u1ef9 n\u00e0y mang l\u1ea1i nh\u1eefng kho\u1ea3n l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng trong 4 n\u0103m li\u00ean ti\u1ebfp. Nh\u01b0ng \u0111\u1ebfn th\u00e1ng T \u00e1m n\u0103m 1998, t\u1ea5t c\u1ea3 \u0111\u00e3 thay \u0111\u1ed5i khi n\u01b0\u1edbc Nga b\u1ecb v\u1ee1 n\u1ee3. S\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a c\u00e1c n\u1ec1n kinh t\u1ebf ch\u00e2u \u00c1 nh\u1eefng th\u00e1ng tr\u01b0\u1edbc \u0111\u00f3 \u0111\u00e3 khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c, s\u1ef1 v\u1ee1 n\u1ee3 c\u1ee7a Nga \u0111\u00e3 g\u00e2y ra c\u00e1i m\u00e0 c\u00e1c nh\u00e0 kinh t\u1ebf th\u00edch g\u1ecdi l\u00e0 \\\"s\u1ef1 \u0111\u1ed5 x\u00f4 v\u00e0o ch\u1ea5t l\u01b0\u1ee3ng\\\". \u0110\u1ed9t nhi\u00ean, kh\u00f4ng ai mu\u1ed1n s\u1edf h\u1eefu b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec d\u01b0\u1eddng nh\u01b0 c\u00f3 \u0111\u1ed9 tin c\u1eady d\u01b0\u1edbi 100%, v\u00e0","m\u1ecdi ng\u01b0\u1eddi s\u1ed1t s\u1eafng b\u00e1n \u0111i b\u1ea5t c\u1ee9 t\u00e0i s\u1ea3n n\u00e0o c\u00f3 d\u1ea5u hi\u1ec7u r\u1ee7i ro. LT CM b\u1ed7ng th\u1ea5y m\u00ecnh b\u1ecb m\u1eafc k\u1eb9t v\u1edbi h\u00e0ng t\u1ef7 \u0111\u00f4 la trong nh\u1eefng t\u00e0i s\u1ea3n kh\u00f4ng ai mu\u1ed1n mua, gi\u00e1 c\u1ee7a nh\u1eefng t\u00e0i s\u1ea3n n\u00e0y t\u1ee5t xu\u1ed1ng h\u1eb1ng ng\u00e0y. Ch\u1ec9 trong v\u00f2ng v\u00e0i th\u00e1ng, qu\u1ef9 \u0111\u00e3 m\u1ea5t 4,5 t\u1ef7 v\u00e0 khi c\u1ed1 g\u1eafng b\u00e1n h\u1ebft m\u1ecdi th\u1ee9 c\u00f3 th\u1ec3, quy\u1ebft li\u1ec1u m\u1ea1ng ch\u1ed1ng \u0111\u1ee1 \u0111\u1ec3 kh\u00f4ng b\u1ecb m\u1eafc n\u1ee3, th\u00ec th\u1eadm ch\u00ed c\u00e0ng l\u00e0m cho gi\u00e1 gi\u1ea3m h\u01a1n, g\u00e2y thi\u1ec7t h\u1ea1i h\u00e0ng tr\u0103m tri\u1ec7u cho c\u00e1c ng\u00e2n h\u00e0ng \u1edf Ph\u1ed1 Wall. \u0110\u1ebfn th\u00e1ng Ch\u00edn, hi\u1ec7p h\u1ed9i g\u1ed3m 13 ng\u00e2n h\u00e0ng \u1edf Ph\u1ed1 Wall \u0111\u00e3 t\u1eebng b\u01b0\u1edbc ph\u00e1t tri\u1ec3n v\u00e0 v\u1ef1c d\u1eady qu\u1ef9, g\u00f3p \u0111\u1ee7 ti\u1ec1n \u0111\u1ec3 qu\u1ef9 ti\u1ebfp t\u1ee5c ho\u1ea1t \u0111\u1ed9ng cho \u0111\u1ebfn khi c\u00e1c \u0111i\u1ec1u ki\u1ec7n tr\u1edf l\u1ea1i b\u00ecnh t h \u01b0\u1eddn g. V\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3, nh\u1eefng kh\u00f3 kh\u0103n c\u1ee7a LT CM \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u01b0a ra l\u00e0m b\u1eb1ng ch\u1ee9ng cho t\u00ednh kh\u00f4ng \u1ed5n \u0111\u1ecbnh c\u1ed1 h\u1eefu c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 nh\u1eefng hi\u1ec3m h\u1ecda c\u1ee7a t\u00ednh kh\u00f4ng h\u1ee3p l\u00fd v\u1ec1 kinh t\u1ebf. V\u00e0 ch\u1eafc ch\u1eafn ch\u00fang ch\u1ee9ng th\u1ef1c cho c\u1ea3 hai. T uy nhi\u00ean, c\u00e2u chuy\u1ec7n v\u1ec1 s\u1ef1 sa s\u00fat c\u1ee7a LT CM c\u00f2n minh h\u1ecda cho m\u1ed9t \u0111i\u1ec1u g\u00ec \u0111\u00f3 kh\u00e1c n\u1eefa, c\u1ee5 th\u1ec3 l\u00e0 hi\u1ec3m h\u1ecda c\u1ee7a t\u00ednh \u0111\u1ed3ng nh\u1ea5t . C\u00f3 hai \u0111i\u1ec1u th\u1ef1c s\u1ef1 quan tr\u1ecdng trong vi\u1ec7c kinh doanh c\u1ee7a v\u1ed1n d\u00e0i h\u1ea1n. T h\u1ee9 nh\u1ea5t, n\u00f3 s\u1eed d\u1ee5ng m\u1ed9t l\u01b0\u1ee3ng l\u1edbn nh\u1eefng th\u1ee9 c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc g\u1ecdi l\u00e0 \\\"t\u00e1c d\u1ee5ng \u0111\u00f2n b\u1ea9y, \u0111\u01a1n gi\u1ea3n ngh\u0129a l\u00e0 ph\u1ea7n l\u1edbn v\u1ed1n c\u1ee7a n\u00f3 \u0111\u1ec1u l\u00e0 ti\u1ec1n vay m\u01b0\u1ee3n. V\u00ed d\u1ee5, n\u0103m 1998, LT CM c\u00f3 s\u1ed1 v\u1ed1n kho\u1ea3ng 5 t\u1ef7 \u0111\u00f4 la (t\u1ee9c l\u00e0 s\u1ed1 ti\u1ec1n m\u1eb7t th\u1ef1c","t\u1ebf n\u00f3 c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0) Nh\u01b0ng qu\u1ef9 \u0111\u00e3 vay h\u01a1n 125 t\u1ef7 \u0111\u00f4 la t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n. N\u1ebfu qu\u1ef9 mu\u1ed1n \u0111\u1ea7u t\u01b0 100 tri\u1ec7u \u0111\u00f4 la v\u00e0o c\u00e1c tr\u00e1i phi\u1ebfu \u0110an M\u1ea1ch ch\u1eb3ng h\u1ea1n, n\u00f3 ch\u1ec9 c\u00f3 th\u1ec3 b\u1ecf 5 tri\u1ec7u \u0111\u00f4 la c\u1ee7a gi\u00e1 mua. Ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 b\u1ea3o \u0111\u1ea3m ph\u1ea7n c\u00f2n l\u1ea1i. T \u1ea5t nhi\u00ean, \u0111i\u1ec3m m\u1ea1nh c\u1ee7a t\u00e1c d\u1ee5ng \u0111\u00f2n b\u1ea9y \u0111\u00f3 l\u00e0 n\u1ebfu m\u1ecdi vi\u1ec7c di\u1ec5n ra t\u1ed1t \u0111\u1eb9p b\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c kho\u1ea3n l\u1ee3i nhu\u1eadn r\u1ea5t l\u1edbn t\u1eeb \u0111\u1ea7u t\u01b0. V\u00ed d\u1ee5, n\u1ebfu gi\u00e1 c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu \u0110an M\u1ea1ch \u0111\u00f3 t\u0103ng 10% th\u00ec qu\u1ef9 n\u00e0y c\u00f3 th\u1ec3 l\u00e3i 10 tri\u1ec7u \u0111\u00f4 la, c\u00f3 ngh\u0129a l\u00e0 qu\u1ef9 \u0111\u00e3 nh\u00e2n \u0111\u00f4i s\u1ed1 ti\u1ec1n c\u1ee7a h\u1ecd (v\u00ec h\u1ecd ch\u1ec9 b\u1ecf ra 5 tri\u1ec7u \u0111\u00f4 la c\u1ee7a m\u00ecnh). T \u1ea5t nhi\u00ean, \u0111i\u1ec3m h\u1ea1n ch\u1ebf c\u1ee7a t\u00e1c d\u1ee5ng \u0111\u00f2n b\u1ea9y l\u00e0 n\u1ebfu m\u1ecdi vi\u1ec7c di\u1ec5n ra kh\u00f4ng t\u1ed1t, b\u1ea1n c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng b\u1ecb m\u1ea5t tr\u1eafng. T uy nhi\u00ean, qu\u1ef9 n\u00e0y tuy\u00ean b\u1ed1 r\u1eb1ng h\u1ecd kh\u00f4ng qu\u00e1 m\u1ea1o hi\u1ec3m. H\u1ecd kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng th\u1ecb tr\u01b0\u1eddng m\u00e0 gi\u00e1 c\u1ea3 dao \u0111\u1ed9ng th\u1ea5t th\u01b0\u1eddng h\u1eb1ng ng\u00e0y. V\u1eady n\u00ean, h\u1ecd kh\u0103ng kh\u0103ng r\u1eb1ng t\u00e1c d\u1ee5ng \u0111\u00f2n b\u1ea9y th\u1ef1c ra kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 \u0111\u1ec1u m\u1ea1o hi\u1ec3m. D\u00f9 c\u00e1ch n\u00e0o ch\u0103ng n\u1eefa, vi\u1ec7c LT CM d\u1ef1a v\u00e0o ti\u1ec1n vay m\u01b0\u1ee3n \u0111\u00e3 khi\u1ebfn qu\u1ef9 tr\u1edf n\u00ean quan tr\u1ecdng h\u01a1n h\u1eb3n so v\u1edbi vi\u1ec7c h\u1ecd kh\u00f4ng l\u00e0m nh\u01b0 v\u1eady - b\u1edfi l\u1ebd h\u1ecd \u0111\u00e3 qu\u1ea3n l\u00fd s\u1ed1 ti\u1ec1n l\u1edbn h\u01a1n r\u1ea5t nhi\u1ec1u. M\u1eb7c d\u00f9 5 t\u1ef7 \u0111\u00f4 la l\u00e0 s\u1ed1 ti\u1ec1n r\u1ea5t nh\u1ecf so v\u1edbi quy m\u00f4 c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u, nh\u01b0ng c\u00e1ch LT CM s\u1eed d\u1ee5ng 5 t\u1ef7 \u0111\u00f4 la \u0111\u00f3 \u0111\u00e3 bi\u1ebfn n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t ng\u01b0\u1eddi ch\u01a1i kh\u1ed5ng l\u1ed3. \u0110i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a v\u00ec v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng th\u1ee9 hai \u0111\u1ed1i v\u1edbi qu\u1ef9","d\u00e0i h\u1ea1n \u0111\u00f3 l\u00e0 n\u00f3 \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ea3i kh\u00f4ng d\u1ec5 quy \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t, c\u00f3 ngh\u0129a l\u00e0 nh\u1eefng th\u1ecb tr\u01b0\u1eddng kh\u00f4ng c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n. C\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh \u0111\u1ee9ng \u0111\u1eb1ng sau LT CM (n\u00f3i m\u1ed9t c\u00e1ch c\u00f4ng b\u1eb1ng) \u0111\u1ec1u cho r\u1eb1ng qu\u00e1 kh\u00f3 \u0111\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n \u1edf nh\u1eefng th\u1ecb tr\u01b0\u1eddng s\u00e2u r\u1ed9ng - nh\u01b0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 - n\u01a1i c\u00f3 r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi li\u00ean t\u1ee5c s\u0103n t\u00ecm nh\u1eefng c\u00f4ng ty \u0111ang g\u1eb7p nguy kh\u1ed1n. Do \u0111\u00f3, h\u1ecd th\u00edch nh\u1eefng th\u1ecb tr\u01b0\u1eddng nh\u1ecf h\u01a1n ho\u1eb7c nh\u1eefng th\u1ecb tr\u01b0\u1eddng b\u00ed truy\u1ec1n h\u01a1n, nh\u01b0 c\u00e1c tr\u00e1i phi\u1ebfu c\u1ee7a ch\u00ednh ph\u1ee7 \u0110an M\u1ea1ch. V\u00e0 h\u1ecd kh\u00f4ng t\u00ecm c\u00e1ch ghi \u0111\u01b0\u1ee3c nhi\u1ec1u \u0111i\u1ec3m trong m\u1ed7i l\u1ea7n giao d\u1ecbch. H\u1ecd ch\u1ec9 mu\u1ed1n ki\u1ebfm ch\u00fat \u00edt trong m\u1ed7i l\u1ea7n giao d\u1ecbch. M\u1ed9t ng\u01b0\u1eddi s\u00e1ng l\u1eadp qu\u1ef9 LT CM \u0111\u00e3 m\u00f4 t\u1ea3 \u0111i\u1ec1u \u0111\u00f3 nh\u01b0 l\u00e0 vi\u1ec7c \\\"l\u00e0m r\u1ed7ng \u0111\u1ed3ng ti\u1ec1n\\\". Nh\u01b0ng v\u00ec qu\u1ef9 \u0111\u00e3 s\u1eed d\u1ee5ng qu\u00e1 nhi\u1ec1u t\u00e1c d\u1ee5ng \u0111\u00f2n b\u1ea9y, n\u00ean n\u00f3 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t s\u1ef1 r\u1ed7ng tu\u1ebfch r\u1ea5t l\u1edbn. T r\u00ean l\u00fd thuy\u1ebft, \u0111\u00e2y l\u00e0 m\u1ed9t \u00fd t\u01b0\u1edfng hay. T h\u1ebf nh\u01b0ng, c\u00f3 m\u1ed9t v\u1ea5n \u0111\u1ec1 c\u01a1 b\u1ea3n \u1edf ph\u00eda sau, \u0111\u00f3 l\u00e0: v\u00ec LT CM th\u00edch c\u00e1c th\u1ecb tr\u01b0\u1eddng lu\u1eadt v\u00e0 nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c kinh doanh b\u00ed truy\u1ec1n, cho n\u00ean qu\u1ef9 ch\u1ec9 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00f4ng vi\u1ec7c kinh doanh v\u1edbi r\u1ea5t \u00edt ng\u01b0\u1eddi. N\u1ebfu b\u1ea1n mu\u1ed1n mua c\u1ed5 phi\u1ebfu \u1edf Cisco, c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi \u1edf \u0111\u00f3 s\u1ebd b\u00e1n cho b\u1ea1n v\u1edbi gi\u00e1 h\u1ee3p l\u00fd. Nh\u01b0ng, ch\u1eb3ng h\u1ea1n, n\u1ebfu b\u1ea1n mu\u1ed1n b\u00e1n c\u1ed5 phi\u1ebfu kh\u00f4ng l\u00e3i c\u1ed1 \u0111\u1ecbnh, nh\u01b0 qu\u1ef9 d\u00e0i h\u1ea1n \u0111\u00e3 l\u00e0m, th\u00ec ch\u1ec9 c\u00f3 4 ho\u1eb7c 5 c\u00f4ng ty tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi mua b\u00e1n m\u1eb7t h\u00e0ng