{"id":208173,"date":"2026-10-07T18:20:00","date_gmt":"2026-10-07T09:20:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208173"},"modified":"2026-09-25T19:37:34","modified_gmt":"2026-09-25T10:37:34","slug":"history-bachelier-to-bs","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/history-bachelier-to-bs\/","title":{"rendered":"\u7b2c77\u56de \u30d0\u30b7\u30e5\u30ea\u30a8\u304b\u3089\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u307e\u3067 \u2015 70\u5e74\u304b\u304b\u3063\u305f\u7406\u7531"},"content":{"rendered":"\n<blockquote class=\"is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4f4d\u7f6e: \u7b2c7\u90e8 \u7b2c77\u56de \/ \u524d\u63d0: \u7b2c67\u56de\u3001\u7b2c70\u56de\u3001\u7b2c76\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30d0\u30b7\u30e5\u30ea\u30a8\u304b\u3089\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u307e\u3067\u306e\u6d41\u308c\u3092\u8ffd\u3044\u3001\u5404\u6642\u4ee3\u306b\u4f55\u304c\u8db3\u308a\u306a\u304b\u3063\u305f\u304b\u3092\u8aac\u660e\u3067\u304d\u308b\u3002\u5b9f\u8df5: \u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u4fa1\u683c\u3092 Python \u3067\u8a08\u7b97\u3057\u3001\u5e02\u5834\u4fa1\u683c\u304b\u3089\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3057\u3066\u3001\u7e54\u308a\u8fbc\u307e\u308c\u305f\u5909\u52d5\u5e45\u3092\u8aad\u3080\u3053\u3068\u304c\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">0. \u7269\u8a9e \u2015 \u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u3068\u4f55\u304c\u8d77\u304d\u308b\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u307e\u306776\u56de\u306b\u308f\u305f\u3063\u3066\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3092\u3064\u3051\u308b\u9053\u5177\u3092\u4e00\u3064\u305a\u3064\u7d44\u307f\u7acb\u3066\u3066\u304d\u307e\u3057\u305f\u3002\u4e8c\u9805\u30e2\u30c7\u30eb\u3067\u8907\u88fd\u306e\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u3001\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3067\u9023\u7d9a\u7684\u306a\u5024\u52d5\u304d\u3092\u8a18\u8ff0\u3057\u3001\u4f0a\u85e4\u306e\u8a08\u7b97\u6cd5\u3067\u5fae\u5206\u4e0d\u53ef\u80fd\u306a\u7d4c\u8def\u3092\u6271\u3048\u308b\u3088\u3046\u306b\u3057\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306e\u516c\u5f0f\u306b\u305f\u3069\u308a\u7740\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u4e00\u3064\u3001\u7d20\u6734\u306a\u7591\u554f\u304c\u6e67\u304d\u307e\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u78ba\u7387\u3067\u5024\u6bb5\u3092\u3064\u3051\u3088\u3046\u3068\u3057\u305f\u4eba\u306f\u30011973\u5e74\u3088\u308a\u305a\u3063\u3068\u524d\u306b\u3082\u3044\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u5b9f\u306f\u3044\u307e\u3057\u305f\u30021900\u5e74\u3001\u30d5\u30e9\u30f3\u30b9\u306e\u30d0\u30b7\u30e5\u30ea\u30a8\u3068\u3044\u3046\u6570\u5b66\u8005\u304c\u535a\u58eb\u8ad6\u6587\u3067\u6311\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u306b\u306f\u56f0\u3063\u305f\u6027\u8cea\u304c\u3042\u308a\u307e\u3059\u3002\u682a\u4fa1\u306e\u5909\u5316\u304c\u91e3\u308a\u9418\u578b\u306e\u5206\u5e03\u306b\u5f93\u3046\u3068\u4eee\u5b9a\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u8a08\u7b97\u4e0a\u3001\u682a\u4fa1\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u5f97\u308b\u306e\u3067\u3059\u3002\u91e3\u308a\u9418\u578b\u306e\u5206\u5e03\u306f\u3069\u3053\u307e\u3067\u3082\u88fe\u304c\u5e83\u304c\u308b\u306e\u3067\u3001\u300c\u4eca100\u5186\u306e\u682a\u304c\u30011\u5e74\u5f8c\u306b\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u300d\u3068\u3044\u3046\u7d50\u679c\u3092\u6392\u9664\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5909\u52d5\u306e\u5e45\u304c\u5c0f\u3055\u3044\u3046\u3061\u306f\u554f\u984c\u304c\u898b\u3048\u306b\u304f\u3044\u306e\u3067\u3059\u304c\u3001\u5e74\u7387\u306e\u5909\u52d5\u5e45\u309250%\u306b\u3059\u308b\u3068\u30011\u5e74\u5f8c\u306b\u682a\u4fa1\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u78ba\u7387\u306f\u7d042.3%\u306b\u306a\u308a\u307e\u3059\u3002100%\u307e\u3067\u4e0a\u3052\u308b\u3068\u7d0416%\u3067\u3059\u3002\u682a\u3092\u6301\u3063\u3066\u3044\u308b\u4eba\u306b\u3068\u3063\u3066\u300c6\u56de\u306b1\u56de\u306f\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u300d\u3068\u3044\u3046\u30e2\u30c7\u30eb\u306f\u3001\u5230\u5e95\u53d7\u3051\u5165\u308c\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u306f\u4f55\u304c\u8db3\u308a\u306a\u304b\u3063\u305f\u306e\u304b\u3002\u7b54\u3048\u3092\u5148\u306b\u8a00\u3048\u3070\u3001\u682a\u4fa1\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u682a\u4fa1\u306e\u300c\u5909\u5316\u7387\u300d\u306b\u30e9\u30f3\u30c0\u30e0\u3055\u3092\u5165\u308c\u308b\u767a\u60f3\u3001\u305d\u3057\u3066\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5024\u6bb5\u3092\u4e88\u60f3\u3067\u306f\u306a\u304f\u8907\u88fd\u306e\u30b3\u30b9\u30c8\u3067\u6c7a\u3081\u308b\u767a\u60f3\u3067\u3059\u3002\u524d\u8005\u304c\u898b\u3064\u304b\u308b\u307e\u3067\u306b65\u5e74\u3001\u5f8c\u8005\u304c\u52a0\u308f\u308b\u307e\u3067\u306b\u3055\u3089\u306b8\u5e74\u304b\u304b\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u56de\u3067\u306f\u30011900\u5e74\u304b\u30891973\u5e74\u307e\u3067\u306e\u9053\u306e\u308a\u3092\u632f\u308a\u8fd4\u308a\u3001\u5404\u6642\u4ee3\u306b\u4f55\u304c\u8db3\u308a\u306a\u304b\u3063\u305f\u306e\u304b\u3092\u8ffd\u3044\u304b\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. \u52d5\u6a5f \u2015 \u306a\u305c70\u5e74\u3082\u304b\u304b\u3063\u305f\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u304b\u3089\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u307e\u3067\u306e\u6d41\u308c\u3092\u8ffd\u3044\u3001\u5404\u6642\u4ee3\u306b\u4f55\u304c\u8db3\u308a\u306a\u304b\u3063\u305f\u304b\u3092\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u305c70\u5e74\u4ee5\u4e0a\u3082\u304b\u304b\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u5fc5\u8981\u306a\u6570\u5b66\u304c\u5b58\u5728\u3057\u306a\u304b\u3063\u305f\u6642\u671f\u304c\u3042\u308a\u3001\u6570\u5b66\u304c\u63c3\u3063\u3066\u3082\u91d1\u878d\u306b\u5fdc\u7528\u3059\u308b\u767a\u60f3\u304c\u306a\u304b\u3063\u305f\u6642\u671f\u304c\u3042\u308a\u3001\u767a\u60f3\u304c\u3042\u3063\u3066\u3082\u5b9f\u52d9\u304c\u8ffd\u3044\u3064\u3044\u3066\u3044\u306a\u304b\u3063\u305f\u6642\u671f\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u5404\u6642\u4ee3\u3067\u4f55\u304c\u8db3\u308a\u306a\u304b\u3063\u305f\u306e\u304b\u3092\u7279\u5b9a\u3057\u3001\u3069\u306e\u6570\u5b66\u304c\u73fe\u308c\u305f\u3053\u3068\u3067\u6b21\u306e\u6bb5\u968e\u306b\u9032\u3081\u305f\u306e\u304b\u3092\u56e0\u679c\u3067\u3064\u306a\u304e\u307e\u3059\u3002\u5b9a\u7406\u306e\u8a3c\u660e\u306f\u305d\u308c\u305e\u308c\u306e\u56de\u306b\u59d4\u306d\u3001\u3053\u3053\u3067\u306f\u7d50\u679c\u3060\u3051\u3092\u5f15\u7528\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5f8c\u306b\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u5f0f\u3068\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306e\u5f0f\u3092\u540c\u3058\u30d1\u30e9\u30e1\u30fc\u30bf\u3067\u4e26\u3079\u3066\u300170\u5e74\u306e\u5dee\u304c\u6570\u5024\u306b\u3069\u3046\u8868\u308c\u308b\u304b\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u3053\u306e\u8a18\u4e8b\u3067\u6271\u3046\u7bc4\u56f2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a18\u4e8b\u306f\u8aad\u307f\u7269\u3067\u3059\u3002\u6570\u5b66\u7684\u306a\u4e3b\u5f35\u306f\u305d\u308c\u305e\u308c\u306e\u56de\u3067\u6271\u3063\u3066\u304a\u308a\u3001\u3053\u3053\u3067\u306f\u7d50\u679c\u306e\u5f15\u7528\u306b\u3068\u3069\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li><strong>\u6271\u3046\u671f\u9593<\/strong>: 1900\u5e74\uff08\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u535a\u58eb\u8ad6\u6587\uff09\u304b\u30891973\u5e74\uff08\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u8ad6\u6587\u306e\u51fa\u7248\u3068 CBOE \u306e\u958b\u8a2d\uff09\u307e\u3067\u3002<\/li>\n\n\n<li><strong>\u6271\u308f\u306a\u3044\u8a71\u984c<\/strong>: 