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1、ChoicesInvolvingRisk11LearningObjectivesAfterreadingthischapter,studentsshouldbeableto:}Defineandmeasureeconomicrisk.}Illustrateanindividual’sriskpreferencesgraphically.}Explainwhypeoplepurchaseinsurancepolicies.}Analyzewhypeopletakecertainrisksandavoidothers.}Identifyandexplainseveral
2、strategiesformanagingrisk.arlyin1996,twograduatestudentsatStanfordUniversity,LarryPageandSergeyEBrin,begandevelopinganewtechnologyforretrievinginformationfromhugedata-bases.Withnobusinessexperiencetospeakof,theytriedbutfailedtoconvinceinvestorsoftheirtechnologyscommercialpotential.Rel
3、uctantly,theysetupoperationsinPagesdormroom,wheretheycobbledtogetherapatchworkdatacentermadeofsurpluscomputermemoryacquiredatbargainprices.Overthenexttwoyears,theymanagedtoraisejustunder$1millionfrominterestedinvestors,whichtheyusedtolaunchacompany.BySeptember1998,GoogleInc.wasofficial
4、lyopenforbusiness.Sixyearslater,onAugust19,2004,thecompanyheldanini-tialpublicoffering(IPO)inwhichforthefirsttimemem-bersofthegeneralpublicwereallowedtobuyshares.PageandBrinbothcollectedmorethan$40millionincash,retainingsharesvaluedatmorethan$3.2billioneach!They(andtheirinvestors)hadta
5、kenabigchanceonethathadpaidoffbeyondtheirwildestexpectations.Duringthedot-commaniaofthelate1990s,thou-sandsofbrightyoungentrepreneurswithcleverideaslaunchedriskynewventures.UnlikePageandBrin,mostcameupemptyhanded.AgrocerydeliveryserviceGoogle,Inc.foundersLarryPageandSergeyBrin365ber00
6、279_c11_365-401.indd365CONFIRMINGPAGES10/16/073:08:02PM366PartIIEconomicDecisionMakingcalledWebvanwentbelly-upin2001withaccumulatedlossesof$830million.ClothingoutletBoo.comblewthrough$225millionofinves-torsmoney,onlytobeacquiredforwellunder$1millionbyFashion-mall.com.WebsiteslikeTheMu
7、seumofE-Failurewerecreatedjusttokeeptrackoftheduds.Someofthem,likeDot-ComFlopTracker,floppedthemselves.Foraninvestor,thetrickwastodistinguishtheGooglesfromtheWebvans.Manyofthosewhoguessedrightbecamewealthy;otherslosttheirshirts.Stillotherswatchedfromthesidelines,unwillingtogambletheirh
8、ard-e
