In the case where δ is equal to 1 what do we get?

如果δ等于1 那么会如何
We get 1/2, which means this will also be 1/2.

我们会得到1/2 就是这里是1/2
So we learned something from this which is kind of surprising.

所以我们从中惊讶的发现
If you do alternating offers--

如果我们轮流给出自己的条件
the sort of standard, very natural game of bargaining--

在标准的正常的议价博弈中
sort of the kind of bargaining you might do in the bazaar, in a market,

比如在市场或者集市中讨价还价
or the kind of bargaining you might imagine going on in negotiations

或者其它你能想像得到的议价状况
between baseball players or their agents

棒球手和他们的经纪公司
and teams, or general managers of teams--

球队球队经理之间等
in which offers just go to and fro and they go to and fro fairly rapidly,

类似的需要很快的彼此给出反馈
and in principle they could make lots and lots of offers.

和提出很多条件的状况
In principle--what this moral tells us is,

这个模型告诉我们