1973\u5e74\u4ee5\u964d\u306e\u767a\u5c55\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30de\u30a4\u30eb\u3001\u78ba\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306a\u3069\uff09\u306f\u7b2c76\u56de\u307e\u3067\u3067\u89e6\u308c\u307e\u3057\u305f\u3002\u3053\u3053\u3067\u306f\u632f\u308a\u8fd4\u308a\u307e\u305b\u3093\u3002<\/li>\n\n\n<li><strong>\u6570\u5f0f\u306e\u6271\u3044<\/strong>: \u7d50\u679c\u3060\u3051\u3092\u5f15\u7528\u3057\u3001\u5c0e\u51fa\u306f\u3057\u307e\u305b\u3093\u3002\u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u3068\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u306f\u6570\u5024\u4f8b\u306e\u7bc0\u3067\u884c\u3044\u307e\u3059\u3002<\/li>\n\n\n<li><strong>\u4eba\u7269\u306b\u3064\u3044\u3066\u306e\u8a18\u8ff0<\/strong>: \u4e00\u6b21\u8cc7\u6599\u3067\u78ba\u8a8d\u3067\u304d\u308b\u7bc4\u56f2\u306b\u3068\u3069\u3081\u307e\u3059\u3002\u5b58\u547d\u306e\u4eba\u7269\u3078\u306e\u8a55\u4fa1\u306b\u3042\u305f\u308b\u8a18\u8ff0\u306f\u3057\u307e\u305b\u3093\u3002<\/li>\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a18\u4e8b\u306f\u7b2c7\u90e8\u306e\u6700\u7d42\u56de\u3067\u3059\u3002\u7b2c67\u56de\u3067\u7f6e\u3044\u305f\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306e\u4eee\u5b9a\u3001\u7b2c70\u56de\u3067\u8aad\u3093\u3060\u516c\u5f0f\u3001\u7b2c76\u56de\u3067\u898b\u305f\u4eee\u5b9a\u304c\u58ca\u308c\u308b\u5834\u9762\u3092\u524d\u63d0\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. 1900\u5e74\u304b\u30891973\u5e74\u307e\u3067\u306e\u5e74\u8868<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u5e74<\/th>\n<th>\u4eba\u7269<\/th>\n<th>\u4f55\u304c\u65b0\u3057\u304b\u3063\u305f\u304b<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1900<\/td>\n<td>\u30d0\u30b7\u30e5\u30ea\u30a8<\/td>\n<td>\u4fa1\u683c\u5909\u52d5\u306e\u78ba\u7387\u30e2\u30c7\u30eb<\/td>\n<\/tr>\n<tr>\n<td>1923<\/td>\n<td>\u30a6\u30a3\u30fc\u30ca\u30fc<\/td>\n<td>\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u6570\u5b66\u7684\u69cb\u6210<\/td>\n<\/tr>\n<tr>\n<td>1944<\/td>\n<td>\u4f0a\u85e4<\/td>\n<td>\u78ba\u7387\u5fae\u5206\u65b9\u7a0b\u5f0f\u306e\u7406\u8ad6<\/td>\n<\/tr>\n<tr>\n<td>1965<\/td>\n<td>\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3<\/td>\n<td>\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u5c0e\u5165<\/td>\n<\/tr>\n<tr>\n<td>1973<\/td>\n<td>\u30d6\u30e9\u30c3\u30af\u3001\u30b7\u30e7\u30fc\u30eb\u30ba<\/td>\n<td>\u8907\u88fd\u306b\u3088\u308b\u4fa1\u683c\u6c7a\u5b9a<\/td>\n<\/tr>\n<tr>\n<td>1973<\/td>\n<td>\u30de\u30fc\u30c8\u30f3<\/td>\n<td>\u9023\u7d9a\u6642\u9593\u306e\u53b3\u5bc6\u306a\u5b9a\u5f0f\u5316<\/td>\n<\/tr>\n<tr>\n<td>1973<\/td>\n<td>CBOE<\/td>\n<td>\u4e0a\u5834\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u958b\u8a2d<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5e74\u8868\u306f\u300c\u4f55\u304c\u89e3\u3051\u306a\u304b\u3063\u305f\u304b\u300d\u306e\u9806\u306b\u4e26\u3093\u3067\u3044\u307e\u3059\u3002\u6b21\u306e\u7bc0\u3067\u3001\u5404\u6bb5\u968e\u306e\u56e0\u679c\u95a2\u4fc2\u3092\u8a73\u3057\u304f\u898b\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. \u5404\u6642\u4ee3\u306b\u8db3\u308a\u306a\u304b\u3063\u305f\u6570\u5b66<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7bc0\u3067\u306f\u3001\u5e74\u8868\u306e\u5404\u6bb5\u968e\u3067\u4f55\u304c\u554f\u984c\u3060\u3063\u305f\u306e\u304b\u3092\u9806\u306b\u8ffd\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d0\u30b7\u30e5\u30ea\u30a8\uff081900\u5e74\uff09\u2015 \u78ba\u7387\u30e2\u30c7\u30eb\u306e\u6700\u521d\u306e\u4e00\u6b69<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30eb\u30a4\u30fb\u30d0\u30b7\u30e5\u30ea\u30a8\u306f1900\u5e74\u306e\u535a\u58eb\u8ad6\u6587 <em>Th\u00e9orie de la sp\u00e9culation<\/em> \u3067\u3001\u682a\u4fa1\u306e\u5909\u52d5\u3092\u78ba\u7387\u904e\u7a0b\u3068\u3057\u3066\u8a18\u8ff0\u3057\u307e\u3057\u305f\u3002\u30d1\u30ea\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u56fd\u50b5\u4fa1\u683c\u30c7\u30fc\u30bf\u3092\u5206\u6790\u3057\u3001\u4fa1\u683c\u306e\u5909\u5316\u304c\u72ec\u7acb\u3067\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3046\u3068\u4eee\u5b9a\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u3092\u73fe\u4ee3\u306e\u8a18\u6cd5\u3067\u66f8\u304f\u3068\u3001\u539f\u8cc7\u7523\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6b21\u306e\u5f62\u3092\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3053\u3053\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6a19\u6e96\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u7d76\u5bfe\u5024\u3067\u8868\u3057\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u3059\u3002\u4fa1\u683c\u305d\u306e\u3082\u306e\u304c\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3046\u30e2\u30c7\u30eb\u3067\u3001\u3053\u308c\u3092\u7b97\u8853\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30e2\u30c7\u30eb\u306b\u306f\u81f4\u547d\u7684\u306a\u554f\u984c\u304c\u3042\u308a\u307e\u3059\u3002\u6b63\u898f\u5206\u5e03\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u2212<\/span><span class=\"mord\">\u221e<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">\u221e<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306e\u5024\u3092\u53d6\u308b\u306e\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308b\u78ba\u7387\u304c\u6b63\u3067\u3059\u3002\u682a\u4fa1\u304c\u8ca0\u306b\u306a\u308b\u3053\u3068\u306f\u73fe\u5b9f\u306b\u306f\u3042\u308a\u5f97\u307e\u305b\u3093\u3002\u3053\u306e\u554f\u984c\u306f\u6b21\u306e\u7bc0\u300c\u884c\u304d\u6b62\u307e\u308a\u306b\u306a\u3063\u305f\u9053\u300d\u3067\u6570\u5024\u3092\u4f7f\u3063\u3066\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u4ed5\u4e8b\u306e\u672c\u8cea\u306f\u30e2\u30c7\u30eb\u306e\u6b63\u3057\u3055\u3067\u306f\u306a\u304f\u3001<strong>\u91d1\u878d\u306e\u554f\u984c\u306b\u78ba\u7387\u8ad6\u3092\u6301\u3061\u8fbc\u3093\u3060\u3053\u3068<\/strong>\u306b\u3042\u308a\u307e\u3059\u3002\u5f7c\u306f\u3053\u306e\u30e2\u30c7\u30eb\u304b\u3089\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u4fa1\u683c\u3092\u5c0e\u304d\u307e\u3057\u305f\u3002\u305d\u306e\u516c\u5f0f\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq>\uff08\u91d1\u5229\u30bc\u30ed\uff09\u306e\u3082\u3068\u3067\u6b21\u306e\u3088\u3046\u306b\u66f8\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:3.9625em;vertical-align:-1.7313em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.2313em;\"><span style=\"top:-4.6161em;\"><span class=\"pstrut\" style=\"height:3.3603em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">Bach<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-2.5957em;\"><span class=\"pstrut\" style=\"height:3.3603em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.7313em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.2313em;\"><span style=\"top:-4.6161em;\"><span class=\"pstrut\" style=\"height:3.3603em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9755em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><span style=\"top:-2.9355em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.0645em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><\/span><\/span><span style=\"top:-2.5957em;\"><span class=\"pstrut\" style=\"height:3.3603em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.1833em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9667em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.7313em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3053\u3053\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u22c5<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306f\u6a19\u6e96\u6b63\u898f\u5206\u5e03\u306e\u5206\u5e03\u95a2\u6570\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u22c5<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306f\u305d\u306e\u5bc6\u5ea6\u95a2\u6570\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u4ed5\u4e8b\u306f\u5f53\u6642\u307b\u3068\u3093\u3069\u6ce8\u76ee\u3055\u308c\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u78ba\u7387\u8ad6\u305d\u306e\u3082\u306e\u304c\u672a\u6574\u5099\u3067\u3001\u91d1\u878d\u306e\u5b9f\u52d9\u5bb6\u306b\u3082\u6570\u5b66\u8005\u306b\u3082\u8aad\u8005\u304c\u3044\u306a\u304b\u3063\u305f\u305f\u3081\u3067\u3059\u3002\u518d\u767a\u898b\u306f1950\u5e74\u4ee3\u3092\u5f85\u3064\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30a6\u30a3\u30fc\u30ca\u30fc\uff081923\u5e74\uff09\u2015 \u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u53b3\u5bc6\u306a\u69cb\u6210<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d0\u30b7\u30e5\u30ea\u30a8\u304c\u76f4\u611f\u7684\u306b\u4f7f\u3063\u305f\u300c\u30e9\u30f3\u30c0\u30e0\u306a\u9023\u7d9a\u904b\u52d5\u300d\u3092\u3001\u6570\u5b66\u7684\u306b\u53b3\u5bc6\u306b\u69cb\u6210\u3057\u305f\u306e\u304c\u30ce\u30fc\u30d0\u30fc\u30c8\u30fb\u30a6\u30a3\u30fc\u30ca\u30fc\u3067\u3059\u30021923\u5e74\u306e\u8ad6\u6587\u3067\u3001\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u5b58\u5728\u3092\u6e2c\u5ea6\u8ad6\u306e\u67a0\u7d44\u307f\u3067\u8a3c\u660e\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306b\u3088\u308a\u3001\u300c\u4fa1\u683c\u304c\u30e9\u30f3\u30c0\u30e0\u306b\u52d5\u304f\u300d\u3068\u3044\u3046\u76f4\u611f\u306b\u6570\u5b66\u7684\u306a\u57fa\u790e\u304c\u4e0e\u3048\u3089\u308c\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30a6\u30a3\u30fc\u30ca\u30fc\u306e\u95a2\u5fc3\u306f\u7d14\u7c8b\u6570\u5b66\u3068\u7269\u7406\u5b66\u306b\u3042\u308a\u3001\u91d1\u878d\u3078\u306e\u5fdc\u7528\u306f\u8996\u91ce\u306b\u5165\u3063\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u7d4c\u8def\u306f\u9023\u7d9a\u3067\u3059\u304c\u3001\u3044\u305f\u308b\u3068\u3053\u308d\u5fae\u5206\u4e0d\u53ef\u80fd\u3067\u3059\u3002\u901a\u5e38\u306e\u5fae\u7a4d\u5206\u304c\u4f7f\u3048\u306a\u3044\u305f\u3081\u3001\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3092\u542b\u3080\u65b9\u7a0b\u5f0f\u3092\u6271\u3046\u306b\u306f\u65b0\u3057\u3044\u8a08\u7b97\u6cd5\u304c\u5fc5\u8981\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f0a\u85e4\u6e05\uff081944\u5e74\uff09\u2015 \u78ba\u7387\u5fae\u5206\u65b9\u7a0b\u5f0f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f0a\u85e4\u6e05\u306f1944\u5e74\u306b\u78ba\u7387\u7a4d\u5206\u3092\u5b9a\u7fa9\u3057\u3001\u78ba\u7387\u5fae\u5206\u65b9\u7a0b\u5f0f\u306e\u7406\u8ad6\u3092\u69cb\u7bc9\u3057\u307e\u3057\u305f\u3002\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u3088\u3046\u306b\u5fae\u5206\u4e0d\u53ef\u80fd\u306a\u95a2\u6570\u306b\u5bfe\u3057\u3066\u3001\u7a4d\u5206\u3092\u610f\u5473\u306e\u3042\u308b\u5f62\u3067\u5b9a\u7fa9\u3057\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f0a\u85e4\u306e\u7406\u8ad6\u304c\u3042\u3063\u3066\u521d\u3081\u3066\u3001<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">\u03bc<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p class=\"wp-block-paragraph\">\u306e\u3088\u3046\u306a\u65b9\u7a0b\u5f0f\u3092\u53b3\u5bc6\u306b\u66f8\u304d\u4e0b\u3057\u3001\u305d\u306e\u89e3\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u65b9\u7a0b\u5f0f\u306e\u89e3\u304c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u3001\u4f0a\u85e4\u306e\u4ed5\u4e8b\u3082\u307e\u305f\u7d14\u7c8b\u6570\u5b66\u3068\u3057\u3066\u767a\u8868\u3055\u308c\u305f\u3082\u306e\u3067\u3001\u91d1\u878d\u306b\u5fdc\u7528\u3055\u308c\u308b\u307e\u3067\u306b\u306f20\u5e74\u4ee5\u4e0a\u306e\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\uff081965\u5e74\uff09\u2015 \u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30dd\u30fc\u30eb\u30fb\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u306f\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u4ed5\u4e8b\u3092\u518d\u767a\u898b\u3057\u305f\u7d4c\u6e08\u5b66\u8005\u306e\u4e00\u4eba\u3067\u3059\u30021965\u5e74\u306e\u8ad6\u6587 <em>Rational Theory of Warrant Pricing<\/em> \u3067\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u7b97\u8853\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3092<strong>\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5<\/strong>\u306b\u7f6e\u304d\u63db\u3048\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.8em;vertical-align:-0.65em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">exp<\/span><span class=\"mspace\" style=\"margin-right:-0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">(<\/span><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">(<\/span><\/span><span class=\"mord mathnormal\">\u03bc<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0179em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.394em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-2.931em;margin-right:0.0714em;\"><span class=\"pstrut\" style=\"height:2.5em;\"><\/span><span class=\"katex-sizing reset-size3 size1 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.345em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">)<\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u6307\u6570\u95a2\u6570\u306e\u4e2d\u306b\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u304c\u5165\u308b\u305f\u3081\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u304c\u5e38\u306b\u4fdd\u8a3c\u3055\u308c\u307e\u3059\u3002\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u304c\u62b1\u3048\u3066\u3044\u305f\u300c\u4fa1\u683c\u304c\u8ca0\u306b\u306a\u308b\u300d\u554f\u984c\u3092\u3001\u30e2\u30c7\u30eb\u306e\u69cb\u9020\u3067\u89e3\u6c7a\u3057\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u306f\u3053\u306e\u30e2\u30c7\u30eb\u3067\u30ef\u30e9\u30f3\u30c8\u306e\u4fa1\u683c\u516c\u5f0f\u3092\u5c0e\u304d\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u516c\u5f0f\u306b\u306f\u5c06\u6765\u306e\u671f\u5f85\u53ce\u76ca\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">\u03bc<\/span><\/span><\/span><\/span><\/eq> \u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u3001\u300c\u682a\u304c\u3069\u308c\u304f\u3089\u3044\u4e0a\u304c\u308b\u3068\u601d\u3046\u304b\u300d\u3068\u3044\u3046\u4e3b\u89b3\u7684\u306a\u898b\u901a\u3057\u304c\u4fa1\u683c\u306b\u5165\u308a\u8fbc\u3093\u3067\u3044\u305f\u306e\u3067\u3059\u3002\u7b2c45\u56de\u3067\u898b\u305f\u3088\u3046\u306b\u3001\u8907\u88fd\u306b\u3088\u308b\u4fa1\u683c\u6c7a\u5b9a\u3067\u306f\u4e3b\u89b3\u78ba\u7387\u306f\u6d88\u3048\u307e\u3059\u3002\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u306e\u6bb5\u968e\u3067\u306f\u3001\u3053\u306e\u300c\u6d88\u3048\u308b\u300d\u4ed5\u7d44\u307f\u304c\u307e\u3060\u898b\u3064\u304b\u3063\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d6\u30e9\u30c3\u30af\u3001\u30b7\u30e7\u30fc\u30eb\u30ba\u3001\u30de\u30fc\u30c8\u30f3\uff081973\u5e74\uff09\u2015 \u8907\u88fd\u306b\u3088\u308b\u4fa1\u683c\u6c7a\u5b9a<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">1973\u5e74\u3001\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u30fb\u30d6\u30e9\u30c3\u30af\u3068\u30de\u30a4\u30ed\u30f3\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3092<strong>\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b3\u30b9\u30c8<\/strong>\u3068\u3057\u3066\u6c7a\u5b9a\u3059\u308b\u65b9\u6cd5\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002\u540c\u5e74\u3001\u30ed\u30d0\u30fc\u30c8\u30fb\u30de\u30fc\u30c8\u30f3\u304c\u9023\u7d9a\u6642\u9593\u3067\u306e\u53b3\u5bc6\u306a\u5b9a\u5f0f\u5316\u3092\u4e0e\u3048\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u6b21\u306e\u5f62\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:5.6456em;vertical-align:-2.5728em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:3.0728em;\"><span style=\"top:-5.8129em;\"><span class=\"pstrut\" style=\"height:3.5801em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">BS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.5728em;\"><span class=\"pstrut\" style=\"height:3.5801em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-1.3673em;\"><span class=\"pstrut\" style=\"height:3.5801em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.5728em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:3.0728em;\"><span style=\"top:-5.8129em;\"><span class=\"pstrut\" style=\"height:3.5801em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><\/span><\/span><span style=\"top:-3.5728em;\"><span