MINISTRY OF EDUCATION AND TRAINING
DUY TAN UNIVERSITY
FACULTY OF ENGLISH

GRADUATION THESES
NGUYEN THI NY SA

AN ANALYSIS OF THE SUGGESTED
TRANSLATION OF CHAPTER 11 FROM
THE BOOK “WISHER GETTING BEYOND
GROUP THINK TO MAKE GROUP
SMARTER” BY CASS SUNSTEIN, 2014

GRADUATION THESES IN SOCIAL SCIENCES AND
HUMANITIES

DA NANG – May 2021


MINISTRY OF EDUCATION AND TRAINING
DUY TAN UNIVERSITY
FACULTY OF ENGLISH

GRADUATION THESES
NGUYEN THI NY SA

AN ANALYSIS OF THE SUGGESTED
TRANSLATION OF CHAPTER 11 FROM
THE BOOK “WISHER GETTING BEYOND
GROUP THINK TO MAKE GROUP
SMARTER” BY CASS SUNSTEIN, 2014

Major: English for Translation and Interpretation
Code: 701
SUPERVISOR: VÕ THỊ PHƯƠNG THẢO, M.A.

DA NANG – May 2021
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CLASS: K23NAB


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SUPERVISOR: VO THI PHUONG THAO, M.A.

ACKNOWLEDGEMENTS

To teachers in Duy Tan university!
To my supervisor – Ms. Thao!
This graduation thesis could not be finished without the invaluable help,
advice, and encouragement of my teachers, family and friends.
First of all, I would like to express my deep and sincere gratitude to the
teachers of the Faculty of English. They are enthusiastic teachers who

teaching me useful lessons and helping me gain a lot of important knowledge
during the 4 years of studying at school.
Secondly, I would like to express my greatest gratitude to my
supervisor, Ms. Vo Thi Phuong Thao for her enthusiasm, support, guideline,
and the time which she spent for me when I met obstacles. Besides, Ms. Thao
always encouraged and answered all my questions during completing the
process of this graduation paper.
Finally, we also really appreciate all the encouragement and advice of
people. I hope this graduation thesis will great success.
At last, I do wish all of you good health and success!
Sincerely

Nguyen Thi Ny Sa

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STATEMENT OF AUTHORSHIP

Except where reference is made in the text of thesis, this thesis contains
no material published elsewhere or extracted in the whole or in part from a
thesis by which have qualified for or been awarded another degree or

diploma.
No other person’s work has been used without due acknowledgement in
the thesis.
This thesis has not been submitted for award of any degree or diploma
in any other tertiary.
Da Nang, March 2021

NGUYEN THI NY SA

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ABSTRACT

This book is a suggested translation of chapters 11 from the book
“Wisher Getting Beyond Group Think to Make Group Smarter” by Cass
Sunstein. In addition, chapter 11 of the book is translated and analyzed. The
book discusses group decisions made by families, villages, businesses,
governments, school boards, religious organizations, and a variety of other
groups. And having more than one individual to help decide on the book's
content is beneficial because the group benefits from the collective knowledge
and the results are better. Besides, the author has given methods and advice

for making groups smarter. It includes silencing the leader so that the views of
other group members can surface, encouraging people to reveal their own
knowledge and assigning roles that are aligned with people’s strengths.
Besides, the author has provided ways and tips for improving group
intelligence. Silencing the leader allows other group members' perspectives to
emerge, as well as enabling people to expose their own knowledge and
allocating positions that are consistent with individuals's capabilities. Another
goal of the research is to practice translating the text according to the
proposed translation's content and context. As a result, I proceeded to translate
this content.

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TABLE OF CONTENT

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CHAPTER 1: INTRODUCTION
1.1.

RATIONALE
As a final year English student of The Faculty of English at Duy Tan

University, I have gained a great deal of knowledge, skills, and experience
from my schoolwork as well as a variety of other sources of learning.
Furthermore, I believe that English is a universal language that allows people
to communicate with one another.
As a result, the field of translation has become more diverse: economic,
cultural, political, educational, social, science and technology, tourism,
literary, creative, biological, geology, trade, industry, and so on. Moreover,
we're all aware that the recent pandemic has had a significant impact on our
country's economy, and it's an interesting subject to think about. Especially, I
am drawn to the positive aspects of economics, especially how to organize
and handle problems, as well as provide useful solutions in each case. It not
only assists us in controlling individual actions, but it also gets to the root of
the organization's problems. At the same time, I've gained a deeper
understanding of the success of economists, which has helped me gain useful
information for my passion in the future.
Besides, I wanted to learn more about economics and how people and
society use scarce resources to produce required goods and services and
distribute them among society's members. So along with the knowledge
learned from the instructions, I decided to researching and selecting the book

for my graduaion paper: "Wisher Getting Beyond Group Think to Make
Group Smarter".
1.2.

AIMS AND OBJECTS

1.2.1 Aims
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- To show my ability in translating and interpreting documents.
- To improve some skills in translation as well as analysis of difficult points or
something to easy to make misunderstand
- To have more opportunities to get more knowledge about major in
translation.
1.2.2 Objects
- To translate text smoothly and naturally
- To analysis complicated words, phrases, idioms, structures, contexts, …etc.
- To give some implications and solutions for teaching and learning English,
especially translation.
1.3.


THE SCOPE OF THE STUDY
This book turns around two sides: how groups fail and how groups

succeed in our life. Each chapter is an important factor that the authors want
to prove and debate. However, within the scope of the paper and due to time
limitation, this paper only focus on chapter 11.
1.4.

THE TEXT FEATURES

1.4.1. The text length
The chapter that we choose to translate is the book “Wisher Getting
Beyond Group Think to Make Group Smarter” from pages 181 to pages 294,
include 5000 words.
1.4.2. The text organization
The book has 13 chapters and I choose chapter 11 to translate. The
name of chapter 11 is “Prediction Markets”.
1.4.3. The text source
This is a part of the book “Wisher Getting Beyond Group Think to
Make Group Smarter” by Cass Sunstein, 2004.
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THE ORGANIZATION

The book “Wisher Getting Beyond Group Think to Make Group Smater”
includes two parts and thirdteen chapters. It is organized as follows:
Part 1: How Groups Fails
Chapter 1: From High Hopes to Fiascos
Chapter 2: Amplifying
Chapter 3: Cascades
Chapter 4: Group Polarization
Chapter 5: “What Everybody Knows”
Part 2: How Groups succeed
Chapter 6: Eight Ways to Reduce Failures
Chapter 7: A Framework for Improvement: Identifying and Selecting
Solutions
Chapter 8: When Are Crowds Wise?
Chapter 9: How to Harness Experts
Chapter 10: Tips for Using Tournaments
Chapter 11: Prediction Markets
Chapter 12: Asking the Public
Chapter 13: “One Ball”
This book presented through the following main parts:
Chapter I includes rationale, aims and objectives, scope of study, text
features, text length and text organization
Chapter II is theoretical background about translation

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Chapter III is the original version of chapter 11 “Prediction Market”,
which is followed by my suggested translation
Chapter IV contains the analysis of some typical difficult words,
phrases and structures
Chapter V consists of difficulties which I encounter and solutions
which help me overcome these drawbacks
Chapter VI will be the summary of findings, experiences I gained
through this graduation paper and some suggestions which I wanted to send to
my university and department

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CHAPTER 2: THEORICAL BACKGROUND
2.1.

TRANSLATION THEORY

2.1.1. Definition
Translation is the process clearly presenting the relation between at
least two languages: source language and target language.
There are many different definitions of translation given by some wellknown linguistic experts as follows:
“Translation is the replacement of textual material in one language by
equivalent textual material in another language.”
“Translation is a process of rendering the meaning of a text into another
language in the way that the author intended the text.”
“Translation is the process of conveying messages across linguistic and
cultural barriers.”
2.2.

TYPES OF CATEGORIES
There are many types of translation. Each type will have different

translation methods that make it easier for us to identify and understand more
deeply when meeting. Once we have grasped the types of translation, we can
avoid errors in the translation process.
2.2.1. Full vs. Partial Translation
According to J.C. Catford, there are two categories of translation: full and
partial.

