  In a recent paper, Kaye and Wong proved the following result, which they
considered to belong to the folklore of mathematical logic.
  THEOREM: The first-order theories of Peano arithmetic and ZF with the axiom
of infinity negated are bi-interpretable: that is, they are mutually
interpretable with interpretations that are inverse to each other.
  In this note, I describe a theory of sets that stands in the same relation to
the bounded arithmetic IDelta0 + exp. Because of the weakness of this theory of
sets, I cannot straightforwardly adapt Kaye and Wong's interpretation of
arithmetic in set theory. Instead, I am forced to produce a different
interpretation.
