The ratio between time t and time t+ 1,

这是时间t和t+1间的比率
this good is more valuable than that good.

这个商品总是比那个值钱
This good is only worth p.

这件商品只价值p
It's only worth 55 percent of this good.

也就是只相当于55%那件商品的价值
And then this good here is only worth 55 percent of that good.

这个商品只值55％的那件商品
So the symmetry assumption, the symmetry of the problem suggests that I could guess that the prices are--

对称假设问题的对称性表明价格是
the present value prices are going to decline by the same percentage every period.

现价在每一时期按同样的百分比下降
Okay, any other questions?

任何其他的问题
We'll keep going with questions. Yes?

我们将回答一些问题
Student: Could you explain the e^0 = 2,1, 1,1?

你能解释一下为什么e^0 = 2 1 1 1呢
Yeah, what is the endowment of the original old guy?

原来的老家伙用什么养老
He's the guy who owns the land. So what does he have?

他拥有土地那么他还有什么