n\u00e0y, m\u00e0 n\u00f3i m\u1ed9t c\u00e1ch th\u1ef1c t\u1ebf th\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 d\u00f9 c\u00f3 kho\u1ea3ng 4 ho\u1eb7c 5 ng\u01b0\u1eddi tr\u00ean to\u00e0n th\u1ebf gi\u1edbi mua b\u00e1n m\u1eb7t h\u00e0ng","n\u00e0y. V\u00e0 t\u1ea5t c\u1ea3 b\u1ecdn h\u1ecd \u0111\u1ec1u bi\u1ebft nhau. L\u00fac b\u1ea5y gi\u1edd, ch\u1eafc ch\u1eafn nh\u1eefng ng\u01b0\u1eddi n\u00e0y \u0111\u1ec1u r\u1ea5t kh\u00f4n ngoan. T uy nhi\u00ean, kh\u00f4ng ph\u1ea3i l\u00e0 c\u00f3 qu\u00e1 nhi\u1ec1u ng\u01b0\u1eddi nh\u01b0 h\u1ecd v\u00e0 h\u1ecd l\u1ea1i r\u1ea5t gi\u1ed1ng nhau trong c\u00e1ch ngh\u0129 v\u1ec1 nh\u1eefng \u0111i\u1ec1u nh\u01b0 c\u00e1i \u0111\u01b0\u1ee3c v\u00e0 c\u00e1i m\u1ea5t. V\u00e0 \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t khi s\u1ef1 vi\u1ec7c b\u1eaft \u0111\u1ea7u g\u1eb7p r\u1eafc r\u1ed1i v\u00e0o m\u00f9a h\u00e8 n\u0103m \u0111\u00f3, th\u00ec kh\u00f4ng c\u00f2n ai mu\u1ed1n ti\u1ebfp t\u1ee5c v\u00e0 n\u1eafm l\u1ea5y m\u1ed9t c\u01a1 h\u1ed9i m\u00e0 kh\u00f4ng ai mu\u1ed1n c\u00f3. LT CM \u0111\u00e3 x\u00e2y d\u1ef1ng to\u00e0n b\u1ed9 chi\u1ebfn l\u01b0\u1ee3c kinh doanh c\u1ee7a h\u1ecd d\u1ef1a tr\u00ean \u00fd t\u01b0\u1edfng cho r\u1eb1ng gi\u00e1 c\u1ee7a nh\u1eefng th\u1ee9 nh\u01b0 c\u00e1c tr\u00e1i phi\u1ebfu Luxembourg s\u1ebd lu\u00f4n tr\u1edf v\u1ec1 gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a ch\u00fang, trong th\u1ef1c t\u1ebf c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t gi\u00e1 n\u00e0o \u0111\u00f3 gi\u1ed1ng nh\u01b0 gi\u00e1 tr\u1ecb trung b\u00ecnh trong l\u1ecbch s\u1eed c\u1ee7a n\u00f3. Nh\u01b0ng \u0111\u1ed1i v\u1edbi chi\u1ebfn l\u01b0\u1ee3c ho\u1ea1t \u0111\u1ed9ng nh\u01b0 v\u1eady, ph\u1ea3i c\u00f3 ng\u01b0\u1eddi n\u00e0o \u0111\u00f3 quan t\u00e2m \u0111\u1ebfn vi\u1ec7c mua c\u00e1c tr\u00e1i phi\u1ebfu Luxembourg khi gi\u00e1 c\u1ee7a ch\u00fang t\u1ee5t xu\u1ed1ng. V\u00e0 v\u00e0o m\u00f9a h\u00e8 n\u0103m 1998, kh\u00f4ng m\u1ed9t ai trong s\u1ed1 r\u1ea5t \u00edt ng\u01b0\u1eddi bi\u1ebft r\u1eb1ng c\u00e1c tr\u00e1i phi\u1ebfu Luxembourg h\u1ea1 gi\u00e1 h\u01a1n bao gi\u1edd h\u1ebft m\u00e0 v\u1eabn quan t\u00e2m mua ch\u00fang. T h\u1ef1c t\u1ebf, v\u00ec t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi n\u00e0y \u0111\u1ec1u bi\u1ebft LT CM ho\u1ea1t \u0111\u1ed9ng kinh doanh nh\u01b0 th\u1ebf n\u00e0o n\u00ean vi\u1ec7c LT CM quan t\u00e2m b\u00e1n c\u00e1c tr\u00e1i phi\u1ebfu \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 l\u00fd do \u0111\u1ee7 \u0111\u1ec3 khi\u1ebfn nh\u1eefng ng\u01b0\u1eddi n\u00e0y mua. C\u00e1i m\u00e0 qu\u1ef9 d\u00e0i h\u1ea1n c\u1ea7n l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ed9t th\u00e1i \u0111\u1ed9 kh\u00e1c h\u01a1n \u0111\u1ed1i v\u1edbi s\u1ef1 m\u1ea1o hi\u1ec3m. Nh\u01b0ng v\u00ec nh\u1eefng th\u1ecb tr\u01b0\u1eddng m\u00e0 qu\u1ef9 tham gia giao d\u1ecbch qu\u00e1 nh\u1ecf, n\u00ean kh\u00f4ng th\u1ec3 t\u00ecm th\u1ea5y nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 v\u1eady.","C\u00f3 m\u1ed9t ch\u00e2n l\u00fd hi\u1ec3n nhi\u00ean quen thu\u1ed9c \u0111\u00f3 l\u00e0 v\u00e0o b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o, c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh \u0111\u1ec1u b\u1ecb chi ph\u1ed1i b\u1edfi s\u1ef1 s\u1ee3 h\u00e3i ho\u1eb7c s\u1ef1 h\u00e1m l\u1ee3i. Nh\u01b0ng nh\u1eefng th\u1ecb tr\u01b0\u1eddng m\u1ea1nh nh\u1ea5t l\u1ea1i l\u00e0 nh\u1eefng th\u1ecb tr\u01b0\u1eddng nh\u1ed9n nh\u1ecbp b\u1edfi \u0111\u1ed3ng th\u1eddi c\u00f3 c\u1ea3 s\u1ef1 s\u1ee3 h\u00e3i l\u1eabn h\u00e1m l\u1ee3i. N\u00f3i r\u00f5 h\u01a1n, b\u1ea5t c\u1ee9 khi n\u00e0o b\u1ea1n b\u00e1n c\u1ed5 phi\u1ebfu th\u00ec ng\u01b0\u1eddi mua n\u00f3 c\u0169ng s\u1ebd ngh\u0129 kh\u00e1c v\u1ec1 nh\u1eefng tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3. B\u1ea1n ngh\u0129 n\u00f3 s\u1ebd gi\u1ea3m, ng\u01b0\u1eddi mua ngh\u0129 n\u00f3 s\u1ebd l\u00ean. Ho\u1eb7c b\u1ea1n, ho\u1eb7c ng\u01b0\u1eddi mua s\u1ebd \u0111\u00fang, nh\u01b0ng \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 ch\u1ec9 th\u00f4ng qua s\u1ef1 t\u01b0\u01a1ng t\u00e1c c\u1ee7a nh\u1eefng th\u00e1i \u0111\u1ed9 kh\u00e1c nhau \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng m\u1edbi c\u00f3 th\u1ec3 l\u00e0m t\u1ed1t c\u00f4ng vi\u1ec7c ph\u00e2n ph\u1ed1i v\u1ed1n. V\u1ea5n \u0111\u1ec1 x\u1ea3y ra \u0111\u1ed1i v\u1edbi LT CM l\u00e0 do kh\u00f4ng c\u00f3 nh\u1eefng th\u00e1i \u0111\u1ed9 kh\u00e1c nhau nh\u01b0 th\u1ebf. M\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u ngh\u0129 gi\u1ed1ng nhau b\u1edfi v\u00ec nh\u00f3m ng\u01b0\u1eddi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh qu\u00e1 nh\u1ecf v\u00e0 qu\u00e1 \u0111\u1ed3ng nh\u1ea5t. R\u1ed1t cu\u1ed9c, vi\u1ec7c c\u00e1 nh\u00e2n c\u00e1c chuy\u00ean gia th\u00f4ng minh \u0111\u1ebfn m\u1ee9c n\u00e0o kh\u00f4ng c\u00f2n quan tr\u1ecdng n\u1eefa. N\u00f3i chung, h\u1ecd th\u00f4ng minh theo c\u00e1ch qu\u00e1 gi\u1ed1ng nhau. IV C\u01a1n s\u1ed1t \u1ea3o l\u1edbn nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n nh\u1eefng n\u0103m 1950 b\u1eaft ngu\u1ed3n tr\u01b0\u1edbc h\u1ebft t\u1eeb m\u1ed9t tr\u1ea1i g\u00e0 t\u1ed3i t\u00e0n \u1edf th\u1ecb tr\u1ea5n Pearl River b\u00e9 nh\u1ecf, New York. T r\u1ea1i g\u00e0 thu\u1ed9c quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a Gottfried Schmidt - m\u1ed9t k\u1ef9 s\u01b0 v\u00e0 l\u00e0 ng\u01b0\u1eddi t\u1ea1o m\u1eabu v\u00e0 v\u00f4 t\u00ecnh c\u00f2n l\u00e0 ng\u01b0\u1eddi r\u1ea5t \u0111am m\u00ea ch\u01a1i bowling. N\u0103m 1936, Schmidt c\u1ea3m th\u1ea5y th\u1ea5t v\u1ecdng v\u1ec1 vi\u1ec7c n\u1ebfu \u00f4ng c\u00f3 mu\u1ed1n ch\u01a1i","v\u00e0i v\u00e1n bowling sau gi\u1edd l\u00e0m vi\u1ec7c th\u00ec c\u0169ng kh\u00f4ng c\u00f3 ai \u1edf quanh s\u1eafp b\u00f3ng gi\u00fap \u00f4ng. T h\u1eddi \u1ea5y, vi\u1ec7c s\u1eafp b\u00f3ng m\u1edbi \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1eb1ng tay. Nh\u01b0ng Schmidt \u0111\u00e3 t\u01b0\u1edfng t\u01b0\u1ee3ng ra m\u1ed9t lo\u1ea1i m\u00e1y c\u00f3 th\u1ec3 s\u1eafp b\u00f3ng nhanh ch\u00f3ng v\u00e0 hi\u1ec7u qu\u1ea3. V\u00ec th\u1ebf, \u00f4ng \u0111\u00e3 t\u1eadp h\u1ee3p m\u1ed9t nh\u00f3m nh\u1ecf g\u1ed3m hai th\u1ee3 m\u00e1y \u00f4 t\u00f4 v\u00e0 m\u1ed9t k\u1ef9 s\u01b0, v\u00e0 b\u1eaft \u0111\u1ea7u x\u00e2y d\u1ef1ng chi\u1ebfc m\u00e1y s\u1eafp b\u00f3ng t\u1ef1 \u0111\u1ed9ng \u0111\u1ea7u ti\u00ean \u1edf tr\u1ea1i g\u00e0 t\u1ed3i t\u00e0n ph\u00eda sau nh\u00e0 \u00f4ng. T h\u1eddi \u0111i\u1ec3m \u0111\u00f3 l\u00e0 gi\u1eefa th\u1eddi k\u1ef3 \u0110\u1ea1i Suy tho\u00e1i, v\u00ec v\u1eady c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u00e0y x\u01b0a \u0111\u00e3 ph\u1ea3i d\u1ef1a v\u00e0o kim lo\u1ea1i ph\u1ebf li\u1ec7u, x\u00edch xe \u0111\u1ea1p v\u00e0 c\u00e1c b\u1ed9 ph\u1eadn c\u1ee7a xe \u00f4 t\u00f4 \u0111\u00e3 qua s\u1eed d\u1ee5ng. T rong n\u0103m \u0111\u00f3 Schmidt \u0111\u00e3 c\u00f3 m\u1ed9t m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng kh\u00e1 t\u1ed1t c\u00f9ng v\u1edbi b\u1eb1ng s\u00e1ng ch\u1ebf. C\u00e1i \u00f4ng c\u00f2n ch\u01b0a c\u00f3 \u0111\u01b0\u1ee3c l\u00e0 b\u1eb1ng c\u00e1ch n\u00e0o \u0111\u1ec3 \u00e1p d\u1ee5ng s\u00e1ng ch\u1ebf c\u1ee7a \u00f4ng v\u00e0o vi\u1ec7c s\u1ea3n xu\u1ea5t h\u00e0ng lo\u1ea1t. Morehead Patterson v\u00e0o cu\u1ed9c. B\u1ea3n th\u00e2n l\u00e0 m\u1ed9t nh\u00e0 s\u00e1ng ch\u1ebf nghi\u1ec7p d\u01b0 nh\u01b0ng Patterson c\u00f2n l\u00e0 Ph\u00f3 ch\u1ee7 t\u1ecbch C\u00f4ng ty L\u00f2 \u0111\u00fac v\u00e0 M\u00e1y m\u00f3c c\u1ee7a M\u1ef9 (AMF). C\u00f4ng ty chuy\u00ean s\u1ea3n xu\u1ea5t c\u00e1c lo\u1ea1i m\u00e1y ph\u1ee5c v\u1ee5 ng\u00e0nh c\u00f4ng nghi\u1ec7p l\u00e0m b\u00e1nh v\u00e0 thu\u1ed1c l\u00e1, nh\u01b0ng c\u0169ng quan t\u00e2m \u0111a d\u1ea1ng h\u00f3a ng\u00e0nh ngh\u1ec1, v\u00e0 Patterson nh\u1eadn th\u1ea5y n\u1ebfu bi\u1ebft c\u00e1ch ti\u1ebfp th\u1ecb, ph\u00e1t minh c\u1ee7a Sthmidt c\u00f3 th\u1ec3 c\u00e1ch m\u1ea1ng h\u00f3a ng\u00e0nh c\u00f4ng nghi\u1ec7p bowling. V\u00ec c\u00e1c s\u00e2n ch\u01a1i bowling ph\u1ea3i ph\u1ee5 thu\u1ed9c v\u00e0o nh\u1eefng c\u1eadu b\u00e9 s\u1eafp b\u00f3ng, n\u00ean s\u1ed1 l\u00e0n ch\u01a1i b\u00f3ng l\u00fac n\u00e0o c\u0169ng b\u1ecb h\u1ea1n ch\u1ebf. V\u00e0 nh\u01b0 Andrew Hurley gi\u1ea3i th\u00edch trong cu\u1ed1n s\u00e1ch c\u1ee7a \u00f4ng, C\u00e1c qu\u00e1n \u0103n nh\u1ecf ven \u0111\u01b0\u1eddng, s\u00e2n ch\u01a1i bowling v\u00e0 khu \u0111\u1ed7 xe mo\u00f3c (Dinners,","Bowling Alleys, and T railer Parks) th\u00ec m\u1ed1i quan h\u1ec7 gi\u1eefa nh\u1eefng c\u1eadu b\u00e9 s\u1eafp b\u00f3ng v\u00e0 kh\u00e1ch h\u00e0ng c\u1ee7a h\u1ecd d\u1ec5 x\u1ea3y ra b\u1ea5t \u0111\u1ed3ng nhi\u1ec1u nh\u1ea5t. C\u00e1c nh\u00e0 c\u1ea3i c\u00e1ch x\u00e3 h\u1ed9i c\u00f4ng k\u00edch c\u00e1c s\u00e2n ch\u01a1i bowling gi\u1ed1ng nh\u01b0 nh\u1eefng hang \u1ed5 \u0103n ch\u01a1i tr\u1ee5y l\u1ea1c. C\u00e1c s\u00e2n ch\u01a1i bowling gi\u1ed1ng nh\u01b0 c\u00e1c ph\u00f2ng \u0111\u00e1nh tr\u1eadn (m\u1ed9t l\u1ed1i ch\u01a1i bi a v\u1edbi 16 vi\u00ean), ch\u1ec9 c\u00f3 s\u1ef1 \u1ed3n \u00e0o. M\u00e1y s\u1eafp b\u00f3ng t\u1ef1 \u0111\u1ed9ng c\u00f3 th\u1ec3 mang l\u1ea1i t\u00ednh h\u1ee3p l\u00fd v\u00e0 hi\u1ec7u qu\u1ea3 cho c\u00e1c s\u00e2n ch\u01a1i bowling, cho ph\u00e9p m\u1edf r\u1ed9ng v\u00e0 n\u00e2ng c\u1ea5p c\u00e1c s\u00e2n ch\u01a1i. V\u00ec th\u1ebf, Patterson \u0111\u00e3 \u0111\u1ebfn