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‫ ٭‬Full translation: in the process of translation, every part of the entire

text in the Source Language is submitted by the equivalent in the Target
Language.
Example: I got the first job of my life at a bakery.
 Tơi có cơng việc đầu tiên trong đời ở một tiệm bánh.
‫ ٭‬Partial translation: there are some parts of the source language that

are not translated but only put into the target language. .
Example: Already, violence has increased since former U.S. President
Donald Trump’s administration reached an agreement with the Taliban in
February 2020.
 Bạo lực tăng đáng kể từ khi cính quyền cựu tổng thống Hoa Kỳ Donald

Trump đạt được thỏa thuận với Taliban vào tháng 2 năm 2020.
2.2.2. Total vs Restricted Translation
‫ ٭‬Total translation is defined as replacement of SL grammar and lexis
by equivalent target language grammar and lexis with consequential
replacement of SL phonology/graphology by (non-equivalent) target language
phonology/ graphology.
Example: Everyone must follow the law.
 Tất cả mọi người phải tuân theo pháp luật.


‫ ٭‬Restricted translation means the replacement of sourse language
textual material by equivalent target langyage textual one, but only in one
level such as the phonological level or the graphological level, or only one of
the two levels of grammar and lexis.
Example: Soda
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 Sô – đa

2.2.3. Phonological Translation
In this translation, the main thing is sourse language phonology is
replaced with equivalent target language one, but there are hardly other
important replacements. In this kind of translation, the grammar and lexis of
the sourse language text are often remained in the target language text, except
some special grammatical or lexical deviations entailed in the process.
In phonological translation, sometimes grammatical or lexical changes
may result accidentally.
Example: Dollar => đô la
2.2.4. Graphological Translation
In graphological translation, sourse language graphology is replaced with

equivalent target one without other considerable replacements.
Example: Internet => in-tơ-nét
2.2.5. Transliteration
Transliteration is a complex process involving phonological translation,
in which sourse language graphological units are replaced with corresponding
target language graphological units. Firstly, sourse language graphological
units are replaced with corresponding sourse language phonological units.
Then these sourse language phonological units are translated into equivalent
target language phonological units. Finally, the target language phonological
units are replaced with corresponding TL graphological units.
Example: Methane => mê tan
2.2.6. Free, literal, and word-for-word translation

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A “free” translation is always unbounded while “word-for-word”
translation generally means what it says. “Literal” translation lies between
these extremes. It may start from a “word-for-word” translation, but changes
in conformity with

'target language grammar (e.g. inserting additional


words, changing structures, etc.). This may make it a group-group or clauseclause translation.
Example: He who laughs today may weep tomorrow
•
•
•

Free translation: Cười người chớ vội cười lâu.
Literal translation: Cười người hôm trước hôm sau người cười
Word-for-word translation: Hôm nay anh ấy cười, ngày mai có thể
khóc.

2.3.

METHODS AND PRINCIPLES

2.3.1. Methods
2.3.1.1 Word-for-word translation

Word-for-word translation is often meant by an interlinear translation
with the target language immediately below the sourse language words. In the
word-for-word translation, the word order of the sourse language will be
preserved into the target language and all the words in the sourse language
will be translated directly with the most popular meaning that don’t depend on
the context. In this case, we just translate cultural words literally. Word-forword translation is often used in the pre-translation process.
Example: I want to buy a new dress.
 Tôi muốn mua một chiếc váy mới.

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Literal translation

This kind of translation is also considered as a pre-translation process.
In the literal translation, we translate the sourse language grammatical
constructions to the nearest target language equivalent. However, the lexical
words are again translated singly, don’t depend on the context.
Example: I will deal with this problem.
 Tôi sẽ giải quyết vấn đề này.

2.3.1.3

Faithfull translation

A faithful translation attempts to reproduce the precise contextual
meaning of the original meaning within the constraints of the target language
grammatical structures. It “transfers” cultural words and preserves the degree
of grammatical and lexical “abnormality” in the translation. It attempts to be
completely faithful to intentions and the text realization of the sourse
language writer.

Example: Raining cats and dogs
 Trời mưa tầm tã

2.3.1.4

Semantic Translation

This method must pay more attention to aesthetic value (that is, the
beautiful and natural sound) of the sourse language text, compromising on”
meaning” where appreciate so that no assonance, word-play or repetition jars
in the finished version. Furthermore, it may translate less important cultural
words by culturally neutral third or functional terms but not by cultural
equivalents and it may make other small concessions to the readership.
Example: There is a pierce dog in the house.

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 Có một con chó giữ ở trong nhà.

2.3.1.5


Free Translation

Free translation reproduces the matter without the manner, or the
content with out of the form of the original. It is a kind of meaning-based
translation and usually a paraphrase much longer the original, a so-called
“intra-lingual translation”. This is the “freest” form of translation.
Example: I looking for my dog.
 Tơi đang kiếm con chó của mình.

2.3.1.6

Adaptation

Adaptation refers to that type of translation which is used mainly for
plays and poems. The theme, characters, plots are usually preserved the
source language culture converted to target language culture and the text
rewritten by an established dramatist or poet.
Example: the sound of music.
 Giai điệu hạnh phúc.

2.3.1.7

Idiomatic Translation

This method reproduces the “message” of the source text but tends to
distort nuances of meaning by favoring colloquialisms and idioms where
these do not exist in the original.
Example: Better luck next time
 Thua keo này ta bày keo khác


2.3.1.8

Communicative Translation

Communicative translation is a translation method that attempts to
render the exact contextual meaning of the original in such a way that both
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content and language are readily acceptable and comprehensible to the
readership.
Example: Emergence exit
 Cửa thoát hiểm

2.3.2 Principles
Meaning

1

The translation should reflect accurately the meaning of original text.
Nothing should be arbitrarily added or moved, though occasionally part of the
meaning can be “transpose”.

Example: If the weather hadn’t been so sad, we could have gone out.
 Chúng ta sẽ đi ra ngoài nếu thời tiết tốt hơn.
2.3.2.2 Form

The order of words and ideas in the translation should match that in the
original as closely as possible. This is particularly in the form and order of
words. In English, emphasis or main stress can be obtained through inversion
of word order and using different structures such as No sooner … than, it was/
is … that, Only by …, ect.
Example: No sooner had I left home than my grandmother went back.
 Ngay khi tôi rời khỏi nhà thì ơng bà đến.
2.3.2.3 Register

Levels of formalities in a given context result in some greatly
differences in languages. Hence, to get a good translation, translator must pay
must attention in the way the writer or speaker sets the tone with the purpose
of distinguishing between formal or fixed expressions and personal
expressions.
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Example: Distinguished Guests => Kính thưa các vị khách vị

2.3.2.4 Style and Clarity

The translator in general should not change the style of the original, but
if the text is sloppily written, or full of tedious repetitions, the translation may,
for the reader’s sake, correct the defects.
Example: Would you like to drink coffee or tea?
 Bạn muốn uống cà phê hay trà?
2.3.2.5 Idiom

One of the important and difficult parts of the translation is idiom.
“Idiomatic expressions are notoriously untranslatable. These include similes,
metaphors, proverbs, sayings, jargons, slangs, colloquialisms and phrasal
verbs”
If translators cannot directly translate the expressions, they should consider
some followings:


Preserve the original word, in inverted commas.



Keep the original expression, with a literal explanation in brackets.



Use a close equivalent.



Use a non-idiomatic or plain prose translation.


Example: as strong as a horse
 Khỏe như trâu
2.3.2.6 Source language influence

One of the most frequent criticism of translation is that it does not
sound natural. This is because the translator’s thoughts and choice of words
are too strongly molded by the original text. A good way of shaking off the
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source language influence is to set the text aside and translate a few sentences
aloud, from memory. This will suggest natural patterns of thought in the first
language, which may not come to mind when the eye is fixed on the sound
language text.
Example: Thumb-rules
 Nguyên tắc ngón tay cái.

