In verse 3b gracious translates an adjective which in 133.1 is translated “pleasant”; so here (see Good News Translation footnote) the Hebrew may mean “it is pleasant to do so” (see New International Version), or “it brings joy” (New Jerusalem Bible). Or else, as New Jerusalem Bible has it, “for it (that is, Yahweh’s name) is pleasant.” In verse 3a, on the basis of the Syriac and one Old Latin manuscript, New English Bible omits the second the LORD and translates “Praise the LORD, for that is good” (as an exact parallel, line b is translated “honour his name with psalms, for that is pleasant”). Hebrew Old Testament Text Project stays with the Hebrew text (“C” decision). Sing to his name may need to be rendered “sing to Yahweh,” in which his name stands for Yahweh.

In verse 4 the LORD translates Yah (see 68.4). The two lines are synonymous; Jacob and Israel are the people of Israel. As his own possession in line b translates a noun meaning “private property” (see its use in Exo 19.5; Mal 3.17). New English Bible has “his special treasure” (see Biblia Dios Habla Hoy). If the translator must reduce verse 4 to one line, it may be rendered “He chose the people of Israel to be his own property.”

Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .