{"id":25695,"date":"2023-12-07T01:43:27","date_gmt":"2023-12-07T01:43:27","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-cua-hotelling-hotellings-theory-la-gi.html"},"modified":"2023-12-22T10:45:52","modified_gmt":"2023-12-22T03:45:52","slug":"li-thuyet-cua-hotelling-hotellings-theory-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-cua-hotelling-hotellings-theory-la-gi.html","title":{"rendered":"L\u00ed thuy\u1ebft c\u1ee7a Hotelling (Hotelling&#8217;s Theory) l\u00e0 g\u00ec?"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<div class=\"VCSortableInPreviewMode\" type=\"Photo\" style=\"\">\n<div><\/div>\n<div class=\"PhotoCMS_Caption\">\n<p><i>H\u00ecnh minh h\u1ecda<\/i><\/p>\n<\/div>\n<\/div>\n<h2 class=\"\"><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">L\u00ed thuy\u1ebft c\u1ee7a Hotelling<\/font><\/h2>\n<p class=\"\"><b>Kh\u00e1i ni\u1ec7m<\/b><\/p>\n<p class=\"\"><b>L\u00ed thuy\u1ebft c\u1ee7a Hotelling<\/b> c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0<b> Qui lu\u1eadt c\u1ee7a Hotelling<\/b>, trong ti\u1ebfng Anh l\u00e0\u00a0<b>Hotelling&#8217;s Theory<\/b> ho\u1eb7c\u00a0<b>Hotelling&#8217;s Rule.<\/b><\/p>\n<p class=\"\"><i><span>L\u00ed thuy\u1ebft<\/span> c\u1ee7a Hotelling <\/i>ph\u00e1t bi\u1ec3u r\u1eb1ng ch\u1ee7 s\u1edf h\u1eefu c\u00e1c t\u00e0i nguy\u00ean kh\u00f4ng t\u00e1i t\u1ea1o s\u1ebd ch\u1ec9 ti\u1ebfn h\u00e0nh ho\u1ea1t \u0111\u1ed9ng khai th\u00e1c n\u1ebfu l\u1ee3i su\u1ea5t h\u1ecd thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c b\u00e1n t\u00e0i nguy\u00ean cao h\u01a1n l\u1ee3i su\u1ea5t t\u1eeb c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 s\u1eb5n, c\u1ee5 th\u1ec3 l\u00e0 ch\u1ee9ng kho\u00e1n kho b\u1ea1c\u00a0ho\u1eb7c c\u00e1c ch\u1ee9ng kho\u00e1n tr\u1ea3 l\u00e3i t\u01b0\u01a1ng t\u1ef1.<\/p>\n<p class=\"\"><span>L\u00ed thuy\u1ebft<\/span> n\u00e0y cho r\u1eb1ng\u00a0th\u1ecb tr\u01b0\u1eddng l\u00e0 hi\u1ec7u qu\u1ea3\u00a0v\u00e0 ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00e1c t\u00e0i nguy\u00ean kh\u00f4ng t\u00e1i t\u1ea1o \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi l\u1ee3i nhu\u1eadn.<i> <span>L\u00ed thuy\u1ebft<\/span> c\u1ee7a Hotelling<\/i> \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 kinh t\u1ebf s\u1eed d\u1ee5ng \u0111\u1ec3 c\u1ed1 g\u1eafng d\u1ef1 \u0111o\u00e1n gi\u00e1 d\u1ea7u v\u00e0 c\u00e1c t\u00e0i nguy\u00ean kh\u00f4ng th\u1ec3 t\u00e1i t\u1ea1o kh\u00e1c, d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t hi\u1ec7n h\u00e0nh.\u00a0<\/p>\n<p class=\"\"><i>L\u00ed thuy\u1ebft c\u1ee7a Hotelling<\/i> \u0111\u01b0\u1ee3c \u0111\u1eb7t theo t\u00ean c\u1ee7a nh\u00e0 th\u1ed1ng k\u00ea ng\u01b0\u1eddi M\u1ef9 Harold Hotelling.<\/p>\n<h3 class=\"\"><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">N\u1ed9i dung l\u00ed thuy\u1ebft c\u1ee7a Hotelling\u00a0<\/font><\/h3>\n<p class=\"\"><i>L\u00ed thuy\u1ebft\u00a0c\u1ee7a Hotelling\u00a0<\/i>\u0111\u01b0\u1ee3c \u0111\u01b0a ra nh\u1eb1m n\u1ed7 l\u1ef1c gi\u1ea3i th\u00edch quy\u1ebft \u0111\u1ecbnh c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu t\u00e0i nguy\u00ean kh\u00f4ng t\u00e1i t\u1ea1o trong hai l\u1ef1a ch\u1ecdn: gi\u1eef t\u00e0i nguy\u00ean trong l\u00f2ng \u0111\u1ea5t v\u00e0 hi v\u1ecdng gi\u00e1 s\u1ebd t\u0103ng trong n\u0103m t\u1edbi, hay khai th\u00e1c v\u00e0 b\u00e1n t\u00e0i nguy\u00ean \u0111i r\u1ed3i \u0111\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c v\u00e0o ch\u1ee9ng kho\u00e1n sinh l\u00e3i (v\u00ed d\u1ee5 nh\u01b0 tr\u00e1i phi\u1ebfu).