2.3.3 Rules of translation
To have a good translated version, translator should master many
theories. Beside types of categories, methods and principles of translation, it
is also important to understand and practice rules of translation. Basing on

“Translation Theory” - Nguyen Manh Quang, I have some following rules:
2.3.3.1 The Rule of Proximity
“Proximity” means “Nearness” in English. When modifying any item
of language, the Modifier must be placed closely to that item even though the
Modifier is a single word, a phrase (P-group/ V-ing(ed) group/ Inf-group), or a
clause.
Example: (1) Peter hit his classmate only on the head.
=> Peter đánh bạn cậu ta chỉ vào đầu thôi.
(2) Peter hit his classmate on his only nose.
=> Peter đánh vào cái đầu duy nhất của bạn mình.
(3) Peter hit only his classmate on the nose.
=> Peter chỉ đánh mình bạn cậu ta vào đầu.

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In English, mistakes caused by incorrectly placing the position of
modifiers are called misplaced modifiers.
2.3.3.2 The Rule of Parallelism
The speech elements of the same grammatical function must be
performed in an only similar structural form.
Similar structural form may be either a single word, a P-group, Ving/ed group, Inf-group or an S-group (clause).

More specifically, when sentence elements have the same grammatical
function, a Noun must be parallel to Noun, an Adjective parallel to an
Adjective.
Example: My younger brother likes playing soccer, learning math and
watching comedy programs.
2.3.3.3 The Rule of conjunctions of Coordinating Form
The rule of parallelism is strictly used when we are expressing a series
of similar ideas in which we have to use conjunctions "AND" and "OR".
Example: (1) I like walking and playing badminton.
(2) Are you coming or not?
2.3.3.4 The Rule and Correlative Conjunctions
Correlative conjunctions are those such as BOTH...AND, EIHER...OR,
NEITHER...NOR, NOT ONLY… BUT ALSO, etc...
Example: (1) Neither Elly nor her husband likes cat.
(2) Singer Dong Nhi is not only pretty but also very talented.

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CHAPTER 3: SUGGESTED TRANSLATION
Original Version
P1 Prediction Markets

Prediction markets, a recent
innovation,
have
proved
remarkably
successful
at
forecasting events. Indeed, such
markets often seem to do better
than deliberating groups. Prediction
markets are worth careful attention
because they offer important
insights into how to make
deliberation go better, because they
provide general lessons about
collective intelligence, and because
an actual prediction market can
sometimes be a useful device for
many
private
and
public
organization.

Suggested Version
P1 Thị Trường dự đoán
Thị trường dự đoán, một sự cải tiến
gần đây đã chứng minh sự thành công
đáng chú ý trong việc dự đoán các sự
kiện. Quả thực, những thị trường như

vậy dường như thường làm tốt hơn
những tổ chức có chủ đích. Thị
trường dự đốn cần được chú ý cẩn
trọng vì chúng đem lại những hiểu
biết quan trọng về việc làm cho cuộc
thảo luận tốt hơn, bởi vì chúng cung
cấp những lời truyền đạt chung về tri
thức tập thể, và bởi vì một thị trường
dự đốn thực tế đơi khi có thể là một
cơng cụ hữu ích cho nhiều cá nhân và
tổ chức công cộng.

P2 Hayek and the Price System
To understand prediction markets,
we should begin with Friedrich
Hayek, the great twentieth-century
critic of socialism and economic
planning. Hayek emphasized of

P2 Hayek và Hệ Thống Giá
Để hiểu về thị trường dự đoán, chúng
ta nên bắt đầu với Friedrich Hayek,
nhà phê bình vĩ đại về chủ nghĩa xã
hội và kế hoạch kinh tế ở thế kỷ XX.
Hayek nhấn mạnh đến thị trường tự

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free markets, above all as a way of
collecting
and
combining
information. His most important
contribution to social thought is
captured in his great (and short)
1945 essay, “The Use of
Knowledge in Society.”

do, trên hết là về cách thu thập và liên
kết thơng tin. Đóng góp quan trọng
nhất của ơng về tư tưởng xã hội được
lưu lại trong cuốn tiểu luận vĩ đại (và
ngắn) năm 1945, “Việc Sử Dụng Tri
Thức vào Xã Hội.”