class=\"pstrut\" style=\"height:3.5801em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.5801em;\"><span style=\"top:-2.1833em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.735em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mop\">ln<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8451em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.394em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.345em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.93em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><\/span><\/span><span style=\"top:-1.3673em;\"><span class=\"pstrut\" style=\"height:3.5801em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9755em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><span style=\"top:-2.9355em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.0645em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.5728em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3053\u306e\u5f0f\u306e\u6c7a\u5b9a\u7684\u306a\u7279\u5fb4\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">\u03bc<\/span><\/span><\/span><\/span><\/eq>\uff08\u671f\u5f85\u53ce\u76ca\u7387\uff09\u304c\u542b\u307e\u308c\u3066\u3044\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u4fa1\u683c\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3060\u3051\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u306a\u305c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">\u03bc<\/span><\/span><\/span><\/span><\/eq> \u304c\u6d88\u3048\u308b\u306e\u304b\u3002\u305d\u308c\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u682a\u3068\u5b89\u5168\u8cc7\u7523\u3067\u9023\u7d9a\u7684\u306b\u8907\u88fd\u3067\u304d\u308b\u304b\u3089\u3067\u3059\u3002\u8907\u88fd\u306e\u30b3\u30b9\u30c8\u306f\u300c\u4f5c\u308b\u306e\u306b\u3044\u304f\u3089\u304b\u304b\u308b\u304b\u300d\u3067\u3042\u3063\u3066\u3001\u300c\u682a\u304c\u3069\u308c\u304f\u3089\u3044\u4e0a\u304c\u308b\u3068\u601d\u3046\u304b\u300d\u306b\u4f9d\u5b58\u3057\u307e\u305b\u3093\u3002\u7b2c45\u56de\u3067\u96e2\u6563\u30e2\u30c7\u30eb\u306b\u3064\u3044\u3066\u8a3c\u660e\u3057\u305f\u3053\u306e\u6027\u8cea\u304c\u3001\u9023\u7d9a\u6642\u9593\u3067\u3082\u6210\u308a\u7acb\u3064\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1973\u5e74\u306f\u7406\u8ad6\u3060\u3051\u3067\u306a\u304f\u5b9f\u52d9\u3082\u52d5\u3044\u305f\u5e74\u3067\u3059\u3002\u30b7\u30ab\u30b4\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\uff08CBOE\uff09\u304c\u958b\u8a2d\u3055\u308c\u3001\u4e0a\u5834\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7d44\u7e54\u7684\u306a\u53d6\u5f15\u304c\u59cb\u307e\u308a\u307e\u3057\u305f\u3002\u7406\u8ad6\u3068\u5e02\u5834\u304c\u540c\u6642\u306b\u63c3\u3063\u305f\u3053\u3068\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u7406\u8ad6\u306f\u5b9f\u52d9\u306b\u6d78\u900f\u3057\u3066\u3044\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5404\u6bb5\u968e\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u304c\u78ba\u7387\u30e2\u30c7\u30eb\u3092\u4f5c\u308a\u3001\u30a6\u30a3\u30fc\u30ca\u30fc\u304c\u305d\u306e\u6570\u5b66\u7684\u57fa\u790e\u3092\u56fa\u3081\u3001\u4f0a\u85e4\u304c\u78ba\u7387\u5fae\u5206\u65b9\u7a0b\u5f0f\u3092\u53ef\u80fd\u306b\u3057\u3001\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u304c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3067\u4fa1\u683c\u306e\u975e\u8ca0\u6027\u3092\u89e3\u6c7a\u3057\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u304c\u8907\u88fd\u306e\u767a\u60f3\u3067\u4e3b\u89b3\u78ba\u7387\u3092\u6392\u9664\u3057\u307e\u3057\u305f\u300270\u5e74\u304b\u304b\u3063\u305f\u306e\u306f\u3001\u5404\u6bb5\u968e\u3067\u5225\u3005\u306e\u969c\u58c1\u304c\u3042\u3063\u305f\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. \u884c\u304d\u6b62\u307e\u308a\u306b\u306a\u3063\u305f\u9053<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">CEX-HIST-1: \u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u3067\u4fa1\u683c\u304c\u8ca0\u306b\u306a\u308b<\/h3>\n\n\n\n<p>\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3044\u307e\u3059\u3002\u6b63\u898f\u5206\u5e03\u306e\u53f0\u306f\u5b9f\u6570\u5168\u4f53\u306a\u306e\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308b\u78ba\u7387\u306f<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathbb\">P<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.4167em;vertical-align:-0.9667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mspace\" style=\"margin-right:-0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.1833em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">\u2212<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9667em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3067\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u5909\u3048\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u6bd4\u8f03\u306e\u305f\u3081\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3068\u540c\u3058\u77ac\u9593\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u306a\u308b\u3088\u3046 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3068\u7f6e\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq>\uff08\u5e74\u7387\uff09<\/th>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathbb\">P<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>0.10<\/td>\n<td>10<\/td>\n<td>\u307b\u307c 0\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u2212<\/span><span class=\"mord\">10<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq>\uff09<\/td>\n<\/tr>\n<tr>\n<td>0.20<\/td>\n<td>20<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">2.87<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mord\"><span class=\"mord\">0<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mtight\">7<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>0.30<\/td>\n<td>30<\/td>\n<td>0.043%<\/td>\n<\/tr>\n<tr>\n<td>0.50<\/td>\n<td>50<\/td>\n<td>2.28%<\/td>\n<\/tr>\n<tr>\n<td>0.80<\/td>\n<td>80<\/td>\n<td>10.6%<\/td>\n<\/tr>\n<tr>\n<td>1.00<\/td>\n<td>100<\/td>\n<td>15.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.20<\/span><\/span><\/span><\/span><\/eq>\uff08\u682a\u5f0f\u5e02\u5834\u306e\u5178\u578b\u7684\u306a\u6c34\u6e96\uff09\u3067\u306f\u78ba\u7387\u306f\u7121\u8996\u3067\u304d\u308b\u307b\u3069\u5c0f\u3055\u304f\u3001\u5b9f\u52d9\u4e0a\u306f\u307b\u3068\u3093\u3069\u554f\u984c\u306b\u306a\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e0a\u304c\u308b\u3068\u72b6\u6cc1\u306f\u5909\u308f\u308a\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.50<\/span><\/span><\/span><\/span><\/eq> \u3067 2.28%\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.00<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f 15.9% \u3068\u3001\u7121\u8996\u3067\u304d\u306a\u3044\u78ba\u7387\u3067\u4fa1\u683c\u304c\u8ca0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306f\u7406\u8ad6\u7684\u306a\u6b20\u9665\u3067\u3059\u3002\u682a\u4fa1\u304c\u8ca0\u306b\u306a\u308b\u3053\u3068\u306f\u3042\u308a\u5f97\u306a\u3044\u306e\u3067\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u72b6\u6cc1\u3084\u6e80\u671f\u304c\u9577\u3044\u72b6\u6cc1\u3067\u306f\u4f7f\u3048\u307e\u305b\u3093\u3002\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u304c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3092\u5c0e\u5165\u3057\u305f\u306e\u306f\u3001\u307e\u3055\u306b\u3053\u306e\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CEX-HIST-2: \u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u4f55\u3082\u306a\u3044\u3068\u3053\u308d\u304b\u3089\u751f\u307e\u308c\u305f\u306e\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u304c\u7a81\u7136\u30aa\u30d7\u30b7\u30e7\u30f3\u7406\u8ad6\u3092\u767a\u660e\u3057\u305f\u300d\u3068\u3044\u3046\u901a\u4fd7\u7684\u306a\u8aac\u660e\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u5e74\u8868\u3092\u898b\u308c\u3070\u3053\u308c\u304c\u6b63\u3057\u304f\u306a\u3044\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002\u4f0a\u85e4\u306e\u78ba\u7387\u89e3\u6790\u3082\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u306e\u30e2\u30c7\u30eb\u3082\u30011973\u5e74\u3088\u308a\u524d\u306b\u51fa\u305d\u308d\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>1944\u5e74\u306b\u4f0a\u85e4\u304c\u78ba\u7387\u5fae\u5206\u65b9\u7a0b\u5f0f\u3092\u69cb\u7bc9\u3057\u3066\u3044\u306a\u3051\u308c\u3070\u3001\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3092\u53b3\u5bc6\u306b\u6271\u3046\u65b9\u6cd5\u304c\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/li>\n\n\n<li>1965\u5e74\u306b\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u304c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3092\u91d1\u878d\u306b\u5c0e\u5165\u3057\u3066\u3044\u306a\u3051\u308c\u3070\u3001\u51fa\u767a\u70b9\u3068\u306a\u308b\u30e2\u30c7\u30eb\u304c\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/li>\n\n<\/ul>\n\n\n\n<p>1973\u5e74\u306b\u65b0\u3057\u304b\u3063\u305f\u306e\u306f\u3001<strong>\u4fa1\u683c\u3092\u4e88\u60f3\u3067\u306f\u306a\u304f\u8907\u88fd\u3067\u6c7a\u3081\u308b<\/strong>\u3068\u3044\u3046\u767a\u60f3\u3067\u3059\u3002\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u306e\u516c\u5f0f\u306b\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">\u03bc<\/span><\/span><\/span><\/span><\/eq> \u304c\u6b8b\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u300c\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u682a\u3067\u9023\u7d9a\u7684\u306b\u30d8\u30c3\u30b8\u3059\u308c\u3070\u3001\u682a\u306e\u671f\u5f85\u53ce\u76ca\u7387\u306f\u4fa1\u683c\u306b\u5f71\u97ff\u3057\u306a\u3044\u300d\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u8ee2\u63db\u3053\u305d\u304c70\u5e74\u306e\u6700\u5f8c\u306e\u30d4\u30fc\u30b9\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. \u6570\u5024\u4f8b \u2015 \u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u3068\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3092\u4e26\u3079\u308b<\/h2>\n\n\n\n<p>\u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u3068\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3092\u3001\u540c\u3058\u30d1\u30e9\u30e1\u30fc\u30bf <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u6bd4\u8f03\u3057\u307e\u3059\u3002\u77ac\u9593\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u63c3\u3048\u308b\u305f\u3081\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u306b\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">abs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u5909\u3048\u305f\u6bd4\u8f03<\/h3>\n\n\n\n<table>\n<thead>\n<tr>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u30d0\u30b7\u30e5\u30ea\u30a8<\/th>\n<th>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba<\/th>\n<th>\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>0.10<\/td>\n<td>3.9894<\/td>\n<td>3.9878<\/td>\n<td>0.0017<\/td>\n<\/tr>\n<tr>\n<td>0.20<\/td>\n<td>7.9788<\/td>\n<td>7.9656<\/td>\n<td>0.0133<\/td>\n<\/tr>\n<tr>\n<td>0.30<\/td>\n<td>11.9683<\/td>\n<td>11.9235<\/td>\n<td>0.0447<\/td>\n<\/tr>\n<tr>\n<td>0.50<\/td>\n<td>19.9471<\/td>\n<td>19.7413<\/td>\n<td>0.2058<\/td>\n<\/tr>\n<tr>\n<td>0.80<\/td>\n<td>31.9154<\/td>\n<td>31.0843<\/td>\n<td>0.8310<\/td>\n<\/tr>\n<tr>\n<td>1.00<\/td>\n<td>39.8942<\/td>\n<td>38.2925<\/td>\n<td>1.6017<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u4f4e\u3044\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u306f\u4e21\u8005\u306f\u307b\u307c\u4e00\u81f4\u3057\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.10<\/span><\/span><\/span><\/span><\/eq> \u3067\u5dee\u306f\u308f\u305a\u304b 0.0017 \u3067\u3059\u3002\u3053\u308c\u306f\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u30e2\u30c7\u30eb\u3067\u3082\u300c\u3060\u3044\u305f\u3044\u6b63\u3057\u3044\u300d\u9818\u57df\u304c\u5b58\u5728\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e0a\u304c\u308b\u3068\u5dee\u306f\u6025\u901f\u306b\u958b\u304d\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.00<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u5dee\u304c 1.6017 \u306b\u9054\u3057\u307e\u3059\u3002\u3053\u306e\u8868\uff08\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq>\uff09\u3067\u306f\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u306f\u5e38\u306b\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3088\u308a\u5927\u304d\u306a\u5024\u3092\u8fd4\u3057\u3066\u3044\u307e\u3059\u3002\u4fa1\u683c\u304c\u8ca0\u306b\u306a\u308b\u9818\u57df\u3067\u306f\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306f\u30bc\u30ed\u306a\u306e\u3067\u3001\u305d\u306e\u9818\u57df\u304c\u5024\u3092\u62bc\u3057\u4e0a\u3052\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7406\u7531\u306f\u5f0f\u306e\u5f62\u306b\u3042\u308a\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">x<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.1133em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u7f6e\u304f\u3068\u3001\u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">x<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">x<\/span><\/span><\/span><\/span><\/eq> \u306b\u6bd4\u4f8b\u3057\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2em;vertical-align:-0.35em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\"><span class=\"delimsizing size1\">(<\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">x<\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2em;vertical-align:-0.35em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\">x<\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><span class=\"mclose\"><span class=\"delimsizing size1\">)<\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5f8c\u8005\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">x<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u306e\u50be\u304d\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">x<\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\">x<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">x<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u50be\u304d <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">\u03c6<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u5c0f\u3055\u3044\u306e\u3067\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u306f\u539f\u70b9\u3067\u306e\u63a5\u7dda\u3067\u3042\u308b\u30d0\u30b7\u30e5\u30ea\u30a8\u5f0f\u306e\u4e0b\u306b\u3042\u308a\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">x<\/span><\/span><\/span><\/span><\/eq> \u304c\u5927\u304d\u3044\u307b\u3069\u5dee\u304c\u958b\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u77ed\u3044\u6e80\u671f\u3068\u4f4e\u3044\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u306e\u4e00\u81f4<\/h3>\n\n\n\n<p>\u6e80\u671f\u3092\u77ed\u304f\u3057\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.10<\/span><\/span><\/span><\/span><\/eq> \u306b\u56fa\u5b9a\u3059\u308b\u3068\u3001\u4e21\u8005\u306e\u5dee\u306f\u3055\u3089\u306b\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u30d0\u30b7\u30e5\u30ea\u30a8<\/th>\n<th>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba<\/th>\n<th>\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>0.01<\/td>\n<td>0.3989<\/td>\n<td>0.3989<\/td>\n<td>0.0000<\/td>\n<\/tr>\n<tr>\n<td>0.05<\/td>\n<td>0.8921<\/td>\n<td>0.8920<\/td>\n<td>0.0000<\/td>\n<\/tr>\n<tr>\n<td>0.10<\/td>\n<td>1.2616<\/td>\n<td>1.2615<\/td>\n<td>0.0001<\/td>\n<\/tr>\n<tr>\n<td>0.25<\/td>\n<td>1.9947<\/td>\n<td>1.9945<\/td>\n<td>0.0002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u5c0f\u6570\u7b2c3\u4f4d\u307e\u3067\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u77ed\u3044\u6e80\u671f\u3067\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5206\u5e03\u304c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u8fd1\u304f\u306b\u96c6\u4e2d\u3059\u308b\u305f\u3081\u3001\u7b97\u8853\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3068\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u9055\u3044\u304c\u307b\u3068\u3093\u3069\u73fe\u308c\u307e\u305b\u3093\u3002\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u8fd1\u4f3c\u304c\u300c\u4f7f\u3048\u308b\u300d\u306e\u306f\u3001\u3053\u306e\u9818\u57df\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u5f0f\u306f70\u5e74\u524d\u306e\u30e2\u30c7\u30eb\u3067\u3059\u304c\u3001\u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u9078\u3079\u3070\u73fe\u4ee3\u306e\u5f0f\u3068\u307b\u307c\u540c\u3058\u5024\u3092\u8fd4\u3057\u307e\u3059\u3002\u9006\u306b\u8a00\u3048\u3070\u3001\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3068\u8907\u88fd\u306e\u767a\u60f3\u304c\u5fc5\u8981\u306b\u306a\u308b\u306e\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u5834\u9762\u3084\u6e80\u671f\u304c\u9577\u3044\u5834\u9762\u3067\u300c\u6b63\u3057\u3044\u5024\u300d\u3092\u51fa\u3059\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. \u5b9f\u8df5 \u2015 \u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u4fa1\u683c\u3092 Python \u3067\u51fa\u3057\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3059\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u307e\u3067\u306e\u9053\u5177 \u2015 \u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306e\u4fa1\u683c\u5f0f\uff08\u7b2c70\u56de\uff09\u3068\u88c1\u5b9a\u306e\u5883\u754c\uff08\u7b2c50\u56de\uff09 \u2015 \u3092\u4f7f\u3044\u3001Python \u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u3001\u5e02\u5834\u4fa1\u683c\u304b\u3089\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3057\u307e\u3059\u3002\u3053\u306e\u56de\u3092\u7d42\u3048\u308b\u3068\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u4fa1\u683c\u3092 Python \u3067\u8a08\u7b97\u3057\u3001\u5e02\u5834\u4fa1\u683c\u304b\u3089\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3057\u3066\u3001\u7e54\u308a\u8fbc\u307e\u308c\u305f\u5909\u52d5\u5e45\u3092\u8aad\u3080\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u624b\u9806<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u7b97\u306f\u6b21\u306e2\u6bb5\u968e\u3067\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u6bb5\u968e1: \u88c1\u5b9a\u306e\u5883\u754c\u3092\u78ba\u8a8d\u3059\u308b\u3002<\/strong> \u5165\u529b\u3055\u308c\u305f\u30b3\u30fc\u30eb\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">mkt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1413em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2264<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8193em;vertical-align:-0.136em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2264<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p class=\"wp-block-paragraph\">\u306e\u7bc4\u56f2\u306b\u3042\u308b\u304b\u3092\u8abf\u3079\u307e\u3059\u3002\u7bc4\u56f2\u5916\u306a\u3089\u300c\u89e3\u306a\u3057\u300d\u3092\u8fd4\u3057\u3066\u7d42\u4e86\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u6bb5\u968e2: \u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3059\u308b\u3002<\/strong> \u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5358\u8abf\u5897\u52a0\u3067\u3059\u3002\u3053\u306e\u6027\u8cea\u3060\u3051\u3092\u4f7f\u3044\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u306e\u4e0b\u9650\u3068\u4e0a\u9650\uff080.001 \u3068 5.0\uff09\u3092\u7f6e\u3044\u3066\u533a\u9593\u3092\u534a\u5206\u306b\u5207\u308a\u306a\u304c\u3089\u3001\u7406\u8ad6\u4fa1\u683c\u304c\u5e02\u5834\u4fa1\u683c\u306b\u5408\u3046 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3092\u63a2\u3057\u307e\u3059\u3002\u533a\u9593\u306e\u5e45\u304c\u5341\u5206\u5c0f\u3055\u304f\u306a\u3063\u305f\u3089\u53ce\u675f\u3068\u5224\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b3\u30fc\u30c9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306e Python \u30b3\u30fc\u30c9\u304c\u3001\u4fa1\u683c\u8a08\u7b97\u3068\u9006\u7b97\u306e\u5168\u4f53\u3067\u3059\u3002<\/p>\n\n\n\n<pre><code class=\"language-python\">import math\n\ndef N(x):\n    return 0.5 * (1.0 + math.erf(x \/ math.sqrt(2.0)))\n\ndef bs_call(S, K, r, T, sigma):\n    d1 = (math.log(S\/K) + (r + 0.5*sigma**2)*T) \/ (sigma*math.sqrt(T))\n    d2 = d1 - sigma * math.sqrt(T)\n    return S * N(d1) - K * math.exp(-r*T) * N(d2)\n\ndef implied_vol(S, K, r, T, C_mkt, tol=1e-8):\n    lo_bound = max(S - K * math.exp(-r*T), 0)\n    if C_mkt &lt;= lo_bound or C_mkt &gt;= S:\n        return None                         # \u5883\u754c\u5916: \u89e3\u306a\u3057\n    lo, hi = 0.001, 5.0                     # \u4e8c\u5206\u6cd5\n    for _ in range(200):\n        mid = 0.5 * (lo + hi)\n        if bs_call(S, K, r, T, mid) &gt; C_mkt:\n            hi = mid\n        else:\n            lo = mid\n        if hi - lo &lt; tol:\n            return mid\n    return 0.5 * (lo + hi)\n\n# --- \u691c\u7b97 ---\nS, K, r, T, sigma = 100, 100, 0.01, 0.25, 0.25\nC = bs_call(S, K, r, T, sigma)\nprint(f&quot;call = {C:.4f}&quot;)                    # 5.1032\niv = implied_vol(S, K, r, T, C)\nprint(f&quot;IV   = {iv:.6f}&quot;)                   # 0.250000\n<\/code><\/pre>\n\n\n\n<p>\u3053\u306e\u30b3\u30fc\u30c9\u3092\u5b9f\u884c\u3059\u308b\u3068\u3001\u30b3\u30fc\u30eb\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1032<\/span><\/span><\/span><\/span><\/eq>\u3001\u9006\u7b97\u3057\u305f\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.250000<\/span><\/span><\/span><\/span><\/eq> \u304c\u51fa\u529b\u3055\u308c\u307e\u3059\u3002<code>compute_practice.py<\/code> \u306e\u8a08\u7b97\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002\u30b3\u30fc\u30c9\u306f\u5168\u4f53\u306727\u884c\u3067\u3001<code>math.erf<\/code> \u3060\u3051\u3067\u6a19\u6e96\u6b63\u898f\u5206\u5e03\u3092\u8a08\u7b97\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u5916\u90e8\u30e9\u30a4\u30d6\u30e9\u30ea\u306f\u4e0d\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7d50\u679c\u306e\u8aad\u307f\u65b9<\/h3>\n\n\n\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.01<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><\/span><\/eq>\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u8a08\u7b97\u7d50\u679c\u3067\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\u9805\u76ee<\/th>\n<th>\u5024<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.0825<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u2212<\/span><span class=\"mord\">0.0425<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>\u30b3\u30fc\u30eb\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1032<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>\u30d7\u30c3\u30c8\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">4.8535<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u3053\u306e\u30b3\u30fc\u30eb\u4fa1\u683c\u3092\u5165\u529b\u3068\u3057\u3066\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3092\u77e5\u3089\u306a\u3044\u3075\u308a\u3092\u3057\u3066\u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3057\u307e\u3059\u3002\u63a2\u7d22\u533a\u9593 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">[<\/span><span class=\"mord\">0.001<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1.0<\/span><span class=\"mclose\">]<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u51fa\u767a\u3057\u305f\u3068\u304d\u306e\u53cd\u5fa9\u306e\u69d8\u5b50\u3067\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\u53cd\u5fa9<\/th>\n<th>\u4e0b\u9650<\/th>\n<th>\u4e0a\u9650<\/th>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u7406\u8ad6\u4fa1\u683c<\/th>\n<th>\u4fa1\u683c\u8aa4\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>0<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.001<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.5005<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">10.0704<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">+<\/span><span class=\"mord\">4.9673<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>1<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.001<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.5005<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2508<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1181<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">+<\/span><span class=\"mord\">0.0149<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2195<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2508<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2351<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">4.8077<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u2212<\/span><span