th\u1eb3ng Pearl River. t\u00ecm th\u1ea5y Schmidt \u1edf khu tr\u1ea1i t\u1ed3i t\u00e0n v\u00e0 \u0111\u1ec1 ngh\u1ecb cho \u00f4ng m\u1ed9t c\u00f4ng vi\u1ec7c, Schmidt tr\u1edf th\u00e0nh nh\u00e2n vi\u00ean c\u1ee7a c\u00f4ng ty AMF, v\u00e0 AMF \u0111\u01b0\u1ee3c quy\u1ec1n qu\u1ea3n l\u00fd b\u1eb1ng s\u00e1ng ch\u1ebf c\u1ee7a Schmidt. N\u1ebfu kh\u00f4ng c\u00f3 cu\u1ed9c Chi\u1ebfn tranh th\u1ebf gi\u1edbi th\u1ee9 hai chen ngang th\u00ec lo\u1ea1i m\u00e1y s\u1eafp b\u00f3ng t\u1ef1 \u0111\u1ed9ng n\u00e0y ch\u1eafc ch\u1eafn \u0111\u00e3 ra m\u1eaft c\u00f4ng ch\u00fang v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 1940. V\u00ec c\u00f3 chi\u1ebfn tranh n\u00ean c\u00e1c nh\u00e0 m\u00e1y c\u1ee7a AMF \u0111\u00e3 m\u1ea5t m\u1ed9t n\u1eeda th\u1eadp k\u1ef7 s\u1ea3n xu\u1ea5t c\u00e1c trang thi\u1ebft b\u1ecb cho chi\u1ebfn tranh. V\u00e0 m\u1eb7c d\u00f9 m\u00e1y s\u1eafp b\u00f3ng t\u1ef1 \u0111\u1ed9ng ra m\u1eaft ch\u00ednh th\u1ee9c l\u1ea7n \u0111\u1ea7u n\u0103m 1946 nh\u01b0ng v\u1eabn c\u00f2n m\u1ed9t s\u1ed1 nh\u01b0\u1ee3c \u0111i\u1ec3m ch\u01b0a \u0111\u01b0\u1ee3c t\u00ednh \u0111\u1ebfn. T uy nhi\u00ean, \u0111\u1ebfn n\u0103m 1951, h\u01a1n m\u1ed9t th\u1eadp k\u1ef7 sau khi Schmidt t\u1ea1o ra m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng th\u1ee9 nh\u1ea5t, m\u1ed9t s\u00e2n th\u01a1i bowling \u1edf Mount Clemens, bang Michigan, \u0111\u00e3 gi\u1edbi thi\u1ec7u m\u00e1y s\u1eafp b\u00f3ng t\u1ef1 \u0111\u1ed9ng \u0111\u1ea7u ti\u00ean. T \u00e1c \u0111\u1ed9ng c\u1ee7a vi\u1ec7c n\u00e0y g\u00e2y \u1ea5n t\u01b0\u1ee3ng s\u00e2u s\u1eafc nh\u01b0 Patterson c\u00f3","th\u1ec3 mong \u0111\u1ee3i. C\u00e1c s\u00e2n ch\u01a1i bowling t\u1eeb nh\u1eefng qu\u00e1n t\u1ed3i t\u00e0n \u0111\u00e3 bi\u1ebfn th\u00e0nh c\u00e1c t\u00f2a nh\u00e0 l\u1ed9ng l\u1eaby. Nh\u01b0 \u0111\u00e3 cam k\u1ebft, lo\u1ea1i m\u00e1y t\u1ef1 \u0111\u1ed9ng n\u00e0y ho\u1ea1t \u0111\u1ed9ng nhanh h\u01a1n v\u00e0 \u0111\u00e1ng tin c\u1eady h\u01a1n so v\u1edbi c\u00e1c c\u1eadu b\u00e9 s\u1eafp b\u00f3ng, do \u0111\u00f3, ch\u01a1i bowling c\u0169ng tr\u1edf n\u00ean nhanh h\u01a1n v\u00e0 h\u1ee9ng th\u00fa h\u01a1n. T \u1ea7ng l\u1edbp trung l\u01b0u \u0111ang ph\u1ea5t b\u1eaft \u0111\u1ea7u ham th\u00edch bowling, khi c\u00e1c s\u00e2n ch\u01a1i qu\u1ea3ng c\u00e1o bowling l\u00e0 m\u00f4n th\u1ec3 thao l\u00fd t\u01b0\u1edfng \u0111\u1ed1i v\u1edbi c\u1ea3 gia \u0111\u00ecnh. S\u00e2n ch\u01a1i bowling b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c m\u1ecdi ng\u01b0\u1eddi bi\u1ebft \u0111\u1ebfn nh\u01b0 l\u00e0 \\\"c\u00e2u l\u1ea1c b\u1ed9 \u0111\u1ed3ng qu\u00ea c\u1ee7a m\u1ecdi ng\u01b0\u1eddi\\\". \u0110\u1ebfn cu\u1ed1i nh\u1eefng n\u0103m 1950, c\u00f3 h\u01a1n 10.000.000 ng\u01b0\u1eddi ch\u01a1i bowling \u00edt nh\u1ea5t m\u1ed9t l\u1ea7n trong tu\u1ea7n. M\u1ed9t k\u1ebft qu\u1ea3 ngo\u00e0i mong \u0111\u1ee3i c\u1ee7a s\u1ef1 b\u00f9ng n\u1ed5 n\u00e0y \u0111\u00f3 l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu bowling tr\u1edf th\u00e0nh con c\u01b0ng c\u1ee7a Ph\u1ed1 Wall. Gi\u1eefa n\u0103m 1957 v\u00e0 1958, c\u1ed5 phi\u1ebfu c\u1ee7a AMF v\u00e0 Brunswick - m\u1ed9t nh\u00e0 m\u00e1y s\u1ea3n xu\u1ea5t thi\u1ebft b\u1ecb bowling kh\u00e1c - \u0111\u00e3 t\u0103ng g\u1ea5p \u0111\u00f4i. Nh\u1eefng c\u00f4ng ty bowling nh\u1ecf h\u01a1n c\u0169ng \u0111\u01b0\u1ee3c m\u1ecdi ng\u01b0\u1eddi bi\u1ebft \u0111\u1ebfn v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eaft \u0111\u1ea7u r\u00f3t v\u1ed1n v\u00e0o ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y. N\u1ebfu b\u1ea1n c\u00f3 \u00fd t\u01b0\u1edfng li\u00ean quan \u0111\u1ebfn bowling, ng\u01b0\u1eddi ta s\u1ebd s\u1eb5n s\u00e0ng c\u1ea5p v\u1ed1n cho b\u1ea1n. C\u00e1c s\u00e2n ch\u01a1i \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng kh\u1eafp n\u01b0\u1edbc M\u1ef9. \u0110\u1ebfn n\u0103m 1960, \u0111\u00e3 c\u00f3 12.000 s\u00e2n, v\u1edbi t\u1ed5ng s\u1ed1 110.000 l\u00e0n thay. C\u1ea3 th\u1ea3y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 b\u1ecf ra 2 t\u1ef7 \u0111\u00f4 la v\u1ed1n v\u00e0o kinh doanh bowling trong th\u1eddi k\u1ef3 s\u1ed1t bowling. V\u00e0 \u0111\u00e2y l\u00e0 l\u00fac hai t\u1ef7 \u0111\u00f4 la \u0111\u01b0\u1ee3c coi l\u00e0 v\u1ed1n th\u1ef1c t\u1ebf. Ph\u1ed1 Wall \u0111\u00e3 l\u00e0m h\u1ebft s\u1ee9c m\u00ecnh \u0111\u1ec3 k\u00edch th\u00edch s\u1ef1 ham m\u00ea \u0111\u1ed1i","v\u1edbi m\u00f4n th\u1ec3 thao n\u00e0y. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch d\u1ef1 ki\u1ebfn trong t\u01b0\u01a1ng lai m\u00f4n th\u1ec3 thao n\u00e0y s\u1ebd ph\u00e1t tri\u1ec3n nhanh nh\u01b0 nh\u1eefng n\u0103m 1950 v\u00e0 cho r\u1eb1ng s\u1eafp t\u1edbi m\u1ed7i ng\u01b0\u1eddi d\u00e2n M\u1ef9 c\u00f3 th\u1ec3 d\u00e0nh hai gi\u1edd \u0111\u1ec3 th\u01a1i bowling m\u1ed7i tu\u1ea7n. Nh\u01b0 Charles Schwab, ng\u01b0\u1eddi khi \u0111\u00f3 m\u1edbi b\u1eaft \u0111\u1ea7u s\u1ef1 nghi\u1ec7p \u1edf Ph\u1ed1 Wall, \u0111\u00e3 n\u00f3i: \\\"H\u00e3y c\u1ee9 t\u00ednh - 180.000.000 ng\u01b0\u1eddi nh\u00e2n v\u1edbi hai ti\u1ebfng m\u1ed9t tu\u1ea7n, trong 52 tu\u1ea7n. V\u1eady m\u1edbi th\u1ea5y ng\u01b0\u1eddi ch\u01a1i bowling nhi\u1ec1u t\u1edbi m\u1ee9c n\u00e0o.\\\" S\u1ef1 qu\u1ea3ng c\u00e1o th\u1ed5i ph\u1ed3ng n\u00e0y \u0111\u00e3 \u0111\u1ea9y c\u00e1c c\u1ed5 phi\u1ebfu bowling th\u1eadm th\u00ed c\u00f2n cao h\u01a1n n\u1eefa. Sau m\u1ed9t th\u1eddi gian, s\u1ef1 ham m\u00ea \u0111\u1ed1i v\u1edbi m\u1ecdi th\u1ee9 li\u00ean quan \u0111\u1ebfn bowling tr\u1edf v\u1ec1 \u0111\u00fang v\u1edbi cu\u1ed9c s\u1ed1ng th\u1ef1c c\u1ee7a n\u00f3. T r\u1edf v\u1ec1 \u0111\u00fang v\u1edbi cu\u1ed9c s\u1ed1ng th\u1ef1c c\u1ee7a n\u00f3, c\u00f3 ngh\u0129a l\u00e0, cho \u0111\u1ebfn khi n\u00f3 kh\u00f4ng c\u00f2n n\u1eefa. \u0110\u1ebfn n\u0103m 1963, c\u00e1c c\u1ed5 phi\u1ebfu bowling t\u1eeb nh\u1eefng m\u1ee9c cao ch\u01b0a t\u1eebng th\u1ea5y \u0111\u00e3 gi\u1ea3m t\u1edbi 80% v\u00e0 ph\u1ea3i m\u1ea5t g\u1ea7n m\u1ed9t th\u1eadp k\u1ef7 \u0111\u1ec3 ch\u00fang gi\u00e0nh l\u1ea1i m\u1eb7t b\u1eb1ng \u0111\u00e3 m\u1ea5t. Bowling \u00edt ph\u1ed5 bi\u1ebfn h\u01a1n theo th\u1eddi gian v\u00e0 c\u00f3 th\u1ec3 kh\u00f4ng bao gi\u1edd tr\u1edf l\u1ea1i nh\u01b0 nh\u1eefng n\u0103m d\u01b0\u1edbi th\u1eddi Eisenhower. Ng\u00e0y nay, tr\u00ean c\u1ea3 n\u01b0\u1edbc ch\u1ec9 c\u00f2n l\u1ea1i kho\u1ea3ng m\u1ed9t n\u1eeda s\u1ed1 s\u00e2n ch\u01a1i bowling so v\u1edbi 40 n\u0103m tr\u01b0\u1edbc, m\u1eb7c d\u00f9 s\u1ed1 d\u00e2n M\u1ef9 \u0111\u00e3 t\u0103ng th\u00eam kho\u1ea3ng 100.000.000 ng\u01b0\u1eddi. S\u1ef1 cu\u1ed3ng d\u1ea1i ng\u1eafn ng\u1ee7i c\u1ee7a Ph\u1ed1 Wall v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu bowling \u0111\u01b0\u01a1ng nhi\u00ean l\u00e0 m\u1ed9t v\u00ed d\u1ee5 v\u1ec1 c\u01a1n s\u1ed1t \u1ea3o c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Nh\u1eefng c\u01a1n s\u1ed1t nh\u1ecf nh\u01b0 tr\u01b0\u1eddng h\u1ee3p bowling r\u1ea5t ph\u1ed5","bi\u1ebfn trong c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. V\u00ed d\u1ee5, v\u00e0i n\u0103m tr\u01b0\u1edbc c\u01a1n s\u1ed1t bowling, Ph\u1ed1 Wall \u0111\u00e3 b\u1ecb th\u00f4i mi\u00ean tr\u01b0\u1edbc tri\u1ec3n v\u1ecdng c\u1ee7a T h\u1eddi \u0111\u1ea1i nguy\u00ean t\u1eed v\u00e0 ph\u00e1t cu\u1ed3ng l\u00ean v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu Urani. Gi\u1eefa nh\u1eefng n\u0103m 1960, \u0111\u1ebfn l\u01b0\u1ee3t c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c hi\u1ec7p h\u1ed9i c\u00f4ng ty l\u00ean c\u01a1n s\u1ed1t khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 mua \u0111\u1ee7. T i\u1ebfp theo l\u00e0 c\u01a1n s\u1ed1t nh\u1ecf \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu RV (C\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty c\u00f3 t\u00ean l\u00e0 Skyhne Homes t\u0103ng g\u1ea5p 20 l\u1ea7n trong n\u0103m 1969). C\u00e1c c\u00f4ng ty m\u00e1y t\u00ednh c\u00e1 nh\u00e2n, c\u00f4ng ngh\u1ec7 sinh h\u1ecdc, th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, r\u1ed3i l\u1ea1i c\u00f4ng ngh\u1ec7 sinh h\u1ecdc: t\u1ea5t c\u1ea3 \u0111\u1ec1u l\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng ham m\u00ea \u0111i\u00ean cu\u1ed3ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong 20 n\u0103m tr\u01b0\u1edbc. Nh\u01b0ng c\u00e1c c\u01a1n s\u1ed1t n\u00e0y h\u1ea1n ch\u1ebf trong nh\u1eefng khu v\u1ef1c ri\u00eang bi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 ch\u1ec9 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t m\u1edbi kh\u00f4ng b\u1ecb m\u1ea5t tr\u1eafng. G\u00e2y ra thi\u1ec7t h\u1ea1i nhi\u1ec1u h\u01a1n n\u1eefa l\u00e0 nh\u1eefng th\u1eddi \u0111i\u1ec3m hi\u1ebfm th\u1ea5y trong l\u1ecbch s\u1eed - nh\u01b0 c\u01a1n s\u1ed1t South Sea \u1edf Anh nh\u1eefng n\u0103m 1920, th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u1edf Nh\u1eadt nh\u1eefng n\u0103m 1980 (khi m\u1ed9t m\u1ea3nh \u0111\u1ea5t \u1edf Tokyo \u0111\u01b0\u1ee3c coi l\u00e0 c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n so v\u1edbi c\u1ea3 v\u00f9ng California) v\u00e0 d\u0129 nhi\u00ean c\u1ea3 c\u01a1n s\u1ed1t c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 cu\u1ed1i nh\u1eefng n\u0103m 1990 - khi m\u00e0 d\u01b0\u1eddng nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u b\u1ecb ch\u00ecm \u0111\u1eafm v\u00e0o s\u1ef1 ham m\u00ea cu\u1ed3ng lo\u1ea1n, khi m\u00e0 m\u1ecdi ng\u01b0\u1eddi d\u01b0\u1eddng nh\u01b0 b\u1ecb khu\u1ea5t