P3 In that essay, Hayek claims that
the central advantage of prices is
that they aggregate both the
knowledge and the tastes of many
people, incorporating far more
information

than
could
be
assembled by any central planner,
group, or board. Hayek emphasizes
the unshared nature of information
– the dispersed bits of incomplete
and
frequently
contradictory
knowledge certainly includes facts
about products, but it also includes
preference and tastes, and all of
these must be taken into account by
a well-functioning market. Hayek
stresses above all the “very
important
but
unorganized
knowledge which cannot possible
be called scientific in the sense of
general rule: the knowledge of the
particular circumstances of time
and place.”

P3 Trong bài tiểu luận, Hayek trình
bày rằng lợi thế trọng tâm của giá cả
là chúng tập hợp cả kiến thức và thị
hiếu của khách hàng, bất kỳ người lập
kế họach, nhóm hoặc ban trung tâm

nào cũng có thể thống nhất kết hợp
nhiều thơng tin hơn. Hayek nhấn
mạnh đến tính chất khơng được chia
sẻ của thông tin – những phần kiến
thức bị phân tán không hoàn toàn và
thường xuyên mâu thuẫn nhất định
bao gồm các sự kiện về sản phẩm,
nhưng nó cũng bao gồm cả sự ưa
chuộng và thị hiếu, và tất cả những
điều này phải được xem xét bởi một
thị trường hoạt động tốt. Hayek nhấn
mạnh rằng tất cả “kiến thức rất quan
trọng nhưng khơng được tổ chức thì
khơng thể gọi là khoa học trong ý
nghĩa của quy luật chung: kiến thức
về hoàn cảnh cụ thể của thời gian và
địa điểm.”

P4 For Hayek, the key economic
problem is how to incorporate that
unorganized
and
dispersed
knowledge. No one person or
group can possibly solve that
problem. Central planners cannot
have access to all of the knowledge
held by diverse people. Taken as a

P4 Đối với Hayek, vấn đề kinh tế

mấu chốt là cách để kết hợp các kiến
thức không tổ chức và phân tán đó.
Khơng một ai hoặc một nhóm nào có
thể giải quyết được vấn đề đó. Các
nhà hoạch định trung ương không thể
xâm nhập vào tất cả các kiến thức mà
nhiều người khác nhau có được. Nhìn

STUDENT: NGUYEN THI NY SA - 2320315455

CLASS: K23NAB


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SUPERVISOR: VO THI PHUONG THAO, M.A.

whole, the knowledge that they
hold is far greater than held by
even the wisest and well-chosen
group or experts. Whether or not
Aristotle was right in his hopes for
deliberation, Hayek shows that the
possibility of surpassing the quality
of the few best thinkers certainly
does hold for free markets.

chung, những kiến thức họ có được

cịn lớn hơn nhiều so với nhóm hoặc
những chuyên gia lựa chọn cẩn thận
và sáng suốt nhất. Liệu rằng Aristotle
có đúng về hi vọng của mình cho sự
suy xét đó hay khơng, thì Hayek cũng
cho thấy triển vọng vượt trội về chất
lượng mà một số nhà tư tưởng giỏi
nhất không thể nắm giữ đối với thị
trường tự do.

P5 Hayek’s central point is that if
the problem is how to aggregate
information, the best solution often
comes from the price system. In a
system in which knowledge of
relevant facts is dispersed among
many people, prices act as an
astonishingly concise and accurate
coordinating and signaling device.
They
incorporate
dispersed
knowledge and in a sense also
broadcast it, because the price itself
operates as a signal to all.

P5 Trọng điểm chính của Hayek là
nếu vấn đề nằm ở cách tổng hợp
thông tin thì giải pháp tốt nhất thường
đến từ hệ thống giá cả. Trong một hệ

thống mà ở đó kiến thức về các sự
kiện có liên quan được phân tán giữa
nhiều người, giá cả hoạt động như
một công cụ điều phối, báo hiệu
chính xác và nhanh chóng đến kinh
ngạc. Bởi vì bản thân giá cả hoạt
động như một ký hiệu đến tất cả mọi
người, nên chúng kết hợp phân tán
kiến thức và trong một ý nghĩa nào đó
chúng cũng quảng bá chính mình.

