{"id":208190,"date":"2026-09-27T18:20:00","date_gmt":"2026-09-27T09:20:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208190"},"modified":"2026-09-25T19:36:23","modified_gmt":"2026-09-25T10:36:23","slug":"yield-to-maturity","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/yield-to-maturity\/","title":{"rendered":"\u7b2c10\u56de \u6700\u7d42\u5229\u56de\u308a\u3068\u306f\u7d50\u5c40\u4f55\u306a\u306e\u304b \u2015 \u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u4e00\u3064\u306e\u6570\u306e\u6b63\u4f53"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c10\u56de \/ \u524d\u63d0: \u7b2c9\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u50b5\u5238\u306e\u6700\u7d42\u5229\u56de\u308a\u3092\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u3001\u305d\u306e\u6570\u5b57\u3069\u304a\u308a\u306b\u306f\u7a3c\u3052\u306a\u3044\u5834\u5408\u3092\u8aac\u660e\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u6700\u7d42\u5229\u56de\u308a\u3069\u304a\u308a\u306b\u7a3c\u3052\u306a\u3044<\/h2>\n\n\n\n

\u984d\u9762100\u5186\u3001\u5e745\u5186\u306e\u30af\u30fc\u30dd\u30f3\u304c\u4ed8\u3044\u305f\u6b8b\u308a5\u5e74\u306e\u50b5\u5238\u304c96\u5186\u3067\u58f2\u3089\u308c\u3066\u3044\u305f\u3089\u3001\u5229\u56de\u308a\u306f\u4f55\u30d1\u30fc\u30bb\u30f3\u30c8\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u304b\u3002\u8a08\u7b97\u3059\u308b\u3068\u7d045.95\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u3059\u3002\u3067\u306f\u3001\u3053\u306e\u50b5\u5238\u309296\u5186\u3067\u8cb7\u3063\u305f\u4eba\u306f\u30015\u5e74\u5f8c\u306b\u672c\u5f53\u306b\u5e745.95\u30d1\u30fc\u30bb\u30f3\u30c8\u305a\u3064\u5897\u3048\u305f\u5206\u3060\u3051\u53d7\u3051\u53d6\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n

\u7b54\u3048\u306f\u300c\u6761\u4ef6\u3064\u304d\u300d\u3067\u3059\u3002\u6bce\u5e74\u5c4a\u304f5\u5186\u306e\u30af\u30fc\u30dd\u30f3\u3092\u3001\u5c4a\u3044\u305f\u305d\u306e\u65e5\u304b\u3089\u6e80\u671f\u307e\u3067\u3001\u3084\u306f\u308a\u5e745.95\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u904b\u7528\u3057\u7d9a\u3051\u3089\u308c\u305f\u3068\u304d\u3060\u3051\u30015\u5e74\u5f8c\u306e\u53d7\u53d6\u7dcf\u984d\u306f\u7d04128\u5186\u306b\u306a\u308a\u307e\u3059\u300296\u5186\u3092\u5e745.95\u30d1\u30fc\u30bb\u30f3\u30c8\u30675\u5e74\u9593\u8907\u5229\u904b\u7528\u3057\u305f\u91d1\u984d\u3068\u3074\u3063\u305f\u308a\u4e00\u81f4\u3059\u308b\u306e\u306f\u3001\u3053\u306e\u3068\u304d\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

\u3067\u306f\u3001\u5c4a\u3044\u305f\u30af\u30fc\u30dd\u30f3\u30922\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u3057\u304b\u904b\u7528\u3067\u304d\u306a\u304b\u3063\u305f\u3089\u3069\u3046\u306a\u308b\u304b\u3002\u53d7\u53d6\u7dcf\u984d\u306f\u7d04126\u5186\u306b\u4e0b\u304c\u308a\u300196\u5186\u306b\u5bfe\u3059\u308b\u5e74\u7387\u306e\u5b9f\u7e3e\u30ea\u30bf\u30fc\u30f3\u306f\u7d045.59\u30d1\u30fc\u30bb\u30f3\u30c8\u306b\u3057\u304b\u306a\u308a\u307e\u305b\u3093\u3002\u5229\u56de\u308a5.95\u30d1\u30fc\u30bb\u30f3\u30c8\u3068\u306e\u5dee\u306f\u7d040.36\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n

