{"id":208187,"date":"2026-09-26T19:00:00","date_gmt":"2026-09-26T10:00:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208187"},"modified":"2026-09-25T19:36:20","modified_gmt":"2026-09-25T10:36:20","slug":"discount-factor","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/discount-factor\/","title":{"rendered":"\u7b2c7\u56de \u5272\u5f15\u4fc2\u6570\u3068\u3044\u3046\u4e00\u679a\u306e\u8868 \u2015 \u91d1\u5229\u3067\u306f\u306a\u304f\u4fc2\u6570\u3067\u8003\u3048\u308b\u3068\u8a08\u7b97\u304c\u6d88\u3048\u308b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c7\u56de \/ \u524d\u63d0: \u7b2c4\u56de\u3001\u7b2c5\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u5272\u5f15\u4fc2\u6570\u306e\u8868\u304b\u3089\u3001\u78ba\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u3092\u639b\u3051\u7b97\u3068\u8db3\u3057\u7b97\u3060\u3051\u3067\u8a08\u7b97\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u5e73\u5747\u91d1\u52291\u3064\u3067\u7f6e\u304d\u63db\u3048\u308b\u3068\u5024\u304c\u305a\u308c\u308b<\/h2>\n\n\n\n

\u300c\u5148\u8f29\u3001\u3053\u306e\u50b5\u5238\u306e\u73fe\u5728\u4fa1\u5024\u3092\u51fa\u3057\u305f\u3044\u3093\u3067\u3059\u3051\u3069\u3001\u91d1\u5229\u304c\u6bce\u5e74\u9055\u3046\u306e\u304c\u9762\u5012\u3067\u30023\u5e74\u5206\u306e\u91d1\u5229\u3092\u8db3\u3057\u30663\u3067\u5272\u3063\u305f\u5e73\u5747\u3092\u4f7f\u3048\u3070\u3044\u3044\u3067\u3059\u3088\u306d\u300d<\/p>\n\n\n\n

\u300c\u3084\u3063\u3066\u307f\u306a\u300d<\/p>\n\n\n\n

\u65b0\u4eba\u306f\u8a00\u308f\u308c\u305f\u901a\u308a\u306b\u8a08\u7b97\u3057\u307e\u3059\u30021\u5e74\u76ee\u306e\u91d1\u5229\u304c1\u30d1\u30fc\u30bb\u30f3\u30c8\u30012\u5e74\u76ee\u304c5\u30d1\u30fc\u30bb\u30f3\u30c8\u30013\u5e74\u76ee\u304c9\u30d1\u30fc\u30bb\u30f3\u30c8\u3002\u8db3\u3057\u30663\u3067\u5272\u308c\u3070\u5e73\u5747\u306f5\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u3059\u30023\u5e74\u5f8c\u306b\u5c4a\u304f100\u4e07\u5186\u3092\u3001\u6bce\u5e745\u30d1\u30fc\u30bb\u30f3\u30c8\u30673\u56de\u5272\u308a\u5f15\u304f\u3068\u3001\u4eca\u306e\u5024\u6253\u3061\u306f\u7d0486\u4e073800\u5186\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

\u300c\u3067\u304d\u307e\u3057\u305f\u300286\u4e073800\u5186\u3067\u3059\u300d<\/p>\n\n\n\n

\u5148\u8f29\u306f\u96fb\u5353\u3092\u53e9\u3044\u3066\u3001\u5225\u306e\u6570\u5b57\u3092\u51fa\u3057\u307e\u3059\u30021\u5e74\u76ee\u306f1\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u5272\u308a\u30012\u5e74\u76ee\u306f5\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u5272\u308a\u30013\u5e74\u76ee\u306f9\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u5272\u308b\u3002\u5e74\u3054\u3068\u306b\u304d\u3061\u3093\u3068\u5206\u3051\u305f\u7d50\u679c\u306f\u7d0486\u4e075100\u5186\u3067\u3057\u305f\u3002<\/p>\n\n\n\n

\u300c1300\u5186\u305a\u308c\u3066\u308b\u3060\u308d\u3046\u3002\u5e73\u5747\u306e\u91d1\u5229\u3067\u4e38\u3081\u308b\u3068\u3001\u5fc5\u305a\u5b89\u3044\u5074\u306b\u504f\u308b\u3002\u984d\u9762\u304c1\u5104\u5186\u306a\u308913\u4e07\u5186\u306e\u5dee\u3060\u305e\u300d<\/p>\n\n\n\n

