anticipate exactly what the dividend's going to be.

准确地预测分红究竟有多少
So the asset is no different from what its dividend is going to be.

所以资产之间的区别在于分红的多少
Maybe it's paying something today and also it's going to pay

或者它今天给一些明天再给一些
something tomorrow, so assets are defined by their

资产只由它的分红决定
dividends, nothing more than that.

再无其它因素
So the model now becomes a model where we have the W^(I)

于是这个模型就变成我们有 W^(I)
and then we have the goods as before,

还有和之前一样的商品
the endowments of the goods,

还有这些商品的禀赋
but we've added a new thing

我们还加了一个新东西
which is we've added the assets D alpha X and D alpha Y.

我们加进去了资产D阿尔法X和D阿尔法Y
So the alpha's over all the assets, and we have to add

现在每个资产上都有阿尔法我们还要加入
everybody's ownership of the assets to begin with.

每个人这些资产在一开始的持有量