ph\u1ee5c tr\u01b0\u1edbc nh\u1eefng g\u00ec Mackay g\u1ecdi l\u00e0 \\\"s\u1ef1 \u0111i\u00ean cu\u1ed3ng c\u1ee7a \u0111\u00e1m \u0111\u00f4ng\u201d. \u0110ang trong c\u01a1n s\u1ed1t th\u1ef1c s\u1ef1, gi\u00e1 c\u1ea3 v\u00e0 gi\u00e1 tr\u1ecb m\u1ea5t \u0111i m\u1ecdi s\u1ef1 li\u00ean h\u1ec7. Gi\u00e1 t\u0103ng v\u00ec ng\u01b0\u1eddi ta hy v\u1ecdng ch\u00fang s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng, \u00edt nh\u1ea5t h\u1ecd hy v\u1ecdng cho \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m h\u1ecd kh\u00f4ng c\u00f2n th\u1ea5y hy v\u1ecdng n\u1eefa. T i\u1ebfp","theo l\u00e0 \u0111\u1ebfn l\u00fac ng\u01b0\u1eddi ta l\u1ea1i ch\u1ea1y t\u00e1n lo\u1ea1n t\u00ecm l\u1ed1i tho\u00e1t. C\u00e1c c\u01a1n s\u1ed1t v\u00e0 c\u00e1c cu\u1ed9c s\u1ee5p \u0111\u1ed5 l\u00e0 nh\u1eefng v\u00ed d\u1ee5 trong gi\u00e1o tr\u00ecnh cho th\u1ea5y nh\u1eefng quy\u1ebft \u0111\u1ecbnh t\u1eadp th\u1ec3 \u0111\u00e3 sai. T rong m\u1ed9t c\u01a1n s\u1ed1t, t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 c\u00e1c nh\u00f3m tr\u1edf n\u00ean th\u00f4ng minh - t\u00ednh \u0111\u1ed9c l\u1eadp, t\u00ednh \u0111a d\u1ea1ng, s\u1ef1 x\u00e9t \u0111o\u00e1n ri\u00eang - \u0111\u1ec1u bi\u1ebfn m\u1ea5t. V\u00e0 m\u1eb7c d\u00f9 c\u00e1c c\u01a1n s\u1ed1t x\u1ea3y trong c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n nh\u01b0ng ch\u00fang t\u00e1c \u0111\u1ed9ng l\u1edbn \u0111\u1ebfn n\u1ec1n kinh t\u1ebf \\\"th\u1ef1c\\\". T h\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, x\u00e9t cho c\u00f9ng, th\u1ef1c s\u1ef1 ch\u1ec9 l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf kh\u1ed5ng l\u1ed3 cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1n ti\u1ebfp quy\u1ebft \u0111\u1ecbnh c\u00e1c c\u00f4ng ty kh\u00e1c nhau c\u1ea7n c\u00f3 s\u1ed1 v\u1ed1n bao nhi\u00eau. N\u1ebfu gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty cao, c\u00f4ng ty \u0111\u00f3 c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u ti\u1ec1n h\u01a1n b\u1eb1ng c\u00e1ch b\u00e1n c\u1ed5 phi\u1ebfu ho\u1eb7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu so v\u1edbi ki\u1ebfm b\u1eb1ng c\u00e1ch kh\u00e1c. Nh\u01b0 v\u1eady, th\u00f4ng qua vi\u1ec7c tr\u1ea3 gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 chuy\u1ec3n v\u1ed1n m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 v\u00e0o c\u00f4ng ty \u0111\u00f3 v\u00e0 r\u00fat ra kh\u1ecfi c\u00e1c c\u00f4ng ty kh\u00e1c. Khi th\u1ecb tr\u01b0\u1eddng v\u1eefng m\u1ea1nh, nh\u1eefng c\u00f4ng ty c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu cao s\u1ebd s\u1eed d\u1ee5ng s\u1ed1 ti\u1ec1n h\u1ecd ki\u1ebfm \u0111\u01b0\u1ee3c m\u1ed9t c\u00e1ch h\u1eefu \u00edch v\u00e0 c\u00f3 hi\u1ec7u qu\u1ea3, \u0111i\u1ec1u n\u00e0y kh\u00f4ng nh\u1eefng t\u1ed1t cho b\u1ea3n th\u00e2n c\u00e1c c\u00f4ng ty, m\u00e0 c\u00f2n t\u1ed1t cho c\u1ea3 n\u1ec1n kinh t\u1ebf n\u00f3i chung. T uy nhi\u00ean, \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu bowling th\u00ec th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ph\u1ea3i l\u00e0 v\u1eefng m\u1ea1nh. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 r\u1ea5t k\u00e9m trong vi\u1ec7c \u0111\u01b0a ti\u1ec1n \u0111\u1ea7u t\u01b0 v\u00e0o \u0111\u00fang c\u00f4ng ty. H\u1ecd \u0111\u1ea7u t\u01b0 qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu bowling so v\u1edbi m\u1ee9c c\u1ea7n c\u00f3 v\u00e0 c\u00e1c","c\u00f4ng ty bowling l\u1ea1i kh\u00f4ng s\u1eed d\u1ee5ng s\u1ed1 ti\u1ec1n h\u1ecd ki\u1ebfm \u0111\u01b0\u1ee3c m\u1ed9t c\u00e1ch kh\u00f4n ngoan. H\u1ecd x\u00e2y d\u1ef1ng v\u00e0 \u0111\u1ea7u t\u01b0 m\u1ed9t c\u00e1ch th\u00e1i qu\u00e1 \u0111\u1ec3 ch\u1edd \u0111\u00f3n m\u1ed9t t\u01b0\u01a1ng lai m\u00e0 kh\u00f4ng bao gi\u1edd tr\u1edf th\u00e0nh hi\u1ec7n th\u1ef1c. N\u00f3i c\u00e1ch kh\u00e1c, c\u01a1n s\u1ed1t bowling kh\u00f4ng ph\u1ea3i l\u00e0 d\u1eabn ch\u1ee9ng s\u1ed1ng \u0111\u1ed9ng v\u1ec1 tr\u00ed tu\u1ec7 c\u1ee7a \u0111\u00e1m \u0111\u00f4ng. V\u00e0 m\u1eb7c d\u00f9 c\u00e1c c\u01a1n s\u1ed1t v\u00e0 nh\u1eefng cu\u1ed9c s\u1ee5p \u0111\u1ed5 l\u1edbn ch\u1ec9 l\u00e0 b\u1ea5t th\u01b0\u1eddng ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng c\u00f3, nh\u01b0ng hi\u1ec3u \u0111\u01b0\u1ee3c t\u1ea1i sao ch\u00fang x\u1ea3y ra v\u00e0 x\u1ea3y ra nh\u01b0 th\u1ebf n\u00e0o s\u1ebd gi\u00fap ch\u00fang ta th\u1ea5y \u0111\u01b0\u1ee3c nh\u1eefng sai l\u1ea7m c\u00f3 th\u1ec3 khi c\u00e1c nh\u00f3m ra quy\u1ebft \u0111\u1ecbnh. Khi b\u1eaft \u0111\u1ea7u ngh\u0129 v\u1ec1 nh\u1eefng c\u01a1n s\u1ed1t v\u00e0 c\u00e1c cu\u1ed9c s\u1ee5p \u0111\u1ed5, m\u1ed9t \u00fd ngh\u0129 xu\u1ea5t hi\u1ec7n ngay trong \u0111\u1ea7u ta: ng\u01b0\u1eddi ta kh\u00f4ng th\u1ea5y \u0111\u01b0\u1ee3c nh\u1eefng c\u01a1n s\u1ed1t trong n\u1ec1n kinh t\u1ebf th\u1ef1c, t\u1ee9c l\u00e0 n\u1ec1n kinh t\u1ebf n\u01a1i b\u1ea1n mua b\u00e1n ti vi, t\u00e1o v\u00e0 chi tr\u1ea3 cho d\u1ecbch v\u1ee5 c\u1eaft t\u00f3c. N\u00f3i c\u00e1ch kh\u00e1c, gi\u00e1 c\u1ee7a ti vi kh\u00f4ng t\u1ef1 nhi\u00ean t\u0103ng g\u1ea5p \u0111\u00f4i qua m\u1ed9t \u0111\u00eam \u0111\u1ec3 r\u1ed3i v\u00e0i th\u00e1ng sau l\u00e0 s\u1ee5p \u0111\u1ed5. C\u00e1c m\u1ee9c gi\u00e1 thay \u0111\u1ed5i - c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t n\u00e2ng gi\u00e1 \u0111\u1ed1i v\u1edbi c\u00e1c m\u1eb7t h\u00e0ng khan hi\u1ebfm, c\u00f2n c\u00e1c th\u01b0\u01a1ng nh\u00e2n b\u00e1n l\u1ebb h\u1ea1 gi\u00e1 c\u00e1c m\u1eb7t h\u00e0ng kh\u00f4ng b\u00e1n ch\u1ea1y - nh\u01b0ng ch\u00fang kh\u00f4ng dao \u0111\u1ed9ng d\u1eef d\u1ed9i. V\u00e0 b\u1ea1n s\u1ebd kh\u00f4ng bao gi\u1edd th\u1ea5y t\u00ecnh hu\u1ed1ng gi\u00e1 t\u0103ng khi\u1ebfn m\u1ecdi ng\u01b0\u1eddi th\u00edch mua h\u01a1n (\u0111\u00e2y l\u00e0 nh\u1eefng g\u00ec x\u1ea3y ra trong m\u1ed9t c\u01a1n s\u1ed1t). T i vi c\u00e0ng \u0111\u1eaft, ng\u01b0\u1eddi ta c\u00e0ng \u00edt quan t\u00e2m mua n\u00f3. Nh\u01b0 v\u1eady, c\u00e1c c\u01a1n s\u1ed1t th\u1ef1c s\u1ef1 l\u00e0 \u0111\u1eb7c t\u00ednh c\u1ee7a c\u00e1i ch\u00fang ta ngh\u0129 l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. T \u1ea1i sao? \u1ed2, h\u00e3y ngh\u0129 xem b\u1ea1n s\u1ebd mua","\u0111\u01b0\u1ee3c g\u00ec khi mua m\u1ed9t c\u1ed5 ph\u1ea7n. Nh\u1eefng g\u00ec b\u1ea1n s\u1ebd mua \u0111\u01b0\u1ee3c \u0111\u00fang ra l\u00e0 m\u1ed9t ph\u1ea7n thu nh\u1eadp t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty \u0111\u00f3 (N\u1ebfu t\u00f4i s\u1edf h\u1eefu m\u1ed9t c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty v\u00e0 c\u00f4ng ty \u0111\u00f3 ki\u1ebfm \u0111\u01b0\u1ee3c 2 \u0111\u00f4 la m\u1ed9t c\u1ed5 ph\u1ea7n, th\u00ec t\u00f4i b\u1ecf t\u00fai \u0111\u01b0\u1ee3c 2 \u0111\u00f4 la.). Nh\u01b0ng b\u1ea1n c\u0169ng s\u1ebd mua \u0111\u01b0\u1ee3c g\u00ec \u0111\u00f3 kh\u00e1c n\u1eefa. B\u1ea1n s\u1ebd mua \u0111\u01b0\u1ee3c quy\u1ec1n b\u00e1n l\u1ea1i c\u1ed5 ph\u1ea7n \u0111\u00f3 cho ng\u01b0\u1eddi kh\u00e1c - l\u00fd t\u01b0\u1edfng l\u00e0 ng\u01b0\u1eddi c\u00f3 c\u00e1ch nh\u00ecn l\u1ea1c quan v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty \u0111\u00f3 h\u01a1n b\u1ea1n v\u00e0 v\u00ec th\u1ebf s\u1ebd mua c\u1ed5 phi\u1ebfu \u0111\u00f3 v\u1edbi gi\u00e1 cao h\u01a1n so v\u1edbi gi\u00e1 g\u1ed1c b\u1ea1n b\u1ecf ra. T \u1ea5t nhi\u00ean, \u0111\u00fang l\u00e0 m\u1ed7i khi b\u1ea1n mua b\u1ea5t k\u1ef3 s\u1ea3n ph\u1ea9m v\u1eadt ch\u1ea5t n\u00e0o l\u00e0 b\u1ea1n c\u0169ng s\u1ebd mua lu\u00f4n quy\u1ec1n \u0111\u01b0\u1ee3c b\u00e1n l\u1ea1i n\u00f3. Nh\u01b0ng trong n\u1ec1n kinh t\u1ebf th\u1ef1c, khi b\u1ea1n mua m\u1ed9t s\u1ea3n ph\u1ea9m - th\u1eadm ch\u00ed l\u00e0 m\u1ed9t chi\u1ebfc xe h\u01a1i - nh\u00ecn chung b\u1ea1n kh\u00f4ng qu\u00e1 lo l\u1eafng v\u1ec1 vi\u1ec7c b\u00e1n l\u1ea1i n\u00f3. V\u00ed d\u1ee5, gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t chi\u1ebfc m\u00e1y t\u00ednh c\u00e1 nh\u00e2n kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c b\u1ea1n s\u1ebd b\u00e1n m\u00e1y \u1edf \u0111\u00e2u \u0111\u00f3 tr\u00ean \u0111\u01b0\u1eddng, m\u00e0 v\u00e0o gi\u00e1 tr\u1ecb s\u1eed d\u1ee5ng khi s\u1edf h\u1eefu n\u00f3. Ph\u1ea7n n\u00e0o \u0111\u1ea5y l\u00e0 do c\u00e1c s\u1ea3n ph\u1ea9m v\u1eadt ch\u1ea5t m\u1ea5t gi\u00e1 tr\u1ecb theo th\u1eddi gian, tr\u1eeb m\u1ed9t s\u1ed1 r\u1ea5t \u00edt ngo\u1ea1i l\u1ec7. N\u1ebfu b\u1ea1n b\u00e1n l\u1ea1i ch\u00fang, gi\u00e1 s\u1ebd th\u1ea5p h\u01a1n so v\u1edbi m\u1ee9c b\u1ea1n mua ban \u0111\u1ea7u. T uy nhi\u00ean, trong c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, m\u1ecdi th\u1ee9 th\u01b0\u1eddng tr\u1edf n\u00ean c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n theo th\u1eddi gian. Gi\u00e1 t\u0103ng (\u0110i\u1ec1u n\u00e0y c\u0169ng \u0111\u00fang \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3 c\u1ed5 v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e1c ph\u1ea9m ngh\u1ec7 thu\u1eadt.). Vi\u1ec7c \u0111\u00f3 khi\u1ebfn cho kh\u1ea3 n\u0103ng b\u00e1n l\u1ea1i c\u1ed5 ph\u1ea7n ho\u1eb7c m\u1ed9t b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u1ee7a t\u00f4i tr\u1edf n\u00ean r\u1ea5t quan tr\u1ecdng. V\u00e0 - \u0111\u00e2y m\u1edbi l\u00e0","ph\u1ea7n ch\u1ee7 y\u1ebfu \u2013 n\u00f3 c\u00f2n l\u00e0m cho quan \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi gi\u00e1 tr\u1ecb c\u1ed5 ph\u1ea7n c\u1ee7a t\u00f4i c\u0169ng tr\u1edf n\u00ean r\u1ea5t quan tr\u1ecdng. T r\u00ean l\u00fd thuy\u1ebft, n\u1ebfu t\u00f4i mua