\u65b0\u4eba\u306f\u9996\u3092\u304b\u3057\u3052\u307e\u3059\u3002\u5e73\u5747\u306f\u540c\u30585\u30d1\u30fc\u30bb\u30f3\u30c8\u306a\u306e\u306b\u3001\u306a\u305c\u7b54\u3048\u304c\u5909\u308f\u308b\u306e\u304b\u3002\u7406\u7531\u306f\u3001\u5272\u5f15\u3068\u3044\u3046\u8a08\u7b97\u304c\u639b\u3051\u7b97\u306e\u7e70\u308a\u8fd4\u3057\u3060\u304b\u3089\u3067\u3059\u3002\u639b\u3051\u7b97\u306e\u4e16\u754c\u3067\u306f\u3001\u8db3\u3057\u7b97\u306e\u5e73\u5747\u3092\u3068\u3063\u3066\u3082\u6b63\u3057\u3044\u4ee3\u8868\u5024\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002\u5e74\u3054\u3068\u306e\u91d1\u5229\u304c\u3070\u3089\u3064\u304f\u307b\u3069\u3001\u3053\u306e\u98df\u3044\u9055\u3044\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u5148\u8f29\u304c\u7d9a\u3051\u307e\u3059\u3002\u300c\u3060\u304b\u3089\u5b9f\u52d9\u3067\u306f\u3001\u91d1\u5229\u3092\u4f55\u5ea6\u3082\u639b\u3051\u76f4\u3059\u3093\u3058\u3083\u306a\u304f\u3066\u3001\u3042\u3089\u304b\u3058\u30811\u3064\u306e\u4fc2\u6570\u306b\u307e\u3068\u3081\u305f\u8868\u3092\u6301\u3063\u3066\u304a\u304f\u3002\u3053\u306e\u8868\u304c\u3042\u308c\u3070\u3001\u3069\u3093\u306a\u5165\u91d1\u306e\u4e26\u3073\u3067\u3082\u3001\u4fc2\u6570\u3092\u639b\u3051\u3066\u8db3\u3059\u3060\u3051\u3067\u4eca\u306e\u5024\u6253\u3061\u304c\u51fa\u308b\u300d<\/p>\n\n\n\n

\u3053\u306e\u300c\u3042\u3089\u304b\u3058\u3081\u307e\u3068\u3081\u305f\u4fc2\u6570\u306e\u8868\u300d\u304c\u3001\u4eca\u56de\u306e\u4e3b\u5f79\u3067\u3059\u3002\u8868\u306e\u5404\u9805\u76ee\u306f\u3001\u88c1\u5b9a\u304c\u5b58\u5728\u3057\u306a\u3044\u9650\u308a\u305f\u3060\u4e00\u3064\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002\u8868\u3092\u6b63\u3057\u304f\u4f5c\u308c\u3070\u3001\u91d1\u5229\u304c\u6bce\u5e74\u5909\u308f\u3063\u3066\u3082\u3001\u639b\u3051\u7b97\u3068\u8db3\u3057\u7b97\u3060\u3051\u3067\u78ba\u5b9a\u3057\u305f\u5c06\u6765\u306e\u5165\u91d1\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u304c\u6c42\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u91d1\u5229\u3092\u4f55\u5ea6\u3082\u639b\u3051\u308b\u306e\u3092\u3084\u3081\u3066\u4fc2\u6570\u306e\u8868\u306b\u3059\u308b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u5272\u5f15\u4fc2\u6570\u306e\u8868\u304b\u3089\u3001\u78ba\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u3092\u639b\u3051\u7b97\u3068\u8db3\u3057\u7b97\u3060\u3051\u3067\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3068\u304d\u3001\u6bce\u56de <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308b\u8a08\u7b97\u3092\u7e70\u308a\u8fd4\u3059\u306e\u306f\u9762\u5012\u3067\u3059\u3002\u91d1\u5229\u304c\u671f\u3054\u3068\u306b\u9055\u3048\u3070\u306a\u304a\u3055\u3089\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u5272\u308a\u7b97\u306e\u7d50\u679c\u3092\u3042\u3089\u304b\u3058\u30811\u3064\u306e\u6570\u306b\u307e\u3068\u3081\u3066\u3057\u307e\u3048\u3070\u3001\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u306f\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u305d\u306e\u6570\u3092\u639b\u3051\u3066\u8db3\u3059\u300d\u3060\u3051\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u300c\u3042\u3089\u304b\u3058\u3081\u307e\u3068\u3081\u305f\u6570\u300d\u3092\u5272\u5f15\u4fc2\u6570<\/strong> <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u547c\u3073\u307e\u3059\u3002\u5272\u5f15\u4fc2\u6570\u3092\u4e26\u3079\u305f\u8868\u30921\u679a\u6301\u3063\u3066\u304a\u3051\u3070\u3001\u3069\u3093\u306a\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3082\u5185\u7a4d\u3072\u3068\u3064\u3067\u51fa\u307e\u3059\u3002\u91d1\u5229\u306e\u639b\u3051\u7b97\u3092\u4f55\u5ea6\u3082\u3084\u308a\u76f4\u3059\u5fc5\u8981\u304c\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f\u3001\u5272\u5f15\u4fc2\u6570\u304c\u7121\u88c1\u5b9a\u306e\u3082\u3068\u3067\u4e00\u610f\u306b\u6c7a\u307e\u308b\u3053\u3068\u3001\u6b63\u5024\u6027\u3068\u5358\u8abf\u6027\u306e\u6761\u4ef6\u3001\u305d\u3057\u3066\u9577\u3044\u671f\u9593\u306e\u5272\u5f15\u304c\u77ed\u3044\u671f\u9593\u306e\u7a4d\u307f\u91cd\u306d\u3067\u66f8\u3051\u308b\u3053\u3068\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n
    \n
  • THM-DF-1<\/strong> \u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u3001\u6642\u70b9 <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b1\u5358\u4f4d\u3092\u78ba\u5b9a\u3057\u3066\u6255\u3046\u5546\u54c1\u306e\u73fe\u5728\u4fa1\u683c <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u305f\u3060\u4e00\u3064\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002\u4efb\u610f\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u3001\u3053\u306e\u4fc2\u6570\u3068\u306e\u5185\u7a4d\u3067\u66f8\u3051\u307e\u3059\u3002<\/li>\n
  • THM-DF-2<\/strong> \u5404\u671f\u306e\u91d1\u5229\u304c\u3059\u3079\u3066 <\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u5927\u304d\u3044\u3068\u304d <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u6b63\u3067\u3059\u3002\u3055\u3089\u306b\u91d1\u5229\u304c\u975e\u8ca0\u3067\u3042\u308c\u3070 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3057\u307e\u3059\u3002<\/li>\n
  • THM-DF-3<\/strong> <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u5404\u671f\u306e1\u671f\u9593\u5272\u5f15\u4fc2\u6570\u306e\u7a4d\u306b\u7b49\u3057\u304f\u3001\u9577\u3044\u671f\u9593\u306e\u5272\u5f15\u306f\u77ed\u3044\u671f\u9593\u306e\u5272\u5f15\u306e\u7a4d\u307f\u91cd\u306d\u3067\u8868\u305b\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u5404\u671f\u306e\u91d1\u5229\u304c\u6c7a\u307e\u3063\u305f\u4e16\u754c<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u7f6e\u304d\u307e\u3059\u3002\u3069\u306e\u4eee\u5b9a\u304c\u3069\u306e\u5b9a\u7406\u3067\u52b9\u304f\u304b\u3092\u898b\u308b\u305f\u3081\u306b\u3001\u3059\u3079\u3066\u66f8\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \n
    • \u91d1\u5229\u306f\u78ba\u5b9a\u7684<\/strong>: \u5404\u671f\u306e\u91d1\u5229 <\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>r<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u78ba\u5b9a\u3057\u3066\u3044\u3066\u3001\u6642\u70b9\u3060\u3051\u306e\u95a2\u6570\u3067\u3059\u3002\u72b6\u614b\u306b\u306f\u4f9d\u5b58\u3057\u307e\u305b\u3093\u3002<\/li>\n
    • \u8cb8\u501f\u306e\u5bfe\u79f0\u6027<\/strong>: \u540c\u4e00\u306e\u91d1\u5229\u3067\u8cb8\u3059\u3053\u3068\u3082\u501f\u308a\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/li>\n
    • \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u78ba\u5b9a\u7684<\/strong>: \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>c<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>c<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u78ba\u5b9a\u3057\u3066\u3044\u3066\u3001\u72b6\u614b\u306b\u4f9d\u5b58\u3057\u307e\u305b\u3093\u3002<\/li>\n
    • \u6469\u64e6\u306a\u3057<\/strong>: \u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u7a0e\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n
    • \u8907\u5229\u306f\u5e741\u56de<\/strong>: \u6642\u70b9 <\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u304b\u3051\u30661\u5358\u4f4d\u3092\u9810\u3051\u308b\u3068 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