P6 Even better, the price system
has a wonderfully automatic
quality, particularly in its ability to
respond quickly to change. If fresh
information shows that a product –
a television, a car, a tablet, a watch
– doesn’t work, people’s demand
for it will rapidly fall, and so too
the price. And when a commodity
suddenly becomes scare, its users
must respond to that event. In
Hayek’s account, the market works
remarkably well as a whole, not
because any participant can see all

P6 Thậm chí tốt hơn, hệ thống giá cả
có một chất lượng tự động đáng kinh
ngạc, đặc biệt ở khả năng phản ứng
nhanh với sự thay đổi của nó. Nếu

thơng tin mới cho thấy rằng một sản
phẩm – ti vi, ô tô, máy tính bảng,
đồng hồ, chúng không hoạt động, thì
nhu cầu của mọi người về chúng sẽ
giảm nhanh chóng và giá cả cũng vậy.
Và khi một mặt hàng đột nhiên trở
nên báo động, người sử dụng nó phải
phản ứng lại sự việc đó. Theo quan
điểm của Hayek, tồn bộ thị trường
hoạt động hiệu quả đáng kể bởi vì

STUDENT: NGUYEN THI NY SA - 2320315455

CLASS: K23NAB


GRADUATION PAPER

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SUPERVISOR: VO THI PHUONG THAO, M.A.

its features, but because the
relevant
information
is
communicated to everyone through
prices.

khơng có bất kỳ người tham gia nào

có thể nhìn thấy tất cả các đặc tính
của nó, mà bởi vì thơng tin liên quan
là phương thức giao tiếp với mọi
người thông qua giá cả.

P7 Hence, Hayek claims that “[it]
is more than a metaphor to describe
the price system as a kind of
machinery for registering changes,
or a system of telecommunications
which enables individual producers
to watch merely the movement of a
few pointers.” Hayek describes this
process as a marvel and adds that
he has chosen the word marvel on
purpose so as “to shock the reader
out of the complacency with which
we often take the working of the
mechanism for granted. In Hayek’s
count, the price system is an
extraordinary
collective
intelligence mechanism, partly
because it collects what everyone
knowns and partly because it
impossible the right incentives.

P7 Vì vậy, Hayek đính chính rằng
[nó] hơn hẳn một phép ẩn dụ dùng để
mơ tả hệ thống giá như một loại máy

móc ghi lại sự thay đổi, hoặc một hệ
thống viễn thông cho phép các nhà
sản xuất riêng lẻ chỉ theo dõi chuyển
động của các chỉ tiêu. Hayek mơ tả
q trình này như một kỳ cơng và
thêm vào đó anh ấy chọn cách nói kỳ
cơng với mục đích để gây sốc cho
người đọc bởi sự thỏa mãn với việc
chúng ta thường coi hoạt động của cơ
chế là điều hiển nhiên. Theo quan
điểm của Hayek, hệ thống giá là một
cơ chế thông minh thu thập nhiều
phần, một phần vì nó thu thập thứ mà
mọi người đều biết và một phần vì nó
khơng thể tạo ra động lực phù hợp.

P8 To be sure, there is a real
question of whether Hayek was
right or whether markets might also
encode mistakes and confusion (as
behavioral economists Robert,
Richard Thaler, and others have
emphasized). In particular, Shiller
argues that informational cascades
and herd behavior affect stock
prices, with investors following one
another in a process of the blind
leading the blind. In a fundamental
challenge to Hayek’s optimism


P8 Để chắc chắn, có một câu hỏi thực
tế là liệu Hayek đã đúng hay thị
trường cũng có thể mã hóa những lỗi
sai và nhầm lẫn (giống như các nhà
kinh tế hành vi học Robert, Richard
Thaler và nhiều người khác đã nhấn
mạnh). Đặc biệt, Shiller biện luận
rằng những tầng thông tin và hiệu
ứng bầy đàn ảnh hưởng đến giá cổ
phiếu, với những nhà đầu tư theo đuổi
nhau trong q trình người khơng đủ
kinh nghiệm và kiến thức mà vẫn chỉ
dẫn người khác theo mình. Trong một

STUDENT: NGUYEN THI NY SA - 2320315455

CLASS: K23NAB