class=\"mord\">0.2954<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>10<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2498<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2508<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2503<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1084<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">+<\/span><span class=\"mord\">0.0052<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>15<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1032<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">+<\/span><span class=\"mord\">0.0001<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>34<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1032<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.0000<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u8a31\u5bb9\u8aa4\u5dee\u3092 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mord\"><span class=\"mord\">0<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mtight\">10<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u305f\u3068\u304d\u300135\u56de\u306e\u53cd\u5fa9\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><\/span><\/eq> \u306b\u53ce\u675f\u3057\u307e\u3057\u305f\u3002\u4e8c\u5206\u6cd5\u306f\u6bce\u56de\u533a\u9593\u3092\u534a\u5206\u306b\u3059\u308b\u306e\u3067\u3001\u53ce\u675f\u306f\u9045\u3044\u3067\u3059\u304c\u3001\u5883\u754c\u5185\u306e\u4fa1\u683c\u3067\u3042\u308c\u3070\u5fc5\u305a\u53ce\u675f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u610f\u5473\u3092\u8aad\u3080\u3002<\/strong> \u5e74\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><\/span><\/eq> \u3092\u3001\u5e73\u65b9\u6839\u5247\u3067\u671f\u9593\u3054\u3068\u306e\u6a19\u6e96\u504f\u5dee\u306b\u63db\u7b97\u3057\u307e\u3059\u3002\u55b6\u696d\u65e5\u6570\u3092 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq>\u30011\u5e74\u3092252\u55b6\u696d\u65e5\u3068\u3057\u3066\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.24em;vertical-align:-0.305em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.935em;\"><span class=\"svg-align\" style=\"top:-3.2em;\"><span class=\"pstrut\" style=\"height:3.2em;\"><\/span><span class=\"mord\" style=\"padding-left:1em;\"><span class=\"mord mathnormal\">n<\/span><span class=\"mord\">\/252<\/span><\/span><\/span><span style=\"top:-2.895em;\"><span class=\"pstrut\" style=\"height:3.2em;\"><\/span><span class=\"hide-tail\" style=\"min-width:1.02em;height:1.28em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.28em\" viewBox=\"0 0 400000 1296\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M263,681c0.7,0,18,39.7,52,119\nc34,79.3,68.167,158.7,102.5,238c34.3,79.3,51.8,119.3,52.5,120\nc340,-704.7,510.7,-1060.3,512,-1067\nl0 -0\nc4.7,-7.3,11,-11,19,-11\nH40000v40H1012.3\ns-271.3,567,-271.3,567c-38.7,80.7,-84,175,-136,283c-52,108,-89.167,185.3,-111.5,232\nc-22.3,46.7,-33.8,70.3,-34.5,71c-4.7,4.7,-12.3,7,-23,7s-12,-1,-12,-1\ns-109,-253,-109,-253c-72.7,-168,-109.3,-252,-110,-252c-10.7,8,-22,16.7,-34,26\nc-22,17.3,-33.3,26,-34,26s-26,-26,-26,-26s76,-59,76,-59s76,-60,76,-60z\nM1001 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.305em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\u671f\u9593<\/th>\n<th>\u55b6\u696d\u65e5\u6570<\/th>\n<th>\u682a\u4fa1\u306e\u6a19\u6e96\u504f\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1\u5e74<\/td>\n<td>252<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">25.00<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>1\u304b\u6708<\/td>\n<td>21<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">7.22<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>1\u65e5<\/td>\n<td>1<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.57<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u5e74\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><\/span><\/eq> \u306f\u300c1\u5e74\u3067\u6a19\u6e96\u504f\u5dee25\u5186\u300d\u306b\u76f8\u5f53\u3057\u307e\u3059\u30021\u65e5\u3067\u306f\u7d04 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.57<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3059\u3002\u3053\u306e\u63db\u7b97\u306f\u5bfe\u6570\u53ce\u76ca\u7387\u304c\u72ec\u7acb\u540c\u5206\u5e03\u3067\u3042\u308b\u3068\u3044\u3046\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u76ee\u5b89\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u9006\u7b97\u3059\u308b\u3002<\/strong> \u884c\u4f7f\u4fa1\u683c\u3092\u5909\u3048\u3066\u3001\u305d\u308c\u305e\u308c\u7570\u306a\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u751f\u6210\u3057\u305f\u67b6\u7a7a\u306e\u30b3\u30fc\u30eb\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\u884c\u4f7f\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u30b3\u30fc\u30eb\u4fa1\u683c<\/th>\n<th>\u9006\u7b97\u3057\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">80<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">20.5878<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.30<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">90<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">11.7631<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.27<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1032<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">110<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">2.2270<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.28<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">120<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.1431<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.32<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p class=\"wp-block-paragraph\">\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u9006\u7b97\u3057\u305f\u5024\u304c\u7570\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u4fa1\u683c\u3092\u751f\u6210\u3059\u308b\u3068\u304d\u306b\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u7570\u306a\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4f7f\u3063\u305f\u305f\u3081\u3067\u3059\u3002\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u3082\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">CEX-PR77-1: \u88c1\u5b9a\u306e\u5883\u754c\u3092\u5916\u308c\u305f\u4fa1\u683c\u304b\u3089\u306f\u9006\u7b97\u3067\u304d\u306a\u3044<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b3\u30fc\u30eb\u4fa1\u683c\u306e\u88c1\u5b9a\u306e\u5883\u754c\uff08\u7b2c50\u56de\uff09\u306f<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1413em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7804em;vertical-align:-0.136em;\"><\/span><span class=\"mord\">0.2497<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2264<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8193em;vertical-align:-0.136em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2264<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong>\u4e0b\u9650\u3092\u4e0b\u56de\u308b\u5834\u5408<\/strong>: <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">mkt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.1248<\/span><\/span><\/span><\/span><\/eq> \u3092\u5165\u529b\u3059\u308b\u3068\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3092\u3069\u3093\u306a\u306b\u5c0f\u3055\u304f\u3057\u3066\u3082\u7406\u8ad6\u4fa1\u683c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2497<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u3057\u304b\u4e0b\u304c\u308a\u307e\u305b\u3093\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u6975\u9650\u304c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8413em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2497<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\uff09\u3002\u9006\u7b97\u306f\u300c\u89e3\u306a\u3057\u300d\u3092\u8fd4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u4e0a\u9650\u3092\u4e0a\u56de\u308b\u5834\u5408<\/strong>: <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">mkt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">101<\/span><\/span><\/span><\/span><\/eq> \u3092\u5165\u529b\u3059\u308b\u3068\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3092\u3069\u3093\u306a\u306b\u5927\u304d\u304f\u3057\u3066\u3082\u7406\u8ad6\u4fa1\u683c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq> \u3092\u8d85\u3048\u307e\u305b\u3093\u3002\u3053\u3061\u3089\u3082\u89e3\u304c\u5b58\u5728\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u7b97\u306e\u30d7\u30ed\u30b0\u30e9\u30e0\u3092\u8d70\u3089\u305b\u308b\u524d\u306b\u3001\u4fa1\u683c\u304c\u5883\u754c\u306e\u5185\u5074\u306b\u3042\u308b\u304b\u3092\u78ba\u304b\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u306f\u3053\u306e\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">CEX-PR77-2: \u4fa1\u683c\u306e\u4e38\u3081\u304c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u9006\u7b97\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u4fa1\u683c\u3092\u5c0f\u65702\u6841\u306b\u4e38\u3081\u305f\u3068\u304d\u3001\u9006\u7b97\u3057\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u3069\u308c\u3060\u3051\u52d5\u304f\u304b\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th>\u6b63\u78ba\u306a\u4fa1\u683c<\/th>\n<th>\u4e38\u3081\u305f\u4fa1\u683c<\/th>\n<th>\u6b63\u78ba\u306a\u9006\u7b97\u5024<\/th>\n<th>\u4e38\u3081\u305f\u9006\u7b97\u5024<\/th>\n<th>\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>ATM (<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>)<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.1032<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">5.10<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2498<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.0002<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>OTM (<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">120<\/span><\/span><\/span><\/span><\/eq>)<\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.1431<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.14<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.3200<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.3197<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.0003<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u3067\u306f\u5dee\u306f\u5c0f\u6570\u7b2c4\u4f4d\u306b\u3068\u3069\u307e\u308a\u307e\u3059\u304c\u3001\u6df1\u3044\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u3067\u306f\u5dee\u304c\u3084\u3084\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u4fa1\u683c\u304c\u5c0f\u3055\u3044\u307b\u3069\u3001\u540c\u3058\u4e38\u3081\u5e45\u306b\u5bfe\u3059\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u611f\u5ea6\u304c\u9ad8\u304f\u306a\u308b\u305f\u3081\u3067\u3059\u3002\u5b9f\u52d9\u3067\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u6271\u3046\u3068\u304d\u306f\u3001\u5165\u529b\u3059\u308b\u4fa1\u683c\u306e\u7cbe\u5ea6\u304c\u9006\u7b97\u5024\u306b\u5f71\u97ff\u3059\u308b\u3053\u3068\u3092\u610f\u8b58\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306e\u4fa1\u683c\u5f0f\u3068\u4e8c\u5206\u6cd5\u306b\u3088\u308b\u9006\u7b97\u3092 Python \u3067\u5b9f\u88c5\u3057\u3001\u88c1\u5b9a\u306e\u5883\u754c\u306e\u5916\u3067\u306f\u89e3\u304c\u5b58\u5728\u3057\u306a\u3044\u3053\u3068\u3001\u4fa1\u683c\u306e\u4e38\u3081\u304c\u9006\u7b97\u5024\u306b\u5f71\u97ff\u3059\u308b\u3053\u3068\u3092\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">8. \u6b21\u56de\u3078 \u2015 \u6b74\u53f2\u3092\u7d42\u3048\u3066\u3001\u4fa1\u683c\u3092\u52d5\u304b\u3059\u611f\u5fdc\u5ea6\u3078<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">1900\u5e74\u304b\u30891973\u5e74\u307e\u3067\u306e\u9053\u306e\u308a\u3092\u632f\u308a\u8fd4\u308a\u307e\u3057\u305f\u3002\u30d0\u30b7\u30e5\u30ea\u30a8\u304c\u78ba\u7387\u30e2\u30c7\u30eb\u3092\u4f5c\u308a\u3001\u30a6\u30a3\u30fc\u30ca\u30fc\u304c\u57fa\u790e\u3092\u56fa\u3081\u3001\u4f0a\u85e4\u304c\u9053\u5177\u3092\u6574\u3048\u3001\u30b5\u30df\u30e5\u30a8\u30eb\u30bd\u30f3\u304c\u30e2\u30c7\u30eb\u3092\u4fee\u6b63\u3057\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u304c\u8907\u88fd\u3067\u4e3b\u89b3\u3092\u6392\u9664\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c7\u90e8\u306f\u3053\u308c\u3067\u7d42\u308f\u308a\u3067\u3059\u3002\u6b21\u56de\uff08\u7b2c78\u56de\uff09\u304b\u3089\u306f\u7b2c8\u90e8\u306b\u5165\u308a\u3001<strong>\u4fa1\u683c\u304c\u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u5909\u5316\u306b\u3069\u3046\u53cd\u5fdc\u3059\u308b\u304b<\/strong> \u2015 \u611f\u5fdc\u5ea6\uff08\u30c7\u30eb\u30bf\uff09\u306e\u8a71\u306b\u9032\u307f\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u56de\u3067\u30014\u3064\u76ee\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u306b\u5230\u9054\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30d0\u30b7\u30e5\u30ea\u30a8\u306e\u7814\u7a76\u306f\u306a\u305c\u9577\u304f\u57cb\u3082\u308c\u3066\u3044\u305f\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u6642\u306f\u78ba\u7387\u8ad6\u305d\u306e\u3082\u306e\u304c\u6574\u5099\u3055\u308c\u3066\u304a\u3089\u305a\u3001\u91d1\u878d\u306e\u5b9f\u52d9\u306b\u3082\u8aad\u3080\u4eba\u304c\u3044\u306a\u304b\u3063\u305f\u305f\u3081\u3067\u3059\u3002\u518d\u767a\u898b\u3055\u308c\u305f\u306e\u306f1950\u5e74\u4ee3\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306e\u4f55\u304c\u65b0\u3057\u304b\u3063\u305f\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4fa1\u683c\u3092\u4e88\u60f3\u3067\u306f\u306a\u304f\u8907\u88fd\u3067\u6c7a\u3081\u305f\u3053\u3068\u3067\u3059\u3002\u5c06\u6765\u306e\u898b\u901a\u3057\u3092\u4f7f\u308f\u305a\u306b\u4fa1\u683c\u304c\u51fa\u308b\u70b9\u304c\u8ee2\u63db\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u3053\u306e\u56de\u306b\u8a3c\u660e\u304c\u306a\u3044\u306e\u306f\u306a\u305c\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6570\u5b66\u306f\u305d\u308c\u305e\u308c\u306e\u56de\u3067\u6271\u3044\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u3001\u3069\u306e\u554f\u984c\u304c\u3044\u3064\u89e3\u3051\u305f\u306e\u304b\u3068\u3044\u3046\u6d41\u308c\u3060\u3051\u3092\u8ffd\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n\n<li>Bachelier L.\u3001Th\u00e9orie de la sp\u00e9culation\u3001Annales scientifiques de l&#8217;\u00c9cole Normale Sup\u00e9rieure\u30011900\u5e74<\/li>\n\n\n<li>Samuelson P. A.\u3001Rational Theory of Warrant Pricing\u3001Industrial Management Review\u30011965\u5e74<\/li>\n\n\n<li>Black F. and Scholes M.\u3001The Pricing of Options and Corporate Liabilities\u3001Journal of Political Economy\u30011973\u5e74\u3001DOI 10.1086\/260062<\/li>\n\n\n<li>Merton R. C.\u3001Theory of Rational Option Pricing\u3001The Bell Journal of Economics and Management Science\u30011973\u5e74\u3001DOI 10.2307\/3003143<\/li>\n\n\n<li>Davis M. and Etheridge A.\u3001Louis Bachelier&#8217;s Theory of Speculation\u3001Princeton University Press\u30012006\u5e74<\/li>\n\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u6570\u5024\u4f8b\u306f <code>compute.py<\/code> \u306b\u3088\u308a\u691c\u7b97\u6e08\u307f\u3002\u672c\u6587\u4e2d\u306e\u5c0f\u6570\u306f4\u6841\u3067\u4e38\u3081\u3066\u3044\u308b\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>\u4f4d\u7f6e: \u7b2c7\u90e8 \u7b2c77\u56de \/ \u524d\u63d0: \u7b2c67\u56de\u3001\u7b2c70\u56de\u3001\u7b2c76\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30d0\u30b7\u30e5\u30ea\u30a8\u304b\u3089\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u307e\u3067\u306e\u6d41\u308c\u3092\u8ffd\u3044\u3001\u5404\u6642\u4ee3\u306b\u4f55\u304c\u8db3\u308a\u306a\u304b\u3063\u305f\u304b\u3092\u8aac\u660e\u3067\u304d\u308b\u3002\u5b9f\u8df5 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":209177,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[166],"class_list":["post-208173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part6-black-scholes"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u4f4d\u7f6e: \u7b2c7\u90e8 \u7b2c77\u56de \/ \u524d\u63d0: \u7b2c67\u56de\u3001\u7b2c70\u56de\u3001\u7b2c76\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ 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