because they know they're buying the land today.

因为他们知道他们今天会购买土地
They can see the price today,

他们可以看到今天的价格
but when they get old they have to, you know,

但当他们老时他们你知道
why are they buying the land today,

为什么他们今天购买土地呢
partly for the dividend next period when they're old,

这一部分取决于当他们老时下一期的股息
but also for the resale value of the land.

但也取决于土地的转售价值
So everybody is thinking to himself,

每个人都在问自己
what's the value of land going to be next period?

后一个时期的土地价值是什么
And of course the value of land next period depends on

今后一个时期土地价值取决于
what the young in that period are willing to pay,

那个时期年轻人所愿意支付的价格
but they're thinking about what they're willing to pay on the basis of

但他们愿意支付的价格又取决于
what they expect to happen the period after.

他们对下一时期的期望