来自《耶鲁大学开放课程：金融理论 第12集 第12集》

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  You also still have the 3 acres of land which you can sell off when you're old.
  你也还有3亩土地 你可以在老时卖掉
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  So that's the revenue you get by selling off the land
  所以这是你抛售土地而得到的利润
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  and you also sell off some of your endowment, maybe,
  你也可以卖掉一些养老收入
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  and that's how you can buy when you're old.
  这就是当你年老时还可以购买的原因
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  So that's what the budget set is of the young, of every generation.
  所以这就是每一代年轻人的预算设置
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  And the budget set for generation t=0 is simply x_1, is simply Z,
  第0代的预算设置就是x_1 就是Z
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  we'll call it Z such that what does this guy do?
  我们叫做Z那么z有什么限制
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  Well, q_1Z has to be less than or equal to, what does he have?
  q_1Z必须小于等于 他有什么呢
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  q_1 times 1, plus he's got all the land.
  q_1乘上1 还有所有的土地
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  So he's got 1 acre of land.
  他有1亩土地
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  That's all the land there was,
  那是所有的土地
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  so he's got pi times--pi_1.
  那么他有pi乘上--pi_1