Two Pillars of Asset Pricing
诺贝尔奖得主在演讲中回顾了获奖工作，即资产定价中的有效市场理论和资产定价模型研究，这两者被视为资产定价的两大支柱或连体双胞胎。
The Nobel Foundation asks that the Nobel lecture cover the work for which the Prize is awarded. The announcement of this year's Prize cites empirical work in asset pricing. I interpret this to include work on efficient capital markets and work on developing and testing asset pricing models—the two pillars, or perhaps more descriptive, the Siamese twins of asset pricing. I start with efficient markets and then move on to asset pricing models.