      1\u671f\u9593\u5272\u5f15\u4fc2\u6570\u3092 <\/span>d<\/span>(<\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>:=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u5b9a\u7fa9\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e1\u5358\u4f4d\u3092\u6642\u70b9 <\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u4fc2\u6570\u300d\u3067\u3059\u3002<\/p>\n\n\n\n

      \u7d2f\u7a4d\u5272\u5f15\u4fc2\u6570\uff08\u4ee5\u4e0b\u3001\u5358\u306b\u5272\u5f15\u4fc2\u6570\uff09\u3092\u6b21\u306e\u3088\u3046\u306b\u5b9a\u7fa9\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>:=<\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span>(<\/span>t<\/span><\/span>\u2212<\/span><\/span>1<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>=<\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u22ef<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3068\u7d04\u675f\u3057\u307e\u3059\u3002\u4ee5\u4e0a\u304c\u5168\u3066\u306e\u6e96\u5099\u3067\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u5272\u5f15\u4fc2\u6570\u306f\u4e00\u610f\u306b\u6c7a\u307e\u308a\u3001\u639b\u3051\u7b97\u3067\u4f38\u3073\u308b<\/h2>\n\n\n\n

      3\u3064\u306e\u5b9a\u7406\u3092\u8ff0\u3079\u307e\u3059\u3002<\/p>\n\n\n\n

      \n

      \u5b9a\u7406 THM-DF-1\uff08\u5272\u5f15\u4fc2\u6570\u306e\u4e00\u610f\u6027\uff09<\/strong>\n\u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u3001\u6642\u70b9 <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b1\u5358\u4f4d\u3092\u78ba\u5b9a\u3057\u3066\u6255\u3046\u5546\u54c1\u306e\u73fe\u5728\u306e\u4fa1\u683c <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u305f\u3060\u4e00\u3064\u306b\u5b9a\u307e\u308b\u3002\u4efb\u610f\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>(<\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>c<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>c<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><\/span>(<\/span>2.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      (2.1) \u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30d9\u30af\u30c8\u30eb <\/span>(<\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>c<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u5272\u5f15\u4fc2\u6570\u306e\u30d9\u30af\u30c8\u30eb <\/span>(<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>))<\/span><\/span><\/span><\/span><\/eq> \u306e\u5185\u7a4d\u3067\u3059\u3002<\/p>\n\n\n\n

      \n

      \u5b9a\u7406 THM-DF-2\uff08\u5358\u8abf\u6027\u3068\u6b63\u5024\u6027\uff09<\/strong>\n\u5404\u671f\u306e\u91d1\u5229\u304c\u3059\u3079\u3066 <\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u5927\u304d\u3044\uff08<\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> for all <\/span>t<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068\u304d\u3001<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3002\n\u3055\u3089\u306b\u5404\u671f\u306e\u91d1\u5229\u304c\u975e\u8ca0\uff08<\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> for all <\/span>t<\/span><\/span><\/span><\/span><\/eq>\uff09\u3067\u3042\u308b\u3068\u304d\u3001<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3059\u308b\u3002\u3059\u306a\u308f\u3061 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span><\/span>+<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3064\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-DF-3\uff08\u4e57\u6cd5\u7684\u306a\u5206\u89e3\uff09<\/strong>\n<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u5404\u671f\u306e1\u671f\u9593\u5272\u5f15\u4fc2\u6570\u306e\u7a4d\u306b\u7b49\u3057\u3044\u3002<\/p>\n

      <\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>d<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span>\u22c5<\/span><\/span>d<\/span>(<\/span>1<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span>\u22ef<\/span><\/span>d<\/span>(<\/span>T<\/span><\/span>\u2212<\/span><\/span>1<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>2.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3057\u305f\u304c\u3063\u3066\u3001\u9577\u3044\u671f\u9593\u306e\u5272\u5f15\u306f\u77ed\u3044\u671f\u9593\u306e\u5272\u5f15\u306e\u7a4d\u307f\u91cd\u306d\u3067\u8868\u305b\u308b\u3002<\/p>\n

      <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>s<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>s<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>(<\/span>0<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>s<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>T<\/span>)<\/span><\/span><\/span>(<\/span>2.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u305f\u3060\u3057 <\/span>D<\/span>(<\/span>s<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>:=<\/span><\/span><\/span><\/span>\u220f<\/span><\/span>t<\/span>=<\/span>s<\/span>+<\/span>1<\/span><\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span>+<\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      (2.3) \u306f\u300c0\u304b\u3089 <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u4e00\u6c17\u306b\u5272\u308a\u5f15\u3044\u3066\u3082\u3001\u9014\u4e2d\u306e <\/span>s<\/span><\/span><\/span><\/span><\/eq> \u3067\u5207\u3063\u30662\u6bb5\u968e\u3067\u5272\u308a\u5f15\u3044\u3066\u3082\u540c\u3058\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u3053\u308c\u306f\u639b\u3051\u7b97\u306e\u7d50\u5408\u6cd5\u5247\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

      \u8a3c\u660e\u3092\u8aad\u3080\uff08\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\uff09<\/summary>\n

      4. \u8a3c\u660e \u2015 \u4fc2\u6570\u304c\u305a\u308c\u305f\u3089\u88c1\u5b9a\u306b\u306a\u308b\u3053\u3068\u3092\u898b\u308b<\/h2>\n

      \u3053\u306e\u7bc0\u306f\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\u3002<\/p>\n

      THM-DF-1 \u306e\u8a3c\u660e<\/h3>\n

      \u6642\u70b9 <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u78ba\u5b9a\u7684\u306b1\u5358\u4f4d\u3092\u53d7\u3051\u53d6\u308b\u5546\u54c1\u3092\u8003\u3048\u307e\u3059\u3002\u3053\u306e\u5546\u54c1\u306e\u6642\u523b0\u3067\u306e\u4fa1\u683c\u3092 <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/span>P<\/span><\/span><\/span><\/span><\/eq> \u304c (1.1) \u306e <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u7570\u306a\u308b\u3068\u304d\u3001\u88c1\u5b9a\u304c\u751f\u3058\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n

      <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/strong><\/p>\n

      \u3053\u306e\u5546\u54c1\u30921\u5358\u4f4d\u58f2\u308a\u3001\u5f97\u305f <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u91d1\u5229 <\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30671\u671f\u9593\u904b\u7528\u3057\u307e\u3059\u3002\u3055\u3089\u306b\u5404\u671f\u672b\u306b\u5143\u5229\u5408\u8a08\u3092\u6b21\u306e\u671f\u306e\u91d1\u5229\u3067\u904b\u7528\u3057\u7d9a\u3051\u307e\u3059\u3002<\/p>\n

        \n
      • \u6642\u523b0: \u5546\u54c1\u3092\u58f2\u3063\u3066 <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u30b3\u30b9\u30c8\u306f0\u3067\u3059\u3002\u624b\u5143\u306b <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u304c\u6b8b\u308a\u307e\u3059\u3002<\/li>\n
      • \u6642\u523b <\/span>T<\/span><\/span><\/span><\/span><\/eq>: \u904b\u7528\u306e\u7d50\u679c\u3001\u624b\u5143\u306b\u306f <\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u22ef<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u3042\u308a\u307e\u3059\u3002\u5546\u54c1\u306e\u652f\u6255\u3044\u7fa9\u52d9\u306f1\u5358\u4f4d\u3067\u3059\u3002<\/li>\n<\/ul>\n

        \u5229\u76ca\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

        <\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u3046\u4eee\u5b9a\u304b\u3089 <\/span>P<\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u5229\u76ca\u306f\u6b63\u3067\u3059\u3002\u5143\u624b\u30bc\u30ed\u3067\u78ba\u5b9a\u5229\u76ca\u3092\u5f97\u3066\u304a\u308a\u3001\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n

        <\/span>P<\/span><\/span><<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/strong><\/p>\n

        \u9006\u306b\u3001\u3053\u306e\u5546\u54c1\u30921\u5358\u4f4d\u8cb7\u3044\u307e\u3059\u3002\u8cfc\u5165\u8cc7\u91d1 <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u306f\u501f\u308a\u5165\u308c\u307e\u3059\u3002<\/p>\n

          \n
        • \u6642\u523b0: <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u501f\u308a\u3066\u5546\u54c1\u3092\u8cfc\u5165\u3057\u307e\u3059\u3002\u624b\u51fa\u3057\u306f0\u3067\u3059\u3002<\/li>\n
        • \u6642\u523b <\/span>T<\/span><\/span><\/span><\/span><\/eq>: \u5546\u54c1\u304b\u30891\u5358\u4f4d\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u501f\u5165\u306e\u8fd4\u6e08\u984d\u306f <\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>\u220f<\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n<\/ul>\n

          \u5229\u76ca\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

          <\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          <\/span>P<\/span><\/span><<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u6b63\u3067\u3059\u3002\u518d\u3073\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n

          \u3057\u305f\u304c\u3063\u3066\u7121\u88c1\u5b9a\u306e\u3082\u3068\u3067\u306f <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3057\u304b\u3042\u308a\u5f97\u307e\u305b\u3093\u3002\u4fa1\u683c\u306f\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/p>\n

          \u73fe\u5728\u4fa1\u5024\u306e\u5185\u7a4d\u8868\u73fe\u3002<\/strong><\/p>\n

          \u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>(<\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>c<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>c<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u300c\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b <\/span>c<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u3092\u53d7\u3051\u53d6\u308b\u5546\u54c1\u3092 <\/span>c<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u6301\u3064\u300d\u3053\u3068\u3068\u540c\u3058\u3067\u3059\u3002\u5404\u6642\u70b9\u306e\u5546\u54c1\u306e\u4fa1\u683c\u304c <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u4e00\u610f\u306b\u6c7a\u307e\u308b\u306e\u3067\u3001\u7dda\u5f62\u6027\uff08\u5024\u6bb5\u306f\u6570\u91cf\u306b\u6bd4\u4f8b\u3057\u3001\u72ec\u7acb\u306a\u5546\u54c1\u306e\u5024\u6bb5\u306f\u8db3\u3057\u7b97\u3067\u304d\u308b\uff09\u304b\u3089<\/p>\n

          <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3068\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u304c (2.1) \u3067\u3059\u3002 \u220e<\/p>\n

          THM-DF-2 \u306e\u8a3c\u660e<\/h3>\n

          \u6b63\u5024\u6027\u3002<\/strong><\/p>\n

          <\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6b63\u306e\u6570\u306e\u9006\u6570\u306f\u6b63\u306a\u306e\u3067 <\/span>d<\/span>(<\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304c\u5404 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u6b63\u306e\u6570\u306e\u6709\u9650\u500b\u306e\u7a4d\u306f\u6b63\u3067\u3059\u304b\u3089<\/p>\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span>(<\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n

          \u5358\u8abf\u6027\u3002<\/strong><\/p>\n

          <\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>d<\/span>(<\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3053\u308c\u3092\u4f7f\u3063\u3066 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span><\/span>+<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u95a2\u4fc2\u3092\u898b\u307e\u3059\u3002<\/p>\n

          <\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span><\/span>+<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>\u22c5<\/span><\/span>d<\/span>(<\/span>T<\/span>,<\/span><\/span>T<\/span><\/span>+<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>T<\/span>+<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u6b63\u5024\u6027\u306e\u90e8\u5206\u3067\u793a\u3057\u305f\u901a\u308a <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u307e\u305f <\/span>d<\/span>(<\/span>T<\/span>,<\/span><\/span>T<\/span><\/span>+<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089<\/p>\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span><\/span>+<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u3059\u306a\u308f\u3061 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3067\u3059\u3002 \u220e<\/p>\n

          THM-DF-3 \u306e\u8a3c\u660e<\/h3>\n

          (2.2) \u306f <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u5b9a\u7fa9 (1.1) \u305d\u306e\u3082\u306e\u3067\u3059\u3002\u5b9a\u7fa9\u3092\u6539\u3081\u3066\u66f8\u304d\u4e0b\u3059\u3068<\/p>\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22ef<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3067\u3042\u308a\u3001\u3053\u308c\u306f1\u671f\u9593\u5272\u5f15\u4fc2\u6570\u306e\u7a4d\u3067\u3059\u3002<\/p>\n

          (2.3) \u3092\u793a\u3057\u307e\u3059\u3002\u53f3\u8fba\u3092\u5c55\u958b\u3059\u308b\u3068<\/p>\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>s<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>s<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>s<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>s<\/span>+<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3068\u306a\u308a\u307e\u3059\u3002\u639b\u3051\u7b97\u306e\u7d50\u5408\u6cd5\u5247\u3088\u308a\u30012\u3064\u306e\u7a4d\u3092\u307e\u3068\u3081\u3066<\/p>\n

          <\/span>=<\/span><\/span><\/span><\/span><\/span>t<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u220f<\/span><\/span><\/span><\/span>T<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u304c\u5f97\u3089\u308c\u307e\u3059\u3002\u300c0\u304b\u3089 <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u4e00\u6c17\u306b\u300d\u3067\u3082\u300c0\u304b\u3089 <\/span>s<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u3001\u6b21\u306b <\/span>s<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u300d\u3067\u3082\u540c\u3058\u7d50\u679c\u306b\u306a\u308b\u306e\u306f\u3001\u639b\u3051\u7b97\u3092\u5206\u5272\u3057\u3066\u3082\u307e\u3068\u3081\u3066\u3082\u5024\u304c\u5909\u308f\u3089\u306a\u3044\u304b\u3089\u3067\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

          5. \u53cd\u4f8b \u2015 \u5e73\u5747\u91d1\u5229\u3067\u4ee3\u7528\u3059\u308b\u3068\u7b54\u3048\u304c\u305a\u308c\u308b<\/h2>\n\n\n\n

          CEX-DF-1: \u8ca0\u306e\u91d1\u5229\u3067\u5272\u5f15\u4fc2\u6570\u304c\u5897\u52a0\u3059\u308b<\/h3>\n\n\n\n

          THM-DF-2 \u306f\u300c\u91d1\u5229\u304c\u975e\u8ca0\u306a\u3089 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u5358\u8abf\u6e1b\u5c11\u300d\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u300c\u975e\u8ca0\u300d\u306e\u6761\u4ef6\u3092\u5916\u3057\u305f\u3089\u3069\u3046\u306a\u308b\u304b\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n

          \u5404\u671f\u306e\u91d1\u5229\u3092 <\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>2%<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u5272\u5f15\u4fc2\u6570\u3092\u8a08\u7b97\u3059\u308b\u3068<\/p>\n\n\n\n

          <\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9709<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span>\u00d7<\/span><\/span>0.98<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9907<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span>\u00d7<\/span><\/span>0.98<\/span><\/span>\u00d7<\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9435.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0.9907<\/span><\/span>><\/span><\/span><\/span><\/span>0.9709<\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6642\u70b91\u304b\u3089\u6642\u70b92\u306b\u304b\u3051\u3066\u5272\u5f15\u4fc2\u6570\u304c\u5897\u52a0<\/strong>\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

          \u3053\u308c\u306f\u7b2c2\u671f\u306e\u91d1\u5229\u304c <\/span>\u2212<\/span>2%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u305f\u3081\u3001<\/span>d<\/span>(<\/span>1<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/0.98<\/span><\/span>=<\/span><\/span><\/span><\/span>1.0204<\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u3001\u300c\u5c06\u6765\u306e1\u5358\u4f4d\u306e\u307b\u3046\u304c\u4eca\u306e1\u5358\u4f4d\u3088\u308a\u4fa1\u5024\u304c\u9ad8\u3044\u300d\u3068\u3044\u3046\u72b6\u6cc1\u304c\u751f\u3058\u308b\u304b\u3089\u3067\u3059\u3002THM-DF-2 \u306e\u5358\u8abf\u6027\u306f\u91d1\u5229\u306e\u975e\u8ca0\u6027\u306b\u672c\u8cea\u7684\u306b\u4f9d\u5b58\u3057\u3066\u304a\u308a\u3001\u8ca0\u306e\u91d1\u5229\u304c1\u671f\u3067\u3082\u3042\u308c\u3070\u5d29\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

          CEX-DF-3: \u5e73\u5747\u91d1\u5229\u30673\u5e74\u5206\u3092\u307e\u3068\u3081\u308b\u3068\u8aa4\u5dee\u304c\u51fa\u308b<\/h3>\n\n\n\n

          \u300c\u91d1\u5229\u304c\u6bce\u671f\u5909\u308f\u308b\u306a\u3089\u5e73\u5747\u3092\u53d6\u3063\u3066\u4e00\u5b9a\u3068\u898b\u306a\u305b\u3070\u3088\u3044\u300d\u3068\u3044\u3046\u8fd1\u4f3c\u3092\u691c\u8a3c\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          \u5404\u671f\u306e\u91d1\u5229\u304c <\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1%<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>9%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5e73\u5747\u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>5<\/span><\/span>+<\/span><\/span><\/span><\/span>9<\/span>)<\/span>\/3<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          \u771f\u306e\u5272\u5f15\u4fc2\u6570\u306f<\/p>\n\n\n\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1.01<\/span><\/span>\u00d7<\/span><\/span>1.05<\/span><\/span>\u00d7<\/span><\/span>1.09<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.8651<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u3067\u3059\u3002\u5e73\u5747\u91d1\u5229 <\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u8a08\u7b97\u3059\u308b\u3068<\/p>\n\n\n\n

          <\/span>D<\/span><\/span>avg<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1.0<\/span>5<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.8638<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u3068\u306a\u308a\u307e\u3059\u30023\u5e74\u5f8c\u306b100\u3092\u53d7\u3051\u53d6\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u6bd4\u3079\u308b\u3068<\/p>\n\n\n\n

          <\/span><\/span>PV<\/span><\/span><\/span>\u771f<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>PV<\/span><\/span><\/span>\u5e73\u5747<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span>0.8651<\/span><\/span>=<\/span><\/span>86.5093<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span>0.8638<\/span><\/span>=<\/span><\/span>86.3838.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u5dee\u306f <\/span>86.3838<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>86.5093<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>0.1255<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5e73\u5747\u91d1\u5229\u3067\u4ee3\u7528\u3059\u308b\u3068\u3001\u7d040.13\u3060\u3051\u73fe\u5728\u4fa1\u5024\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          \u3053\u308c\u306f\u76f8\u52a0\u5e73\u5747\u3068\u76f8\u4e57\u5e73\u5747\u306e\u9055\u3044\u306b\u7531\u6765\u3057\u307e\u3059\u3002\u639b\u3051\u7b97\u306e\u69cb\u9020\u3092\u6301\u3064\u5272\u5f15\u4fc2\u6570\u306b\u5bfe\u3057\u3066\u8db3\u3057\u7b97\u306e\u5e73\u5747\u3092\u53d6\u308b\u64cd\u4f5c\u306f\u6b63\u78ba\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u91d1\u5229\u306e\u6563\u3089\u3070\u308a\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u3053\u306e\u8aa4\u5dee\u306f\u62e1\u5927\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          6. \u6570\u5024\u4f8b \u2015 3\u5e74\u5206\u306e\u4fc2\u6570\u3092\u4f5c\u3063\u3066\u73fe\u5728\u4fa1\u5024\u3092\u51fa\u3059<\/h2>\n\n\n\n

          \u5404\u671f\u306e\u91d1\u5229\u304c <\/span>r<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>4%<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5272\u5f15\u4fc2\u6570\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          <\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>103<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9709<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span>\u00d7<\/span><\/span>1.04<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1339<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1250<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9335<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span>\u00d7<\/span><\/span>1.04<\/span><\/span>\u00d7<\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>28119<\/span><\/span><\/span><\/span><\/span><\/span><\/span>25000<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.8891.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          3\u3064\u306e\u5272\u5f15\u4fc2\u6570\u306f\u3059\u3079\u3066\u6b63\u3067\u3042\u308a\u3001<\/span>0.9709<\/span><\/span>><\/span><\/span><\/span><\/span>0.9335<\/span><\/span>><\/span><\/span><\/span><\/span>0.8891<\/span><\/span><\/span><\/span><\/eq> \u3068\u5358\u8abf\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002\u91d1\u5229\u304c\u975e\u8ca0\u306a\u306e\u3067 THM-DF-2 \u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

          \u4e57\u6cd5\u7684\u306a\u5206\u89e3\u306e\u691c\u7b97\u3002<\/strong><\/p>\n\n\n\n

          <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>1<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span>D<\/span>(<\/span>1<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1.04<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1250\/1365<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067<\/p>\n\n\n\n

          <\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span>\u22c5<\/span><\/span>D<\/span>(<\/span>1<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>103<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1365<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1250<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>28119<\/span><\/span><\/span><\/span><\/span><\/span><\/span>25000<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          THM-DF-3 \u306e (2.3) \u304c\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

          \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3002<\/strong><\/p>\n\n\n\n

          \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>(<\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>c<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>c<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>10<\/span>,<\/span><\/span>10<\/span>,<\/span><\/span>110<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u73fe\u5728\u4fa1\u5024\u3092\u5185\u7a4d\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          <\/span><\/span>PV<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span>+<\/span><\/span>c<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span>+<\/span><\/span>c<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>10<\/span><\/span>\u00d7<\/span><\/span>0.9709<\/span><\/span>+<\/span><\/span>10<\/span><\/span>\u00d7<\/span><\/span>0.9335<\/span><\/span>+<\/span><\/span>110<\/span><\/span>\u00d7<\/span><\/span>0.8891<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>9.7087<\/span><\/span>+<\/span><\/span>9.3353<\/span><\/span>+<\/span><\/span>97.7987<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>116.8427.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u53b3\u5bc6\u5024\u306f <\/span>3285500\/28119<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          \u5e73\u5747\u91d1\u5229\u3068\u306e\u6bd4\u8f03\u3002<\/strong><\/p>\n\n\n\n

          \u5e73\u5747\u91d1\u5229\u306f <\/span>(<\/span>3<\/span><\/span>+<\/span><\/span><\/span><\/span>4<\/span><\/span>+<\/span><\/span><\/span><\/span>5<\/span>)<\/span>\/3<\/span><\/span>=<\/span><\/span><\/span><\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u4e00\u5b9a\u3067\u8a08\u7b97\u3059\u308b\u3068<\/p>\n\n\n\n

          <\/span><\/span>D<\/span><\/span>avg<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span>D<\/span><\/span>avg<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>,<\/span><\/span>2<\/span>)<\/span><\/span><\/span><\/span>D<\/span><\/span>avg<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>,<\/span><\/span>3<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>26<\/span><\/span><\/span><\/span><\/span><\/span><\/span>25<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9615<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>676<\/span><\/span><\/span><\/span><\/span><\/span><\/span>625<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.9246<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>17576<\/span><\/span><\/span><\/span><\/span><\/span><\/span>15625<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.8890.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u5e73\u5747\u91d1\u5229\u306b\u3088\u308b\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n\n\n\n