m\u1ed9t c\u1ed5 ph\u1ea7n, t\u00f4i n\u00ean quan t\u00e2m t\u1edbi \u0111i\u1ec1u g\u00ec? T \u00f4i n\u00ean quan t\u00e2m \u0111\u1ebfn vi\u1ec7c c\u00f4ng ty \u0111\u00f3 s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c bao nhi\u00eau trong t\u01b0\u01a1ng lai. N\u1ebfu c\u00f4ng ty s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c 60 \u0111\u00f4 la trong hai m\u01b0\u01a1i n\u0103m t\u1edbi (t\u00ednh theo v\u00f2ng quay ti\u1ec1n m\u1eb7t t\u1ef1 do \u0111\u00e3 \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb) th\u00ec t\u00f4i n\u00ean s\u1eb5n s\u00e0ng tr\u1ea3 60 \u0111\u00f4 la cho m\u1ed9t c\u1ed5 ph\u1ea7n. T uy nhi\u00ean, tr\u00ean th\u1ef1c t\u1ebf, t\u00f4i kh\u00f4ng ch\u1ec9 quan t\u00e2m \u0111\u1ebfn vi\u1ec7c c\u00f4ng ty s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c bao nhi\u00eau. T \u00f4i c\u00f2n quan t\u00e2m t\u1edbi suy ngh\u0129 c\u1ee7a ng\u01b0\u1eddi kh\u00e1c v\u1ec1 thu nh\u1eadp c\u1ee7a c\u00f4ng ty n\u1eefa, b\u1edfi v\u00ec \u0111i\u1ec1u n\u00e0y s\u1ebd quy\u1ebft \u0111\u1ecbnh vi\u1ec7c t\u00f4i c\u00f3 th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c c\u1ed5 ph\u1ea7n c\u1ee7a t\u00f4i cao h\u01a1n gi\u00e1 \u0111\u00e3 mua hay kh\u00f4ng. \u0110\u1ec3 th\u1ea5y \u0111i\u1ec1u n\u00e0y kh\u00e1c v\u1edbi kinh t\u1ebf th\u01b0\u1eddng ng\u00e0y nh\u01b0 th\u1ebf n\u00e0o, h\u00e3y h\u00ecnh dung b\u1ea1n \u0111ang b\u01b0\u1edbc v\u00e0o c\u1eeda h\u00e0ng hoa qu\u1ea3 \u1edf \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1ec3 mua t\u00e1o. Khi \u1ea5y, c\u00f3 l\u1ebd trong \u0111\u1ea7u b\u1ea1n \u0111\u00e3 ngh\u0129 \u0111\u1ebfn m\u1ee9c gi\u00e1 c\u00f3 th\u1ec3 h\u1ee3p l\u00fd cho m\u1ed9t qu\u1ea3 t\u00e1o. \u0110i\u1ec1u n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu qu\u1ea3 t\u00e1o c\u00f3 gi\u00e1 90 xu (m\u00e0 b\u1ea1n th\u00ec ngh\u0129 75 xu m\u1edbi l\u00e0 c\u00e1i gi\u00e1 h\u1ee3p l\u00fd), th\u00ec b\u1ea1n s\u1ebd th\u1ea5y ph\u1eabn n\u1ed9. M\u00e0 n\u00f3 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n bi\u1ebft khi n\u00e0o m\u00ecnh b\u1ecb mua h\u1edb v\u00e0 khi n\u00e0o mua \u0111\u01b0\u1ee3c gi\u00e1 h\u1eddi. B\u1ea1n bi\u1ebft nh\u01b0 v\u1eady v\u00ec b\u1ea1n \u0111\u00e3 c\u00f3 c\u1ea3m nh\u1eadn qu\u1ea3 t\u00e1o \u0111\u00f3 \u0111\u00e1ng gi\u00e1 bao nhi\u00eau \u0111\u1ed1i v\u1edbi m\u00ecnh (d\u00f9 ch\u01b0a r\u00f5 r\u00e0ng), ngh\u0129a l\u00e0 b\u1ea1n s\u1ebd thu \u0111\u01b0\u1ee3c bao nhi\u00eau gi\u00e1 tr\u1ecb t\u1eeb qu\u1ea3 t\u00e1o \u0111\u00f3. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 b\u1ea1n ngh\u0129 ra m\u1ed9t m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd m\u00e0 kh\u00f4ng c\u1ea7n","b\u1eadn t\u00e2m qu\u00e1 nhi\u1ec1u \u0111\u1ebfn suy ngh\u0129 c\u1ee7a ng\u01b0\u1eddi kh\u00e1c v\u1ec1 gi\u00e1 c\u1ee7a nh\u1eefng qu\u1ea3 t\u00e1o \u0111\u00f3. Ch\u1eafc ch\u1eafn, b\u1ea1n bi\u1ebft ng\u01b0\u1eddi b\u00e1n hoa qu\u1ea3 mu\u1ed1n b\u00e1n v\u1edbi gi\u00e1 bao nhi\u00eau - \u0111\u00f3 l\u00e0 gi\u00e1 m\u00e0 anh ta \u0111\u00f2i tr\u1ea3. V\u00e0 c\u00f3 l\u1ebd b\u1ea1n c\u00f3 c\u1ea3 qu\u00e1 tr\u00ecnh l\u1ecbch s\u1eed \u0111i mua t\u00e1o \u0111\u1ec3 b\u1ea1n d\u1ef1a v\u00e0o \u0111\u00f3, x\u00e1c \u0111\u1ecbnh m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd l\u00e0 bao nhi\u00eau. Nh\u01b0ng v\u1ec1 c\u01a1 b\u1ea3n quy\u1ebft \u0111\u1ecbnh c\u1ee7a b\u1ea1n c\u00f3 th\u1ec3 quy v\u1ec1 m\u1ed9t ph\u00e9p t\u00ednh kh\u00e1 \u0111\u01a1n gi\u1ea3n: b\u1ea1n th\u00edch qu\u1ea3 t\u00e1o \u1edf m\u1ee9c \u0111\u1ed9 n\u00e0o v\u00e0 qu\u1ea3 t\u00e1o c\u1ee5 th\u1ec3 b\u1ea1n \u0111ang c\u00e2n nh\u1eafc \u0111\u1ec3 mua c\u00f3 ngon kh\u00f4ng? N\u00f3i chung, vi\u1ec7c b\u1ea1n quy\u1ebft \u0111\u1ecbnh c\u00f3 mua t\u00e1o hay kh\u00f4ng l\u00e0 m\u1ed9t vi\u1ec7c \u0111\u1ed9c l\u1eadp. T h\u1ef1c ra, b\u1ea5t c\u1ee9 l\u00fac n\u00e0o ng\u01b0\u1eddi mua t\u00e1o c\u0169ng ngh\u0129 xem nh\u1eefng qu\u1ea3 t\u00e1o \u0111\u00f3 c\u00f3 gi\u00e1 tr\u1ecb nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ed1i v\u1edbi h\u1ecd, c\u00f2n ng\u01b0\u1eddi b\u00e1n th\u00ec t\u00ednh to\u00e1n gi\u00e1 th\u00e0nh l\u00e0 bao nhi\u00eau \u0111\u1ec3 tr\u1ed3ng v\u00e0 v\u1eadn chuy\u1ec3n t\u00e1o. V\u00ec th\u1ebf, gi\u00e1 t\u00e1o l\u00fac n\u00e0o c\u0169ng ph\u1ea3n \u00e1nh c\u1ea3 h\u00e0ng tri\u1ec7u quy\u1ebft \u0111\u1ecbnh \u0111\u1ed9c l\u1eadp m\u00e0 nh\u1eefng ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n \u0111\u01b0a ra. Ng\u01b0\u1ee3c l\u1ea1i, gi\u00e1 c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu th\u01b0\u1eddng ph\u1ea3n \u00e1nh m\u1ed9t lo\u1ea1t nh\u1eefng quy\u1ebft \u0111\u1ecbnh ph\u1ee5 thu\u1ed9c, b\u1edfi v\u00ec khi nhi\u1ec1u ng\u01b0\u1eddi c\u00f9ng t\u00ednh to\u00e1n xem m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 gi\u00e1 tr\u1ecb bao nhi\u00eau th\u00ec \u00edt nh\u1ea5t ph\u1ea7n n\u00e0o vi\u1ec7c \u0111\u00e1nh gi\u00e1 c\u1ee7a h\u1ecd c\u0169ng ph\u1ee5 thu\u1ed9c v\u00e0o \u00fd ki\u1ebfn c\u1ee7a nh\u1eefng ng\u01b0\u1eddi kh\u00e1c v\u1ec1 gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u00f3. Nh\u00e0 kinh t\u1ebf h\u1ecdc John Maynard Keynes \u0111\u00e3 m\u00f4 t\u1ea3 sinh \u0111\u1ed9ng v\u1ec1 qu\u00e1 tr\u00ecnh n\u00e0y gi\u1ed1ng nh\u01b0 m\u00f4 h\u00ecnh thi ng\u01b0\u1eddi \u0111\u1eb9p: \\\"Vi\u1ec7c \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p \u0111\u01b0\u1ee3c v\u00ed nh\u01b0 nh\u1eefng cu\u1ed9c thi tr\u00ean b\u00e1o ch\u00ed, trong \u0111\u00f3 nh\u1eefng ng\u01b0\u1eddi d\u1ef1","thi ph\u1ea3i ch\u1ecdn ra 6 g\u01b0\u01a1ng m\u1eb7t \u0111\u1eb9p nh\u1ea5t t\u1eeb h\u00e0ng tr\u0103m b\u1ee9c \u1ea3nh, gi\u1ea3i th\u01b0\u1edfng \u0111\u01b0\u1ee3c trao cho ng\u01b0\u1eddi d\u1ef1 thi c\u00f3 s\u1ef1 l\u1ef1a ch\u1ecdn s\u00e1t nh\u1ea5t k\u1ebft qu\u1ea3 trung b\u00ecnh c\u1ee7a t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi d\u1ef1 thi n\u00f3i chung, v\u00ec v\u1eady, m\u1ed7i ng\u01b0\u1eddi d\u1ef1 thi kh\u00f4ng ph\u1ea3i ch\u1ecdn nh\u1eefng g\u01b0\u01a1ng m\u1eb7t m\u00e0 anh ta cho l\u00e0 \u0111\u1eb9p m\u00e0 ch\u1ecdn nh\u1eefng g\u01b0\u01a1ng m\u1eb7t anh ta cho l\u00e0 c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng l\u00f4i cu\u1ed1n \u0111\u01b0\u1ee3c nh\u1eefng ng\u01b0\u1eddi d\u1ef1 thi kh\u00e1c nh\u1ea5t, t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi n\u00e0y \u0111\u1ec1u xem x\u00e9t v\u1ea5n \u0111\u1ec1 n\u00e0y theo c\u00f9ng m\u1ed9t quan \u0111i\u1ec3m gi\u1ed1ng nhau.\\\" \u0110o\u1ea1n n\u00e0y h\u01a1i r\u01b0\u1eddm r\u00e0. Nh\u01b0ng quan tr\u1ecdng nh\u1ea5t l\u00e0 d\u00f2ng cu\u1ed1i Nh\u1eefng g\u00ec Keynes nh\u1eadn ra \u0111\u00f3 l\u00e0: \u0111i\u1ec1u l\u00e0m cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n tr\u1edf n\u00ean \u0111\u1eb7c bi\u1ec7t k\u1ef3 l\u1ea1 th\u01b0\u1eddng l\u00e0 vi\u1ec7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ch\u1ec9 quan t\u00e2m \u0111\u1ebfn vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 trung b\u00ecnh ngh\u0129 g\u00ec, m\u00e0 c\u00f2n quan t\u00e2m \u0111\u1ebfn vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 trung b\u00ecnh ngh\u0129 nh\u00e0 \u0111\u1ea7u t\u01b0 trung b\u00ecnh ngh\u0129 g\u00ec. V\u00e0 s\u1ef1 th\u1ef1c l\u00e0 t\u1ea1i sao l\u1ea1i d\u1eebng l\u1ea1i \u1edf \u0111\u00f3? C\u00f3 l\u1ebd \u0111i\u1ec1u b\u1ea1n c\u1ea7n ngh\u0129 \u0111\u1ebfn l\u00e0 vi\u1ec7c ng\u01b0\u1eddi trung b\u00ecnh ngh\u0129 quan \u0111i\u1ec3m c\u1ee7a ng\u01b0\u1eddi trung b\u00ecnh s\u1ebd nh\u01b0 th\u1ebf n\u00e0o. M\u1ed9t khi b\u1ea1n b\u1eaft \u0111\u1ea7u tham gia v\u00e0o cu\u1ed9c ch\u01a1i n\u00e0y, r\u00f5 r\u00e0ng b\u1ea1n s\u1ebd r\u1ea5t kh\u00f3 t\u1eeb b\u1ecf. M\u1eb7c d\u00f9 Keynes \u0111\u00e3 n\u00f3i nh\u01b0 v\u1eady nh\u01b0ng s\u1ef1 th\u1ef1c l\u00e0 kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u1ec1u tham gia cu\u1ed9c ch\u01a1i. M\u1ed9t s\u1ed1 ng\u01b0\u1eddi - v\u00ed d\u1ee5 Warren Buffet - h\u00e0nh \u0111\u1ed9ng m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp, ch\u1ec9 \u0111\u01a1n gi\u1ea3n ch\u1ecdn ra nh\u1eefng c\u00f4 g\u00e1i \u0111\u1eb9p nh\u1ea5t (t\u1ee9c l\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a nh\u1eefng c\u00f4ng ty m\u1ea1nh nh\u1ea5t), tin r\u1eb1ng cu\u1ed1i c\u00f9ng th\u1ecb tr\u01b0\u1eddng c\u0169ng s\u1ebd ch\u1ecdn ra","nh\u1eefng c\u00f4 g\u00e1i \u0111\u1eb9p nh\u1ea5t, n\u1ebfu c\u00f3 th\u1ec3 n\u00f3i nh\u01b0 v\u1eady. Nh\u1eefng ng\u01b0\u1eddi kh\u00e1c ch\u1ecdn c\u00e1c c\u00f4 g\u00e1i h\u1ecd ngh\u0129 l\u00e0 \u0111\u1eb9p nh\u01b0ng ph\u1ea3i l\u00e0 nh\u1eefng c\u00f4 m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c d\u01b0\u1eddng nh\u01b0 c\u0169ng s\u1ebd th\u1ea5y quy\u1ebfn r\u0169. V\u00e0 m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c ch\u1ec9 l\u00e0m nh\u1eefng g\u00ec m\u00e0 Keynes \u0111\u1ec1 xu\u1ea5t. Khi \u0111\u00f3, ch\u1ee7 y\u1ebfu th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 s\u1ef1 h\u00f2a h\u1ee3p c\u1ee7a qu\u00e1 r\u00ecnh ra quy\u1ebft \u0111\u1ecbnh v\u1eeba \u0111\u1ed9c l\u1eadp, v\u1eeba ph\u1ee5 thu\u1ed9c, lu\u00f4n lu\u00f4n thay \u0111\u1ed5i nh\u01b0ng c\u0169ng t\u01b0\u01a1ng \u0111\u1ed1i \u1ed5n \u0111\u1ecbnh. C\u00e1c c\u01a1n s\u1ed1t v\u00e0 c\u00e1c cu\u1ed9c s\u1ee5p \u0111\u1ed5 x\u1ea3y ra khi s\u1ef1 h\u00f2a h\u1ee3p n\u00e0y qu\u00e1 nghi\u00eang v\u1ec1 h\u01b0\u1edbng ph\u1ee5 