therefore the 50th highest cost firm will reveal,

那么第50高的也会公布成本
therefore the 49th and so on.

第49的也一样以此类推
In fact, the only firm who won't explicitly, actively reveal themselves

实际上最不情愿公布自己成本的
is the firm who has absolutely the highest cost.

恰恰就是成本最高的那家企业
And as Bethany points out, they're going to be revealed anyway.

但是如贝瑟尼所说它早晚会暴露出来
So this is an idea, this idea is called "informational unraveling."

这个就是信息披露的过程
And again, in keeping for my American audience,

为了方便美国的同学
I'm going to put one "l" in unraveling.

我拼写披露的时候也只写一个L
Is that right, there's one "l" in America right?

在美国披露是不是通常只写一个L吧
Someone should just check that on Google or something,

谁闲得无聊了就去谷歌查一下吧
I think that's correct.

我觉得我没错
What's the lesson here? So one lesson is that this happens.

我们学到什么呢首先它确实会发生