<\/p>\n<p class=\"\">Th\u1eed xem x\u00e9t ch\u1ee7 s\u1edf h\u1eefu m\u1ed9t m\u1ecf qu\u1eb7ng s\u1eaft. N\u1ebfu anh ta <span>k\u00ec v\u1ecdng<\/span> gi\u00e1 qu\u1eb7ng s\u1eaft s\u1ebd t\u0103ng 10% trong 12 th\u00e1ng t\u1edbi v\u00e0 l\u00e3i su\u1ea5t th\u1ef1c t\u1ebf hi\u1ec7n t\u1ea1i m\u00e0 anh ta c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c ch\u1ec9 l\u00e0 5% m\u1ed9t n\u0103m, anh ta s\u1ebd l\u1ef1a ch\u1ecdn kh\u00f4ng khai th\u00e1c qu\u1eb7ng s\u1eaft. L\u00ed thuy\u1ebft n\u00e0y b\u1ecf qua chi ph\u00ed khai th\u00e1c.<\/p>\n<p class=\"\">Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu <span>k\u00ec v\u1ecdng<\/span> qu\u1eb7ng s\u1eaft t\u0103ng gi\u00e1 5% v\u00e0 l\u00e3i su\u1ea5t th\u1ef1c l\u00e0 10%, anh ta s\u1ebd cho \u0111\u00e0o n\u00f3 l\u00ean, b\u00e1n \u0111i v\u00e0 l\u1ea5y ti\u1ec1n \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111\u1ec3 thu \u0111\u01b0\u1ee3c l\u00e3i su\u1ea5t 10%. Anh ta s\u1ebd b\u00e0ng quan n\u1ebfu gi\u00e1 t\u00e0i nguy\u00ean t\u0103ng 5% v\u00e0 l\u00e3i su\u1ea5t m\u1ed9t n\u0103m c\u0169ng l\u00e0 5%.<\/p>\n<p class=\"\"><b><span>L\u00ed thuy\u1ebft<\/span> v\u00e0 th\u1ef1c ti\u1ec5n<\/b><\/p>\n<p class=\"\">V\u1ec1 l<span>\u00ed thuy\u1ebft<\/span> th\u00ec t\u1ed1c \u0111\u1ed9 t\u0103ng gi\u00e1 c\u1ee7a c\u00e1c t\u00e0i nguy\u00ean kh\u00f4ng t\u00e1i t\u1ea1o nh\u01b0 d\u1ea7u, \u0111\u1ed3ng, than, qu\u1eb7ng s\u1eaft, k\u1ebdm, niken, v.v. s\u1ebd b\u1eb1ng ho\u1eb7c g\u1ea7n b\u1eb1ng v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng c\u1ee7a l\u00e3i su\u1ea5t th\u1ef1c. Nh\u01b0ng trong th\u1ef1c t\u1ebf, Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef Li\u00ean bang Minneapolis \u0111\u00e3 k\u1ebft lu\u1eadn trong m\u1ed9t nghi\u00ean c\u1ee9u n\u0103m 2014 r\u1eb1ng<b> l<span>\u00ed thuy\u1ebft<\/span> c\u1ee7a Hotelling<\/b> kh\u00f4ng \u0111\u00fang.\u00a0<\/p>\n<p class=\"\">T\u1ed1c \u0111\u1ed9 t\u0103ng gi\u00e1 c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c c\u00e1c t\u00e1c gi\u1ea3 b\u00e0i nghi\u00ean c\u1ee9u xem x\u00e9t \u0111\u1ec1u th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t\u00a0trung b\u00ecnh h\u00e0ng n\u0103m c\u1ee7a ch\u1ee9ng kho\u00e1n kho b\u1ea1c M\u1ef9. H\u1ecd cho r\u1eb1ng nguy\u00ean nh\u00e2n c\u1ee7a s\u1ef1 kh\u00e1c bi\u1ec7t l\u00e0 do chi ph\u00ed khai th\u00e1c.\u00a0<\/p>\n<p class=\"\">(Theo <i>investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            L\u00ed thuy\u1ebft c\u1ee7a Hotelling (ti\u1ebfng Anh: Hotelling&#8217;s Theory) ph\u00e1t bi\u1ec3u r\u1eb1ng ch\u1ee7 s\u1edf h\u1eefu t\u00e0i nguy\u00ean kh\u00f4ng t\u00e1i t\u1ea1o s\u1ebd ch\u1ec9 ti\u1ebfn h\u00e0nh khai th\u00e1c t\u00e0i nguy\u00ean n\u1ebfu l\u1ee3i su\u1ea5t thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c n\u00e0y cao h\u01a1n l\u1ee3i su\u1ea5t t\u1eeb c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh nh\u01b0 ch\u1ee9ng kho\u00e1n kho b\u1ea1c.\n                        <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/25695"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=25695"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/25695\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=25695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=25695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=25695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}