the Solidity Premium   怎么翻译 谢谢

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最近在翻译这个文章 花了好多时间 翻译了三分之二 可是 后面的看不懂啊

郁闷S了

浪费了好多时间.

II. Risk Premiums and the Return to Longand
Short-Term Bond Strategies
This section analyzes the forces underlying
the liquidity premium and solidity premium,
using an explicit contingent-claim model of
income uncertainty at near-future (date 1)
and far-future (date 2) dates. The present
date is assumed free of uncertainty; at date 0
each individual is supposed to have a specific
known endowment Co of the real income
commodity ("com"). But, at date 1, his endowment
will be the uncertain consumption
vector (C11,. .. ,CIE; '17"l1, ••• ,'17"IE)' where e =
1,... ,E indicates the state of the world at the
earlier date and '17"le represents the associated
probability (assessed at date 0). Similarly, at
date 2, the endowment will be (C21' ••• ,
C2 S ; '17"21"'" '17"2S)' where s = 1,... ,S is the index
for states of the world at the later date
and '17"2s is the associated probability in terms
of beliefs at date O.

[此贴子已经被作者于2008-12-18 14:23:38编辑过]