其中的微妙差异是,这个具有吸引力的项目分成两个阶段。首先是试验阶段,成本为1000英镑。试验失败的几率是90%,一旦失败,就会终止整个投资项目。如果试验成功了,需要再投入1万英镑进行扩大投资,同时得到100万英镑未来价值的几率将为10%。
This two-stage structure changes everything. While the total cost is still £11,000 and the chance of success is still 1 per cent, the option to get out after a failed pilot is invaluable. Nine times out of 10, the pilot will save you from wasting £10,000 – which means that while the simple project offers an expected loss of £1,000, the two-stage project has an expected profit of £8,000.
这种两阶段的投资方式改变了一切。即使总成本还是1.1万英镑,成功率还是1%,但能在试验失败后退出项目具有不可估量的价值。10次中有9次,试验能让你免于浪费1万英镑。这意味,采用一次性的投资方式将蒙受1000英镑的预期损失,而采用两阶段的投资方式将得到8000英镑的预期盈利。
In a real project, nobody could ever be sure about the probability of success or its rewards. But the idea behind this example is very real: there’s huge value in experiments that help us decide whether to go big or go home.
在真实的项目中,没人能确定成功率或者回报究竟是多少。但这个例子背后的意义是千真万确的:试验有巨大的价值,它能帮助我们决定是该大干一场,还是该退守阵地。
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