\u5229\u56de\u308a\u3068\u3044\u3046\u6570\u5b57\u306f\u300c\u3059\u3079\u3066\u306e\u30af\u30fc\u30dd\u30f3\u3092\u540c\u3058\u5229\u7387\u3067\u518d\u904b\u7528\u3067\u304d\u308b\u300d\u3068\u3044\u3046\u524d\u63d0\u3092\u6697\u9ed9\u306b\u542b\u3093\u3067\u3044\u307e\u3059\u3002\u524d\u63d0\u304c\u5d29\u308c\u308c\u3070\u3001\u6570\u5b57\u3069\u304a\u308a\u306b\u306f\u7a3c\u3052\u307e\u305b\u3093\u30025\u5e74\u306e\u9593\u306b\u5e02\u5834\u91d1\u5229\u304c\u52d5\u3051\u3070\u30af\u30fc\u30dd\u30f3\u306e\u518d\u904b\u7528\u5229\u7387\u3082\u5909\u308f\u308a\u307e\u3059\u304b\u3089\u3001\u3053\u306e\u524d\u63d0\u304c\u73fe\u5b9f\u306b\u6210\u308a\u7acb\u3064\u3053\u3068\u306f\u307e\u305a\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u305d\u308c\u3067\u3082\u5229\u56de\u308a\u304c\u5e83\u304f\u4f7f\u308f\u308c\u308b\u306e\u306f\u3001\u6761\u4ef6\u306e\u7570\u306a\u308b\u50b5\u5238\u30921\u3064\u306e\u6570\u5b57\u3067\u4e26\u3079\u3066\u6bd4\u3079\u308b\u306e\u306b\u4fbf\u5229\u3060\u304b\u3089\u3067\u3059\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u4fa1\u683c\u304b\u3089\u5229\u56de\u308a\u3092\u9006\u7b97\u3059\u308b\u65b9\u7a0b\u5f0f\u306b\u3061\u3087\u3046\u30691\u3064\u306e\u89e3\u304c\u5b58\u5728\u3059\u308b\u6761\u4ef6\u3092\u8a3c\u660e\u3057\u3001\u305d\u306e\u3046\u3048\u3067\u300c1\u3064\u306e\u6570\u5b57\u306b\u6f70\u3059\u300d\u3053\u3068\u3067\u4f55\u304c\u898b\u3048\u306a\u304f\u306a\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u5229\u56de\u308a5\u30d1\u30fc\u30bb\u30f3\u30c8\u3068\u8a00\u308f\u308c\u305f\u3089\u4f55\u304c\u308f\u304b\u308b\u306e\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u50b5\u5238\u306e\u6700\u7d42\u5229\u56de\u308a\u3092\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u3001\u305d\u306e\u6570\u5b57\u3069\u304a\u308a\u306b\u306f\u7a3c\u3052\u306a\u3044\u5834\u5408\u3092\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u6700\u7d42\u5229\u56de\u308a\uff08yield to maturity, YTM\uff09\u3068\u306f\u3001\u50b5\u5238\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30921\u3064\u306e\u5272\u5f15\u7387\u3067\u5272\u308a\u5f15\u3044\u305f\u3068\u304d\u3001\u3061\u3087\u3046\u3069\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3059\u308b\u3001\u305d\u306e\u5272\u5f15\u7387\u306e\u3053\u3068<\/strong>\u3067\u3059\u3002\u300c\u3053\u306e\u50b5\u5238\u3092\u4eca\u306e\u4fa1\u683c\u3067\u8cb7\u3044\u3001\u3059\u3079\u3066\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6e80\u671f\u307e\u3067\u540c\u3058\u5229\u7387\u3067\u904b\u7528\u3067\u304d\u305f\u3089\u9054\u6210\u3055\u308c\u308b\u5e74\u7387\u30ea\u30bf\u30fc\u30f3\u300d\u3068\u3082\u8a00\u3048\u307e\u3059\u304c\u3001\u3053\u306e\u300c\u540c\u3058\u5229\u7387\u3067\u904b\u7528\u3067\u304d\u305f\u3089\u300d\u304c\u66f2\u8005\u3067\u3001\u73fe\u5b9f\u306b\u306f\u307b\u307c\u6210\u308a\u7acb\u3061\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f\u3053\u306e\u6570\u304c\u3069\u3053\u304b\u3089\u6765\u308b\u306e\u304b\u3092\u6b63\u78ba\u306b\u5b9a\u7fa9\u3057\u3001\u5b58\u5728\u3068\u4e00\u610f\u6027\u3092\u8a3c\u660e\u3057\u3001\u305d\u306e\u3046\u3048\u3067\u300c\u4f55\u304c\u8a00\u3048\u3066\u4f55\u304c\u8a00\u3048\u306a\u3044\u304b\u300d\u3092\u6570\u5024\u3067\u78ba\u8a8d\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-YTM-1<\/strong> \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3059\u3079\u3066\u975e\u8ca0\u3067\u5c11\u306a\u304f\u3068\u30821\u3064\u304c\u6b63\u306e\u3068\u304d\u3001\u4fa1\u683c\u3092\u4e0e\u3048\u308b\u6700\u7d42\u5229\u56de\u308a\u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306e\u7bc4\u56f2\u306b\u305f\u30601\u3064\u5b58\u5728\u3057\u307e\u3059\u3002<\/li>\n
  • THM-YTM-2<\/strong> \u6700\u7d42\u5229\u56de\u308a\u3067\u6e2c\u3063\u305f\u904b\u7528\u6210\u679c\u304c\u5b9f\u73fe\u3059\u308b\u306e\u306f\u3001\u9014\u4e2d\u306e\u30af\u30fc\u30dd\u30f3\u3092\u3059\u3079\u3066\u540c\u3058\u5229\u56de\u308a\u3067\u518d\u6295\u8cc7\u3067\u304d\u305f\u5834\u5408\u306b\u9650\u308a\u307e\u3059\u3002<\/li>\n
  • THM-YTM-3<\/strong> \u5404\u671f\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u7570\u306a\u308b\u3068\u304d\u3001\u6700\u7d42\u5229\u56de\u308a\u306f\u305d\u308c\u3089\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u91cd\u306b\u8fd1\u3044\u5e73\u5747\u306b\u306a\u308a\u3001\u4e00\u822c\u306b\u306f\u3069\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u3082\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u4fa1\u683c\u304b\u3089\u5229\u56de\u308a\u3092\u9006\u7b97\u3059\u308b\u554f\u984c<\/h2>\n\n\n\n

