来自《耶鲁大学开放课程：金融理论 第10集 第10集》

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  you discount by the real interest rate.
  你应用实际利率来打折扣
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  If you think of them as cash payments
  如果你将它们看作现金支付
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  then you discount by the nominal interest rate.
  那么你用名义利率打折
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  So every asset corresponds to
  因此 每一个资产的价值
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  its present value of its dividends
  是由它的红利的现值
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  either discounted by the real rate or the nominal rate.
  实际利率或名义利率贴现的现值所决定的
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  Now, this thinking is surprisingly powerful
  现在 这种思想是出乎意料的强大
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  and leads you to unexpected conclusions.
  导致意想不到的结论
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  So the next two classes is about that.
  所以接下来的两堂课是有关这种思想的
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  Mostly I'm going to talk about Social Security,
  大多数情况下 我会谈到社会保障
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  but I'm going to begin today
  但这堂课的开始
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  by finishing off a subject we didn't quite get through last time.
  会从上一次没有完成的地方开始