来自《耶鲁大学开放课程：金融理论 第5集 第5集》

• 
  
  you're in the last period of the economy.
  以为到第二阶段结束 经济就停止了
• 
  
  And I just want to keep it very simple this first time.
  我们的第一次推导 要尽量简单
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  Step by step you'll be able to keep very complicated things in
  逐渐我们加入一些复杂的因素
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  your head but not right at first, so any other questions?
  但是在这里我们先不考虑
• 
  
  Yes?
  请讲
• 
  
  Student: Why are there endowments in period 1 and<>
  学生:为什么人们今年明年都有禀赋
• 
  
  Prof: You mean why do people have endowments today and
  教授:你说为什么
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  next year?
  人们今年明年都有禀赋
• 
  
  Because you could think of the endowment,
  你可以这样理解
• 
  
  for example, as--here we've got apples,
  在这个例子里 我们的禀赋是苹果
• 
  
  but usually the endowment is your labor,
  但是通常禀赋都是人们的劳动
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  so you can work this year--your most important endowment is your
  你最重要的禀赋你的劳动