thu\u1ed9c. V\u00ed d\u1ee5, trong tr\u01b0\u1eddng h\u1ee3p c\u01a1n s\u1ed1t bowling, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 coi s\u1ef1 t\u0103ng gi\u00e1 AMF v\u00e0 Brunswich l\u00e0 b\u1eb1ng ch\u1ee9ng cho th\u1ea5y m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u ngh\u0129 r\u1eb1ng bowling th\u1ef1c s\u1ef1 s\u1ebd l\u00e0 m\u1ed9t phi v\u1ee5 l\u1edbn s\u1eafp t\u1edbi. V\u00ec d\u01b0\u1eddng nh\u01b0 ai c\u0169ng th\u00edch c\u00e1c c\u1ed5 phi\u1ebfu bowling, n\u00ean c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n s\u1edf h\u1eefu ch\u00fang v\u00e0 ch\u00ednh \u0111i\u1ec1u n\u00e0y l\u1ea1i c\u00e0ng l\u00e0m cho c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 v\u1ebb h\u1ea5p d\u1eabn h\u01a1n n\u1eefa. Vi\u1ec7c mua c\u1ed5 phi\u1ebfu c\u1ee7a AMF c\u00f3 v\u1ebb gi\u1ed1ng nh\u01b0 m\u1ed9t s\u1ef1 x\u00e1c nh\u1eadn kh\u00f4ng th\u1ec3 b\u1ecb thua l\u1ed7, v\u00ec lu\u00f4n c\u00f3 ng\u01b0\u1eddi kh\u00e1c mu\u1ed1n gi\u00e0nh l\u1ea5y c\u1ed5 ph\u1ea7n t\u1eeb tay b\u1ea1n. V\u00e0 khi c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y ti\u1ebfp t\u1ee5c t\u0103ng gi\u00e1 th\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u0169ng kh\u00f4ng c\u00f2n m\u1ea5y khuy\u1ebfn kh\u00edch ng\u01b0\u1eddi ta ng\u1ed3i xu\u1ed1ng v\u00e0 l\u00e0m ph\u00e9p ph\u00e2n t\u00edch \u0111\u1ed9c l\u1eadp n\u00e0o \u0111\u00f3 - m\u1ed9t h\u00ecnh th\u1ee9c c\u00f3 th\u1ec3 d\u1eabn m\u1ecdi ng\u01b0\u1eddi \u0111\u1ebfn ch\u1ed7 ho\u00e0i nghi v\u1ec1 to\u00e0n b\u1ed9 qu\u00e1 tr\u00ecnh b\u00f9ng n\u1ed5 c\u1ee7a bowling. K\u1ebft qu\u1ea3 l\u00e0 t\u00ednh \u0111a d\u1ea1ng v\u1ec1 \u00fd ki\u1ebfn m\u00e0 th\u1ecb tr\u01b0\u1eddng v\u1eefng m\u1ea1nh d\u1ef1a v\u00e0o \u0111\u01b0\u1ee3c thay th\u1ebf b\u1eb1ng m\u1ed9t d\u1ea1ng suy ngh\u0129 m\u1ed9t chi\u1ec1u. M\u1ecdi ng\u01b0\u1eddi n\u00f3i c\u1ed5 phi\u1ebfu bowling nh\u01b0 th\u1ebf n\u00e0o th\u00ec nh\u1eefng ng\u01b0\u1eddi kh\u00e1c c\u0169ng tin nh\u01b0 th\u1ebf \u0111\u1ea5y.","Cu\u1ed9c s\u1ee5p \u0111\u1ed5 \u0111\u01a1n gi\u1ea3n ch\u1ec9 l\u00e0 \u0111i\u1ec1u ng\u01b0\u1ee3c l\u1ea1i c\u1ee7a c\u01a1n s\u1ed1t, m\u1eb7c d\u00f9 n\u00f3 x\u1ea3y ra \u0111\u1ed9t ng\u1ed9t v\u00e0 kh\u1eafc nghi\u1ec7t h\u01a1n nhi\u1ec1u. T rong m\u1ed9t cu\u1ed9c s\u1ee5p \u0111\u1ed5, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0\u01a1ng t\u1ef1 c\u0169ng kh\u00f4ng quan t\u00e2m \u0111\u1ebfn gi\u00e1 tr\u1ecb \\\"th\u1ef1c\\\" c\u1ee7a c\u1ed5 phi\u1ebfu v\u00e0 t\u01b0\u01a1ng t\u1ef1 ch\u1ec9 ngh\u0129 \u0111\u1ebfn vi\u1ec7c b\u00e1n l\u1ea1i n\u00f3. S\u1ef1 kh\u00e1c nhau r\u00f5 r\u00e0ng l\u00e0: n\u1ebfu trong c\u01a1n s\u1ed1t c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tin ch\u1eafc gi\u00e1 s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng th\u00ec trong cu\u1ed9c s\u1ee5p \u0111\u1ed5 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1ea1i tin r\u1eb1ng gi\u00e1 ch\u1ec9 ti\u1ebfp t\u1ee5c h\u1ea1. \u0110i\u1ec1u th\u1ef1c s\u1ef1 b\u00ed \u1ea9n l\u00e0 t\u1ea1i sao l\u1ea1i x\u1ea3y ra cu\u1ed9c s\u1ee5p \u0111\u1ed5 khi h\u1ecd v\u1eabn \u0111\u1ea7u t\u01b0 v\u00e0 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 v\u1eady, v\u00ec h\u1ea7u h\u1ebft c\u00e1c cu\u1ed9c s\u1ee5p \u0111\u1ed5 l\u1edbn trong l\u1ecbch s\u1eed t\u00e0i ch\u00ednh d\u01b0\u1eddng nh\u01b0 \u0111\u1ec1u qu\u00e1 nghi\u00eam tr\u1ecdng so v\u1edbi nh\u1eefng nguy\u00ean nh\u00e2n tr\u1ef1c ti\u1ebfp. C\u00f3 l\u1ebd c\u00e1ch suy lu\u1eadn h\u1ee3p l\u00fd nh\u1ea5t l\u00e0 c\u00e1ch nh\u00e0 sinh h\u1ecdc Per Bak \u0111\u01b0a ra, \u00f4ng so s\u00e1nh cu\u1ed9c s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1edbi s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a m\u1ed9t \u0111\u1ed1ng c\u00e1t. Khi b\u1ea1n \u0111\u1ed5 th\u00eam c\u00e1t l\u00ean \u0111\u1ed1ng c\u00e1t, n\u00f3 s\u1ebd v\u1eabn gi\u1eef nguy\u00ean h\u00ecnh d\u1ea1ng m\u00e0 to d\u1ea7n l\u00ean. Nh\u01b0ng \u0111\u1ebfn m\u1ed9t \u0111i\u1ec3m n\u00e0o \u0111\u00f3, d\u00f9 ch\u1ec9 m\u1ed9t h\u1ea1t c\u00e1t c\u0169ng qu\u00e1 nhi\u1ec1u \u0111\u1ec3 l\u00e0m \u0111\u1ed1ng c\u00e1t \u0111\u1ed5 nh\u00e0o. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u00e0y nay c\u00f3 nhi\u1ec1u th\u00f4ng tin h\u01a1n so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong l\u1ecbch s\u1eed. H\u1ecd bi\u1ebft l\u00e0 c\u00f3 t\u1ed3n t\u1ea1i c\u00e1c c\u01a1n s\u1ed1t v\u00e0 ch\u00fang hi\u1ebfm khi k\u1ebft th\u00fac t\u1ed1t \u0111\u1eb9p - v\u00e0 ch\u1eafc ch\u1eafn l\u00e0 nh\u01b0 v\u1eady. T h\u1ebf th\u00ec t\u1ea1i sao l\u1ea1i kh\u00f3 c\u00f3 th\u1ec3 lo\u1ea1i b\u1ecf nh\u1eefng c\u01a1n s\u1ed1t \u0111\u1ebfn v\u1eady? \u0110\u1ec3 c\u00f3 c\u00e2u tr\u1ea3 l\u1eddi ta h\u00e3y quan s\u00e1t m\u1ed9t th\u00ed nghi\u1ec7m \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u1edf ph\u00f2ng th\u00ed nghi\u1ec7m kinh t\u1ebf th\u1ef1c nghi\u1ec7m c\u1ee7a CalTech, t\u1ea1i \u0111\u00e2y c\u00e1c nh\u00e0 kinh t\u1ebf \u0111\u00e3 ch\u1ee9ng minh \u0111\u01b0\u1ee3c c\u00e1c c\u01a1n s\u1ed1t di\u1ec5n","ra ch\u00ednh x\u00e1c nh\u01b0 th\u1ebf n\u00e0o. T rong th\u00ed nghi\u1ec7m, c\u00e1c sinh vi\u00ean \u0111\u01b0\u1ee3c t\u1ea1o c\u01a1 h\u1ed9i giao d\u1ecbch c\u1ed5 phi\u1ebfu t\u1ea1i m\u1ed9t c\u00f4ng ty \u1ea3o trong 15 phi\u00ean giao d\u1ecbch, m\u1ed7i phi\u00ean k\u00e9o d\u00e0i 5 ph\u00fat. Kh\u1edfi \u0111i\u1ec3m, m\u1ed7i sinh vi\u00ean \u0111\u01b0\u1ee3c ph\u00e1t hai c\u1ed5 phi\u1ebfu v\u00e0 m\u1ed9t kho\u1ea3n ti\u1ec1n nh\u1ea5t \u0111\u1ecbnh \u0111\u1ec3 mua th\u00eam c\u1ed5 phi\u1ebfu n\u1ebfu mu\u1ed1n. M\u00e1nh l\u1edbi \u1edf \u0111\u00e2y l\u00e0 m\u1ed7i c\u1ed5 phi\u1ebfu s\u1ebd c\u00f3 m\u1ee9c c\u1ed5 t\u1ee9c 24 xu v\u00e0o cu\u1ed1i m\u1ed7i phi\u00ean giao d\u1ecbch. N\u1ebfu b\u1ea1n s\u1edf h\u1eefu m\u1ed9t c\u1ed5 phi\u1ebfu th\u00ec \u0111\u1ebfn cu\u1ed1i phi\u00ean giao d\u1ecbch \u0111\u1ea7u ti\u00ean b\u1ea1n s\u1ebd th\u00eam 24 xu. V\u00e0 n\u1ebfu b\u1ea1n s\u1edf h\u1eefu m\u1ed9t c\u1ed5 phi\u1ebfu th\u00ec sau c\u1ea3 bu\u1ed5i th\u00ed nghi\u1ec7m, b\u1ea1n s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c 3,60 \u0111\u00f4 la (0,24 \u0111\u00f4 la x 15). V\u00ec th\u1ebf, tr\u01b0\u1edbc khi cu\u1ed9c ch\u01a1i b\u1eaft \u0111\u1ea7u, n\u1ebfu c\u00f3 ng\u01b0\u1eddi h\u1ecfi b\u1ea1n l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 tr\u1ea3 bao nhi\u00eau cho m\u1ed9t c\u1ed5 phi\u1ebfu th\u00ec c\u00e2u tr\u1ea3 l\u1eddi \u0111\u00fang s\u1ebd l\u00e0 \\\"Kh\u00f4ng qu\u00e1 3,60 \u0111\u00f4 la\\\". Sau khi phi\u00ean giao d\u1ecbch \u0111\u1ea7u ti\u00ean k\u1ebft th\u00fac th\u00ec b\u1ea1n ch\u1ec9 mu\u1ed1n tr\u1ea3 kh\u00f4ng qu\u00e1 3,26 \u0111\u00f4 la (3,36 \u0111\u00f4 la - 0,24 \u0111\u00f4 la). Sau phi\u00ean th\u1ee9 hai, b\u1ea1n tr\u1ea3 3,12 \u0111\u00f4 la. V\u00e0 c\u1ee9 nh\u01b0 v\u1eady. M\u1ea5u ch\u1ed1t c\u1ee7a t\u1ea5t c\u1ea3 nh\u1eefng vi\u1ec7c n\u00e0y l\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 b\u1ea5t \u1ed5n v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu (nh\u01b0ng trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n th\u1ef1c th\u00ec c\u00f3 s\u1ef1 kh\u00f4ng \u1ed5n \u0111\u1ecbnh). N\u1ebfu s\u1ed1 ti\u1ec1n b\u1ea1n b\u1ecf ra \u0111\u1ec3 mua m\u1ed9t c\u1ed5 phi\u1ebfu l\u1edbn h\u01a1n s\u1ed1 ti\u1ec1n b\u1ea1n s\u1ebd thu l\u1ea1i t\u1eeb c\u00e1c c\u1ed5 t\u1ee9c th\u00ec b\u1ea1n \u0111\u00e3 b\u1ecb mua h\u1edb. T h\u1ebf nh\u01b0ng khi \u0111ang th\u1ef1c hi\u1ec7n th\u00ed nghi\u1ec7m, gi\u00e1 c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u1ed9t ng\u1ed9t t\u0103ng v\u1ecdt l\u00ean 3,50 \u0111\u00f4 la v\u00e0 c\u1ee9 gi\u1eef nguy\u00ean m\u1ee9c \u0111\u00f3 cho \u0111\u1ebfn khi k\u1ebft th\u00fac h\u1eb3n. Khi gi\u00e1 tr\u1ecb c\u00e1c c\u1ed5 phi\u1ebfu d\u01b0\u1edbi 3 \u0111\u00f4 la, m\u1ecdi ng\u01b0\u1eddi v\u1eabn giao d\u1ecbch v\u1edbi gi\u00e1 3,50 \u0111\u00f4 la. Khi gi\u00e1 tr\u1ecb c\u00e1c c\u1ed5 phi\u1ebfu t\u1ee5t xu\u1ed1ng d\u01b0\u1edbi 2 \u0111\u00f4 la, gi\u00e1 giao d\u1ecbch","v\u1eabn kh\u00f4ng h\u1ea1. V\u00e0 th\u1eadm ch\u00ed khi c\u00e1c c\u1ed5 phi\u1ebfu ch\u1ec9 c\u00f2n gi\u00e1 tr\u1ecb ch\u01b0a b\u1eb1ng 1 \u0111\u00f4 la, v\u1eabn c\u00f3 nh\u1eefng ng\u01b0\u1eddi b\u1ecf ra 3,50 \u0111\u00f4 la \u0111\u1ec3 mua v\u00e0o. C\u00e1c sinh vi\u00ean \u0111\u00e3 ngh\u0129 g\u00ec? Nh\u00e0 kinh t\u1ebf h\u1ecdc Colin Camerer, ng\u01b0\u1eddi thi\u1ebft k\u1ebf cu\u1ed9c th\u00ed nghi\u1ec7m n\u00e0y, \u0111\u00e3 h\u1ecfi h\u1ecd l\u00fd do t\u1ea1i sao l\u1ea1i mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 m\u00e0 h\u1ecd bi\u1ebft ch\u1eafc l\u00e0 \u0111i\u00ean r\u1ed3. \\\"H\u1ecd tr\u1ea3 l\u1eddi: R\u00f5 r\u00e0ng t\u00f4i bi\u1ebft gi\u00e1 qu\u00e1 cao, nh\u01b0ng t\u00f4i th\u1ea5y nh\u1eefng ng\u01b0\u1eddi kh\u00e1c v\u1eabn \u0111ang mua b\u00e1n v\u1edbi gi\u00e1 cao nh\u01b0 v\u1eady\\\". Camerer vi\u1ebft: \\\"T \u00f4i t\u00ednh l\u00e0 m\u00ecnh c\u00f3 th\u1ec3 mua, ki\u1ebfm l\u1ea5y m\u1ed9t hay hai c\u1ed5 t\u1ee9c, r\u1ed3i sau \u0111\u00f3 b\u00e1n l\u1ea1i c\u0169ng gi\u00e1 \u0111\u00f3 cho m\u1ed9t k\u1ebb ng\u1ed1c ngh\u1ebfch n\u00e0o \u0111\u00f3.