          <\/span><\/span>PV<\/span><\/span><\/span>avg<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>10<\/span><\/span>\u00d7<\/span><\/span>0.9615<\/span><\/span>+<\/span><\/span>10<\/span><\/span>\u00d7<\/span><\/span>0.9246<\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>110<\/span><\/span>\u00d7<\/span><\/span>0.8890<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>116.6505.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u5dee\u306f <\/span>116.6505<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>116.8427<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>0.1922<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5e73\u5747\u91d1\u5229\u3067\u4ee3\u7528\u3059\u308b\u3068\u73fe\u5728\u4fa1\u5024\u3092\u7d040.19\u3060\u3051\u904e\u5c0f\u8a55\u4fa1\u3057\u307e\u3059\u3002\u91d1\u5229\u304c\u671f\u3054\u3068\u306b\u7570\u306a\u308b\u3068\u304d\u306f\u3001\u5272\u5f15\u4fc2\u6570\u3092\u5404\u671f\u306e\u91d1\u5229\u304b\u3089\u6b63\u3057\u304f\u7d44\u307f\u7acb\u3066\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

          7. \u6b21\u56de\u3078 \u2015 \u6bce\u5e74\u540c\u3058\u984d\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229<\/h2>\n\n\n\n

          \u4eca\u56de\u306e\u7d50\u8ad6\u306f\u300c\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u5272\u5f15\u4fc2\u6570\u3068\u306e\u5185\u7a4d\u3067\u66f8\u3051\u308b\u300d\u3067\u3057\u305f\u3002\u5272\u5f15\u4fc2\u6570\u306e\u8868\u3055\u3048\u6301\u3063\u3066\u3044\u308c\u3070\u3001\u3069\u3093\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3082\u639b\u3051\u3066\u8db3\u3059\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

          \u6b21\u56de\u306f\u3001\u3053\u306e\u5185\u7a4d\u304c\u7279\u306b\u7c21\u5358\u306b\u306a\u308b\u30b1\u30fc\u30b9\u3092\u6271\u3044\u307e\u3059\u3002\u6bce\u5e74\u540c\u3058\u984d\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\uff08\u5e74\u91d1\uff09\u306e\u73fe\u5728\u4fa1\u5024\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3059\u3079\u3066\u540c\u3058\u5024\u306a\u3089\u3001\u7b49\u6bd4\u6570\u5217\u306e\u548c\u306e\u516c\u5f0f\u304c\u305d\u306e\u307e\u307e\u9589\u3058\u305f\u5f0f\u3092\u4e0e\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

          \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 9 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

          \u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n

          \u5272\u5f15\u4fc2\u6570\u3068\u91d1\u5229\u306f\u3069\u3046\u9055\u3046\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

          \u540c\u3058\u60c5\u5831\u3092\u5225\u306e\u5f62\u3067\u66f8\u3044\u305f\u3082\u306e\u3067\u3059\u3002\u4fc2\u6570\u306e\u307b\u3046\u304c\u639b\u3051\u7b97\u3060\u3051\u3067\u6e08\u3080\u306e\u3067\u3001\u8a08\u7b97\u3067\u306f\u4fc2\u6570\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

          \u4fc2\u6570\u304c1\u3092\u8d85\u3048\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

          \u3042\u308a\u307e\u3059\u3002\u305d\u306e\u671f\u306e\u91d1\u5229\u304c\u8ca0\u306e\u3068\u304d\u3067\u3059\u3002\u5c06\u6765\u306e\u304a\u91d1\u306e\u307b\u3046\u304c\u4fa1\u5024\u304c\u9ad8\u3044\u3001\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

          \u306a\u305c\u5185\u7a4d\u3067\u66f8\u3051\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

          \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e26\u3079\u305f\u3082\u306e\u3068\u4fc2\u6570\u3092\u4e26\u3079\u305f\u3082\u306e\u3092\u639b\u3051\u3066\u8db3\u3059\u304b\u3089\u3067\u3059\u3002\u4e26\u3073\u306e\u639b\u3051\u7b97\u3068\u3044\u3046\u610f\u5473\u3067\u5185\u7a4d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n\n\n\n

          \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
            \n\n
          1. Luenberger D. G.\u3001Investment Science\u3001\u7b2c2\u7248\u3001Oxford University Press\u30012013\u5e74<\/li>\n\n\n
          2. Fabozzi F. J.\u3001Bond Markets Analysis and Strategies\u3001\u7b2c9\u7248\u3001Pearson\u30012015\u5e74<\/li>\n\n<\/ol>\n\n\n\n
            \n\n\n\n

            \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u6709\u7406\u6570\u6f14\u7b97\u3067\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":"

            \u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c7\u56de \/ \u524d\u63d0: \u7b2c4\u56de\u3001\u7b2c5\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u5272\u5f15\u4fc2\u6570\u306e\u8868\u304b\u3089\u3001\u78ba\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u3092\u639b\u3051\u7b97\u3068\u8db3\u3057\u7b97\u3060\u3051\u3067\u8a08\u7b97\u3067\u304d\u308b 0. \u7269\u8a9e \u2015 \u5e73\u5747\u91d1\u5229 […]<\/p>\n","protected":false},"author":1,"featured_media":209100,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part1-rates"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t