\\\" N\u00f3i c\u00e1ch kh\u00e1c, ai c\u0169ng ngh\u0129 r\u1eb1ng s\u1ebd c\u00f3 k\u1ebb n\u00e0o \u0111\u00f3 ng\u1ed1c h\u01a1n. T h\u00ed nghi\u1ec7m Caltech th\u00fa v\u1ecb v\u00ec n\u00f3 r\u1ea5t c\u1ef1c \u0111oan. C\u00e1c sinh vi\u00ean c\u00f3 m\u1ecdi th\u00f4ng tin c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u00fang - t\u1ee9c l\u00e0, kh\u00f4ng tr\u1ea3 qu\u00e1 cao khi mua c\u1ed5 phi\u1ebfu. H\u1ecd bi\u1ebft khi n\u00e0o cu\u1ed9c th\u00ed nghi\u1ec7m s\u1ebd k\u1ebft th\u00fac, c\u00f3 ngh\u0129a l\u00e0 h\u1ecd ch\u1ec9 c\u00f3 m\u1ed9t kho\u1ea3ng th\u1eddi gian h\u1ea1n ch\u1ebf \u0111\u1ec3 b\u00e1n h\u1ea1 gi\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd. V\u00e0 h\u1ecd \u0111\u00e3 kh\u00f4ng giao thi\u1ec7p v\u1edbi nhau ngo\u1ea1i tr\u1eeb quan h\u1ec7 mua b\u00e1n (V\u00ec th\u1ebf m\u1ecdi ng\u01b0\u1eddi kh\u00f4ng khuy\u1ebfn kh\u00edch nhau.). V\u00e0 c\u01a1n s\u1ed1t l\u1eb7ng l\u1ebd \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y ph\u1ea7n n\u00e0o nh\u1eefng hi\u1ec3m h\u1ecda c\u1ee7a vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh ph\u1ee5 thu\u1ed9c. Ph\u1ea3i n\u00f3i r\u1eb1ng, nh\u1eefng c\u01a1n s\u1ed1t trong th\u1ef1c t\u1ebf c\u00f2n ph\u1ee9c t\u1ea1p v\u00e0 th\u00fa v\u1ecb h\u01a1n so v\u1edbi trong th\u00ed nghi\u1ec7m \u1edf CalTech. T r\u01b0\u1edbc h\u1ebft, khi","\u0111ang trong c\u01a1n s\u1ed1t, m\u1ecdi ng\u01b0\u1eddi kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng bi\u1ebft r\u00f5 l\u00e0 h\u1ecd \u0111ang \u1edf \u0111\u00e2u. C\u00e1c sinh vi\u00ean c\u1ee7a Camerer th\u1eb3ng th\u1eafn cho bi\u1ebft h\u1ecd ch\u1ec9 ch\u0103m ch\u0103m t\u00ecm k\u1ebb ng\u1ed1c ngh\u1ebfch h\u01a1n. Nh\u01b0ng trong m\u1ed9t c\u01a1n s\u1ed1t th\u1ef1c t\u1ebf, m\u1ecdi ng\u01b0\u1eddi - kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3, nh\u01b0ng ch\u1eafc ch\u1eafn c\u00f3 m\u1ed9t s\u1ed1 - b\u1eaft \u0111\u1ea7u tin v\u00e0o m\u1ecdi s\u1ef1 qu\u1ea3ng c\u00e1o th\u1ed5i ph\u1ed3ng. Nh\u1eefng ng\u01b0\u1eddi mua c\u1ed5 phi\u1ebfu c\u1ee7a Cisco khi c\u00f4ng ty n\u00e0y c\u00f3 ti\u1ebfng l\u00e0 c\u00f4ng ty \u0111\u1eaft gi\u00e1 nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi ch\u1eafc ch\u1eafn v\u00ec h\u1ecd tin r\u1eb1ng c\u1ed5 phi\u1ebfu c\u1ee7a Cisco s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng h\u01a1n n\u1eefa. Nh\u01b0ng \u1ea9n b\u00ean trong ni\u1ec1m tin \u0111\u00f3 c\u00f3 m\u1ed9t \u00fd ni\u1ec7m c\u1ed1t l\u00f5i cho r\u1eb1ng Cisco th\u1ef1c ra c\u00f3 th\u1ec3 ch\u1ec9 c\u00f3 gi\u00e1 tr\u1ecb 500 t\u1ef7 \u0111\u00f4 la. T heo ngh\u0129a \u0111\u00f3, t\u00ednh nguy hi\u1ec3m c\u1ee7a m\u1ed9t c\u01a1n s\u1ed1t \u0111\u00f3 l\u00e0 n\u00f3 c\u00e0ng k\u00e9o d\u00e0i, l\u1ea1i c\u00e0ng c\u00f3 v\u1ebb kh\u00f4ng gi\u1ed1ng c\u01a1n s\u1ed1t. \u0110i\u1ec1u n\u00e0y ph\u1ea7n n\u00e0o l\u00e0 do th\u1ef1c t\u1ebf kh\u00f4ng ai bi\u1ebft khi n\u00e0o n\u00f3 s\u1ebd k\u1ebft th\u00fac (c\u0169ng nh\u01b0 kh\u00f4ng ai c\u00f3 th\u1ec3 bi\u1ebft th\u1ef1c s\u1ef1 n\u00f3 b\u1eaft \u0111\u1ea7u khi n\u00e0o, th\u1eadm ch\u00ed c\u1ea3 khi nh\u00ecn l\u1ea1i). B\u1ea5t k\u1ef3 m\u1ed9t nh\u00e0 h\u1ecdc gi\u1ea3 n\u00e0o c\u0169ng c\u00f3 th\u1ec3 ti\u00ean \u0111o\u00e1n \u0111\u01b0\u1ee3c ng\u00e0y t\u1eadn th\u1ebf c\u1ee7a c\u00f4ng ty Nasdaq v\u00e0o n\u0103m 1998, nh\u01b0ng n\u1ebfu khi \u0111\u00f3 b\u1ea1n r\u00fat kh\u1ecfi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, b\u1ea1n s\u1ebd b\u1ecf l\u1ee1 m\u1ea5t 40% l\u1ee3i nhu\u1eadn. N\u1ebfu r\u00fat tr\u01b0\u1edbc n\u0103m 1999, b\u1ea1n s\u1ebd b\u1ecf l\u1ee1 m\u1ea5t kho\u1ea3n l\u1ee3i nhu\u1eadn 85%. T h\u1ecb tr\u01b0\u1eddng n\u00e0y ph\u1ea3i ph\u00e1t tri\u1ec3n bao nhi\u00eau n\u0103m cho \u0111\u1ebfn khi s\u1ef1 vi\u1ec7c di\u1ec5n ra nh\u01b0 v\u1eady? Lo\u1ea1i b\u1ecf c\u00e1c c\u01a1n s\u1ed1t d\u1ec5 d\u00e0ng nh\u01b0 lo\u1ea1i b\u1ecf nh\u1eefng \u0111\u1ee3t k\u00edch \u0111\u1ed9ng t\u1eadp th\u1ec3. Nh\u01b0ng qu\u00e1 tr\u00ecnh th\u1ef1c hi\u1ec7n ph\u1ee9c t\u1ea1p h\u01a1n th\u1ebf. R\u1ed1t cu\u1ed9c, nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea5y trong ch\u01b0\u01a1ng b\u00e0n v\u1ec1 s\u1ef1 b\u1eaft ch\u01b0\u1edbc","v\u00e0 c\u00e1c th\u00e1c th\u00f4ng tin, m\u1ed9t s\u1ed1 ng\u01b0\u1eddi d\u1ef1a v\u00e0o tr\u00ed tu\u1ec7 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi kh\u00e1c l\u00e0 \u0111i\u1ec1u ch\u1eafc ch\u1eafn x\u1ea3y ra v\u00e0 th\u01b0\u1eddng r\u1ea5t c\u00f3 l\u1ee3i. N\u1ebfu c\u00e1c nh\u00f3m n\u00f3i chung \u0111\u1ec1u t\u01b0\u01a1ng \u0111\u1ed1i th\u00f4ng minh (nh\u01b0 ta bi\u1ebft th\u00ec c\u00e1c nh\u00f3m \u0111\u1ec1u th\u00f4ng minh) th\u00ec s\u1ebd c\u00f3 c\u01a1 h\u1ed9i r\u1ea5t t\u1ed1t \u0111\u1ec3 gi\u00e1 c\u1ed5 phi\u1ebfu h\u1ee3p l\u00fd th\u1ef1c s\u1ef1. V\u1ea5n \u0111\u1ec1 l\u00e0 m\u1ed9t khi t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi b\u1eaft \u0111\u1ea7u d\u1ef1a v\u00e0o tr\u00ed tu\u1ec7 c\u1ee7a nh\u00f3m, th\u00ec kh\u00f4ng ai c\u00f2n l\u00e0m g\u00ec \u0111\u1ec3 b\u1ed5 sung v\u00e0o tr\u00ed tu\u1ec7 c\u1ee7a nh\u00f3m n\u1eefa. M\u1eb7c cho c\u00e1ch l\u1eadp lu\u1eadn c\u1ee7a Keynes, cu\u1ed9c thi hoa h\u1eadu ch\u1ec9 c\u00f3 m\u1ed9t hy v\u1ecdng l\u00e0 t\u00ecm ra c\u00f4 g\u00e1i \u0111\u1eb9p nh\u1ea5t - hy v\u1ecdng \u0111\u00f3, r\u1ed1t cu\u1ed9c, ch\u00ednh l\u00e0 m\u1ee5c \u0111\u00edch c\u1ee7a cu\u1ed9c thi - n\u1ebfu nh\u01b0 m\u1ed9t s\u1ed1 ng\u01b0\u1eddi \u1edf \u0111\u00f3 th\u1ef1c s\u1ef1 \u0111ang ngh\u0129 xem c\u00f4 g\u00e1i n\u00e0o l\u00e0 \u0111\u1eb9p nh\u1ea5t. Ch\u1ec9 v\u00ec ch\u00fang ta kh\u00f4ng c\u00f3 nh\u1eefng m\u00f4 t\u1ea3 r\u00f5 r\u00e0ng v\u1ec1 nguy\u00ean nh\u00e2n c\u1ee7a c\u00e1c cu\u1ed9c s\u1ee5p \u0111\u1ed5 n\u00ean ch\u00fang ta c\u0169ng th\u1ef1c s\u1ef1 kh\u00f4ng hi\u1ec3u r\u00f5 t\u1ea1i sao c\u00e1c c\u01a1n s\u1ed1t l\u1ea1i b\u1eaft \u0111\u1ea7u. C\u00e1i m\u00e0 ch\u00fang ta bi\u1ebft \u0111\u01b0\u1ee3c \u0111\u00f3 l\u00e0 ch\u00fang kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c t\u1ea1o ra m\u1ed9t c\u00e1ch v\u00f4 c\u0103n c\u1ee9. Bowling t\u1eebng l\u00e0 m\u1ed9t trong nh\u1eefng tr\u00f2 ti\u00eau khi\u1ec3n ph\u1ed5 bi\u1ebfn nh\u1ea5t \u1edf M\u1ef9 nh\u1eefng n\u0103m 1950. C\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 sinh h\u1ecdc \u0111\u00e3 c\u00e1ch m\u1ea1ng h\u00f3a ng\u00e0nh c\u00f4ng nghi\u1ec7p d\u01b0\u1ee3c. V\u00e0 Internet t\u1eebng l\u00e0 m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p bi\u1ebfn \u0111\u1ed5i. V\u1ea5n \u0111\u1ec1 l\u00e0 n\u1ebfu c\u00e1c c\u01a1n s\u1ed1t b\u1eaft \u0111\u1ea7u v\u1edbi t\u00ednh ch\u1ea5t l\u00e0 nh\u1eefng n\u1ed7 l\u1ef1c h\u1ee3p l\u00fd \u0111\u1ec3 ki\u1ebfm ch\u00e1c \u0111\u01b0\u1ee3c \u1edf nh\u1eefng h\u01b0\u1edbng kinh doanh m\u1ea1nh, th\u00ec ch\u00fang s\u1ebd s\u1edbm tr\u1edf th\u00e0nh \u0111i\u1ec1u g\u00ec \u0111\u00f3 kh\u00e1c n\u1eefa. S\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a vi\u1ec7c bu\u00f4n b\u00e1n c\u1ed5 phi\u1ebfu tr\u00ean c\u01a1 s\u1edf nh\u1eefng vi\u1ec7c ng\u01b0\u1eddi kh\u00e1c \u0111ang l\u00e0m l\u00e0 g\u1ea7n nh\u01b0 kh\u00f4ng th\u1ec3 c\u01b0\u1ee1ng l\u1ea1i \u0111\u01b0\u1ee3c. Nh\u1eefng mong \u0111\u1ee3i c\u1ee7a ng\u01b0\u1eddi kh\u00e1c","li\u00ean t\u1ee5c t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn mong \u0111\u1ee3i c\u1ee7a b\u1ea1n. V\u00e0 khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eaft \u0111\u1ea7u ph\u1ea3n \u00e1nh l\u1eabn nhau th\u00ec tr\u00ed tu\u1ec7 c\u1ee7a nh\u00f3m n\u00f3i chung s\u1ebd gi\u1ea3m xu\u1ed1ng. T h\u00f4ng tin th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 b\u1ed5 \u00edch. T h\u1ef1c t\u1ebf, nh\u01b0 l\u00e0 m\u1ed9t nguy\u00ean t\u1eafc, c\u00e0ng nhi\u1ec1u th\u00f4ng tin c\u00e0ng t\u1ed1t. V\u00e0 m\u1ed9t trong nh\u1eefng th\u00e1ch th\u1ee9c th\u1ef1c s\u1ef1 c\u1ee7a b\u1ea5t k\u1ef3 n\u1ec1n kinh t\u1ebf n\u00e0o c\u0169ng l\u00e0 b\u1ea3o \u0111\u1ea3m \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u bi\u1ebft \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 nh\u1eefng c\u00f4ng ty m\u00e0 h\u1ecd s\u1ebd \u0111\u1ea7u t\u01b0. Nh\u01b0ng kinh nghi\u1ec7m c\u1ee7a c\u00e1c c\u01a1n s\u1ed1t v\u00e0 c\u00e1c cu\u1ed9c s\u1ee5p \u0111\u1ed5 cho th\u1ea5y, trong nh\u1eefng ho\u00e0n c\u1ea3nh nh\u1ea5t \u0111\u1ecbnh, nh\u1eefng lo\u1ea1i th\u00f4ng tin nh\u1ea5t \u0111\u1ecbnh qu\u1ea3 th\u1ef1c d\u01b0\u1eddng nh\u01b0 l\u1ea1i l\u00e0m m\u1ecdi vi\u1ec7c tr\u1edf n\u00ean x\u1ea5u h\u01a1n. H\u00f3a ra kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 c\u00e1c th\u00f4ng tin \u0111\u01b0\u1ee3c t\u1ea1o ra nh\u01b0 nhau. V\u00e0 c\u00e1ch th\u00f4ng tin \u0111\u01b0\u1ee3c truy\u1ec1n t\u1ea3i c\u00f3 th\u1ec3 t\u00e1c \u0111\u1ed9ng m\u1ea1nh \u0111\u1ebfn c\u00e1ch n\u00f3 \u0111\u01b0\u1ee3c ti\u1ebfp nh\u1eadn. C\u01a1n s\u1ed1t c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u1edf nh\u1eefng n\u0103m 1990 x\u1ea3y ra \u0111\u1ed3ng th\u1eddi v\u1edbi s\u1ef1 b\u00f9ng n\u1ed5 v\u1ec1 tin t\u1ee9c t\u00e0i ch\u00ednh. T h\u1eadm ch\u00ed ch\u1ec9 so v\u1edbi m\u1ed9t th\u1eadp k\u1ef7 tr\u01b0\u1edbc \u0111\u00e2y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u00e0y nay \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn v\u1edbi m\u1ed9t l\u01b0\u1ee3ng th\u00f4ng tin r\u1ea5t l\u1edbn v\u1ec1 c\u00e1c c\u00f4ng ty v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u1edd c\u00f3 Internet v\u00e0 truy\u1ec1n h\u00ecnh c\u00e1p. Ngu\u1ed3n th\u00f4ng tin t\u00e0i ch\u00ednh c\u00f3 t\u1ea7m \u1ea3nh h\u01b0\u1edfng l\u1edbn nh\u1ea5t v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990 ch\u1eafc ch\u1eafn l\u00e0 CNBC. N\u0103m 1999, Andy Serwer, nh\u00e0 b\u00e1o chuy\u00ean m\u1ee5c Fortune (V\u1eadn may), \u0111\u00e3 vi\u1ebft: \\\"T \u00f4i ngh\u0129 CNBC l\u00e0 m\u1ea1ng l\u01b0\u1edbi v\u00f4 tuy\u1ebfn truy\u1ec1n h\u00ecnh c\u1ee7a th\u1eddi \u0111\u1ea1i ch\u00fang ta... T h\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u c\u01a1 gi\u00e1 l\u00ean m\u00e0 ch\u00fang ta \u0111ang h\u00e2m","n\u00f3ng t\u1eeb n\u0103m n\u00e0y sang n\u0103m kh\u00e1c \u0111\u00e3 l\u00e0m cho vi\u1ec7c \u0111\u1ea7u t\u01b0 tr\u1edf th\u00e0nh tr\u00f2 ti\u00eau khi\u1ec3n tr\u00ean ph\u1ea1m vi qu\u1ed1c gia. C\u00e1c c\u1ed5 phi\u1ebfu c\u00e0ng t\u0103ng gi\u00e1, ch\u00fang ta tham gia th\u1ecb tr\u01b0\u1eddng c\u00e0ng \u0111\u00f4ng v\u00e0 xem CNBC c\u00e0ng nhi\u1ec1u \u0111\u1ec3 theo s\u00e1t di\u1ec5n bi\u1ebfn.\\\" (L\u01b0u \u00fd l\u00e0 c\u00e1ch m\u00f4 t\u1ea3 c\u1ee7a Serwer - \\\"C\u00e1c c\u1ed5 phi\u1ebfu c\u00e0ng t\u0103ng gi\u00e1, ch\u00fang ta tham gia th\u1ecb tr\u01b0\u1eddng c\u00e0ng \u0111\u00f4ng \u0111\u00e3 ho\u00e0n to\u00e0n l\u1ed9t t\u1ea3 \u0111\u01b0\u1ee3c logic c\u1ee7a c\u01a1n s\u1ed1t trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n\\\".). M\u1ed7i tu\u1ea7n c\u00f3 7.000.000 ng\u01b0\u1eddi xem k\u00eanh CNBC khi th\u1ecb tr\u01b0\u1eddng l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m, v\u00e0 n\u1ebfu b\u1ea1n c\u0169ng r\u1ea5t quan t\u00e2m t\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, th\u00ec vi\u1ec7c n\u00e0y l\u00e0 kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi. Serwer vi\u1ebft ti\u1ebfp: \\\"CNBC hi\u1ec7n di\u1ec7n \u1edf kh\u1eafp n\u01a1i: tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch v\u00e0 m\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n, t\u1ea5t nhi\u00ean, c\u00f2n c\u00f3 \u1edf c\u00e1c c\u00e2u l\u1ea1c b\u1ed9 s\u1ee9c kh\u1ecfe v\u00e0 c\u00e1c nh\u00e0 h\u00e0ng, c\u00e1c c\u1eeda h\u00e0ng hoa v\u00e0 c\u00e1c gi\u00e0n khoan d\u1ea7u, c\u00e1c nh\u00e0 m\u00e1y v\u00e0 ph\u00f2ng h\u1ecdp c\u1ee7a c\u00e1c h\u1ed9i \u0111o\u00e0n, v\u0103n ph\u00f2ng lu\u1eadt s\u01b0 v\u00e0 c\u00e1c nh\u00e0 t \u00f9.\\\" CNBC li\u00ean t\u1ee5c ph\u00e1t s\u00f3ng v\u1ec1 nh\u1eefng vi\u1ec7c \u0111ang di\u1ec5n ra tr\u00ean th\u1ecb tr\u01b0\u1eddng, v\u1edbi d\u00f2ng tin v\u1ec1 ch\u1ee9ng kho\u00e1n l\u00fac n\u00e0o c\u0169ng ch\u1ea1y \u1edf cu\u1ed1i m\u00e0n h\u00ecnh v\u00e0 th\u00f4ng tin c\u1eadp nh\u1eadt \u0111\u1ebfn t\u1eeb h\u00e0ng lo\u1ea1t c\u00e1c s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n m\u1ed9t c\u00e1ch \u0111\u1ec1u \u0111\u1eb7n. CNBC hi\u1ec3u theo ngh\u0129a n\u00e0o \u0111\u00f3 \u0111\u00fang l\u00e0 m\u1ed9t ng\u01b0\u1eddi \u0111\u01b0a tin, gi\u00fap th\u1ecb tr\u01b0\u1eddng tr\u00f2 chuy\u1ec7n v\u1edbi ch\u00ednh m\u00ecnh, b\u1ea1n c\u00f3 th\u1ec3 n\u00f3i nh\u01b0 v\u1eady. Nh\u01b0ng khi CNBC tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn h\u01a1n th\u00ec t\u1ea7m \u1ea3nh h\u01b0\u1edfng c\u1ee7a n\u00f3 c\u0169ng l\u1edbn h\u01a1n. T hay v\u00ec ch\u1ec9 b\u00ecnh lu\u1eadn v\u1ec1 c\u00e1c th\u1ecb tr\u01b0\u1eddng, n\u00f3 b\u1eaft \u0111\u1ea7u k\u00edch \u0111\u1ed9ng c\u1ea3 c\u00e1c th\u1ecb tr\u01b0\u1eddng - m\u1ed9t c\u00e1ch kh\u00f4ng c\u1ed1 \u00fd. Kh\u00f4ng ph\u1ea3i l\u00e0 qu\u00e1","nhi\u1ec1u th\u00f4ng tin \u0111\u01b0\u1ee3c ph\u00e1t s\u00f3ng tr\u00ean k\u00eanh CNBC \u0111\u00e3 th\u00fac \u0111\u1ea9y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua b\u00e1n, m\u00e0 th\u1ef1c t\u1ebf l\u00e0 nh\u1eefng th\u00f4ng tin \u0111\u00f3 \u0111\u01b0\u1ee3c n\u00f3i t\u1edbi qu\u00e1 nhi\u1ec1u tr\u00ean CNBC. V\u00ed d\u1ee5, c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc Jeffrey Busse v\u00e0 T. Clinton Green \u0111\u00e3 th\u1ef1c hi\u1ec7n nghi\u00ean c\u1ee9u v\u1ec1 ph\u1ea3n \u1ee9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng khi tr\u00ean k\u00eanh CNBC ph\u00e1t \u0111i b\u1ea3n tin t\u00edch c\u1ef1c v\u1ec1 m\u1ed9t lo\u1ea1i c\u1ed5 phi\u1ebfu trong ti\u1ebft m\u1ee5c \\\"Midday Call\\\". Busse v\u00e0 Green tho th\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u1ea3n \u1ee9ng g\u1ea7n nh\u01b0 t\u1ee9c th\u00ec tr\u01b0\u1edbc tin \u0111\u00f3, gi\u00e1 t\u0103ng cao h\u01a1n trong v\u00f2ng 15 gi\u00e2y \u0111\u1ea7u ti\u00ean sau khi \u0111\u01b0a tin. \u0110\u00e1ng ch\u00fa \u00fd h\u01a1n, s\u1ed1 giao d\u1ecbch c\u1ed5 phi\u1ebfu \u0111\u00e3 t\u0103ng g\u1ea5p s\u00e1u l\u1ea7n trong ph\u00fat \u0111\u1ea7u ti\u00ean sau khi \u0111\u01b0a tin. T \u1ed1c \u0111\u1ed9 ph\u1ea3n \u1ee9ng, m\u1ed9t m\u1eb7t, ch\u1ee9ng t\u1ecf m\u1ee9c \u0111\u1ed9 hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng khi c\u00f3 th\u00f4ng tin m\u1edbi. Nh\u01b0ng nghi\u00ean c\u1ee9u n\u00e0y c\u00f2n cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 kh\u00f4ng ph\u1ea3n \u1ee9ng tr\u01b0\u1edbc n\u1ed9i dung c\u1ee7a b\u1ea3n tin. 15 gi\u00e2y kh\u00f3 c\u00f3 th\u1ec3 \u0111\u1ee7 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem th\u00f4ng tin \u0111\u01b0a tr\u00ean CNBC c\u00f3 \u00fd ngh\u0129a hay kh\u00f4ng. T \u1ea5t c\u1ea3 nh\u1eefng g\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 - hay nh\u1eefng k\u1ebb \u0111\u1ea7u c\u01a1 - quan t\u00e2m \u0111\u00f3 l\u00e0: v\u00ec CNBC \u0111\u00e3 \u0111\u01b0a tin, n\u00ean m\u1ed9t s\u1ed1 ng\u01b0\u1eddi s\u1ebd d\u1ef1a v\u00e0o \u0111\u00f3 \u0111\u1ec3 giao d\u1ecbch. M\u1ed9t khi b\u1ea1n bi\u1ebft r\u1eb1ng nh\u1eefng ng\u01b0\u1eddi kh\u00e1c s\u1ebd ph\u1ea3n \u1ee9ng tr\u01b0\u1edbc tin m\u1edbi \u0111\u01b0a, th\u00ec v\u1ea5n \u0111\u1ec1 duy nh\u1ea5t s\u1ebd l\u00e0 ai c\u00f3 th\u1ec3 theo k\u1ecbp (T h\u1ef1c ra, n\u1ebfu b\u1ea1n qu\u00e1 ch\u1eadm th\u00ec cu\u1ed1i c\u00f9ng b\u1ea1n s\u1ebd m\u1ea5t h\u1ebft ti\u1ec1n.). Ken Wolff, ng\u01b0\u1eddi giao d\u1ecbch h\u1eb1ng ng\u00e0y, \u0111\u00e3 ph\u00e1t bi\u1ec3u v\u1edbi t\u1edd Business Week: \\\"CNBC l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 t\u1ea1o \u0111\u00e0 giao d\u1ecbch n\u00f3ng b\u1ecfng. Ch\u00fang t\u00f4i s\u1eed d\u1ee5ng n\u00f3 th\u01b0\u1eddng xuy\u00ean\\\". V\u00e0 Jim Cramer, m\u1ed9t nh\u00e0 b\u00e1o chuy\u00ean m\u1ee5c v\u00e0 l\u00e0 c\u1ef1u gi\u00e1m \u0111\u1ed1c qu\u1ef9 \u0111\u1ea7u","t\u01b0 m\u1ea1o hi\u1ec3m, \u0111\u00e3 vi\u1ebft v\u1ec1 ch\u01b0\u01a1ng tr\u00ecnh bu\u1ed5i s\u00e1ng c\u1ee7a CNBC, Squawk Box, nh\u01b0 sau: \\\"B\u1ea1n h\u00e3y mua ngay ch\u1ee9ng kho\u00e1n khi nghe th\u1ea5y ai \u0111\u00f3 \u0111ang n\u00f3i tr\u00ean Squawk.\\\" K\u00eanh CNBC \u0111\u00e3 th\u1ed5i ph\u1ed3ng t\u00ednh th\u1ea5t ph\u1ee5 thu\u1ed9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n b\u1edfi v\u00ec \u0111\u00e3 d\u1ed3n d\u1eadp chuy\u1ec3n t\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng tin v\u1ec1 nh\u1eefng g\u00ec m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111ang suy ngh\u0129. T h\u1eddi k\u1ef3 tr\u01b0\u1edbc khi c\u00f3 k\u00eanh CNBC, h\u1ea7u h\u1ebft th\u00f4ng tin m\u00e0 nh\u1eefng ng\u01b0\u1eddi giao d\u1ecbch bi\u1ebft \u0111\u01b0\u1ee3c v\u1ec1 \u00fd ngh\u0129 c\u1ee7a m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u ph\u1ea3i suy lu\u1eadn t\u1eeb m\u00e1y \u0111i\u1ec7n b\u00e1o. V\u00ec v\u1eady, d\u00f9 b\u1ea1n \u0111ang c\u1ed1 g\u1eafng gi\u1ea3i m\u00e3 c\u00e1c \u0111\u1ed9ng c\u01a1 c\u1ee7a ng\u01b0\u1eddi kh\u00e1c th\u00ec v\u1eabn c\u00f3 m\u1ed9t kho\u1ea3ng tr\u1ed1ng gi\u1eefa b\u1ea1n v\u00e0 th\u1ecb tr\u01b0\u1eddng. T rong th\u1ebf gi\u1edbi th\u00f4ng tin t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i, vi\u1ec7c suy lu\u1eadn \u0111\u00f3 kh\u00f4ng c\u00f2n c\u1ea7n thi\u1ebft n\u1eefa (c\u00f3 l\u1ebd kh\u00f4ng th\u1ec3 c\u00f3 n\u1eefa). T hay v\u00e0o \u0111\u00f3, b\u1ea1n li\u00ean t\u1ee5c \u0111\u01b0\u1ee3c bi\u1ebft th\u00f4ng tin v\u1ec1 nh\u1eefng ng\u01b0\u1eddi giao d\u1ecbch \u0111ang n\u00f3i g\u00ec v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u1ea3m nh\u1eadn nh\u01b0 th\u1ebf n\u00e0o. T r\u1edf l\u1ea1i v\u1edbi c\u00e1ch n\u00f3i \u1ea9n d\u1ee5 c\u1ee7a Keynes, c\u1ee9 nh\u01b0 l\u00e0 k\u00eanh CNBC k\u00eau g\u00e0o c\u1ea3 ng\u00e0y v\u1ec1 nh\u1eefng \u0111i\u1ec1u m\u1ecdi ng\u01b0\u1eddi \u0111ang b\u00e0n xem, ai s\u1ebd l\u00e0 nh\u1eefng c\u00f4 g\u00e1i \u0111\u1eb9p nh\u1ea5t. \u0110i\u1ec1u \u0111\u00f3 khi\u1ebfn cho c\u00e1 nh\u00e2n m\u1ed7i nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e0ng kh\u00f3 \u0111\u01b0a ra \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh \u0111\u1ed9c l\u1eadp v\u1ec1 c\u00f4 g\u00e1i \u0111\u1eb9p nh\u1ea5t h\u01a1n tr\u01b0\u1edbc. \u0110\u01b0\u01a1ng nhi\u00ean, \u0111\u00e2y c\u0169ng l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng trong nh\u1eefng th\u1eddi \u0111i\u1ec3m c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 li\u00ean k\u1ebft v\u1edbi nhau. Ch\u1eb3ng h\u1ea1n, v\u00e0o h\u00f4m th\u1ecb tr\u01b0\u1eddng s\u1ee5t gi\u00e1 m\u00e0 tr\u00ean m\u00e0n h\u00ecnh c\u1ee7a k\u00eanh CNBC l\u1ea1i ca t\u1ee5ng: \u201c M\u1ed9t ng\u00e0y th\u1ee9 Hai vui bu\u1ed3n l\u1eabn l\u1ed9n\\\" th\u00ec m\u1ed7i quy\u1ebft \u0111\u1ecbnh nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra \u0111\u1ec1u b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi s\u1ef1 hoang mang h\u1ecd nh\u00ecn"]
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