    \u7b2c9\u56de\u3067\u3001\u50b5\u5238\u306e\u4fa1\u683c\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306e\u548c\u3067\u3042\u308b\u3053\u3068\u3092\u898b\u307e\u3057\u305f\u3002\u4eca\u56de\u306f\u305d\u306e\u9006\u3001\u4fa1\u683c\u304c\u4e0e\u3048\u3089\u308c\u305f\u3068\u304d\u3001\u5272\u5f15\u7387\u3092\u9006\u7b97\u3059\u308b<\/strong>\u554f\u984c\u3092\u8003\u3048\u307e\u3059\u3002\u4eee\u5b9a\u3092\u5168\u90e8\u66f8\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \n\n
    • \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u78ba\u5b9a\u3057\u3066\u3044\u3066\u3001\u652f\u6255\u6642\u70b9\u3082\u78ba\u5b9a\u3057\u3066\u3044\u308b\u3002<\/li>\n\n\n
    • \u3059\u3079\u3066\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u975e\u8ca0\u3067\u3001\u5c11\u306a\u304f\u3068\u30821\u3064\u304c\u6b63\u3002<\/li>\n\n\n
    • \u4fa1\u683c\u306f\u6b63\u3067\u3001\u7d4c\u904e\u5229\u5b50\u3092\u542b\u3080\u3002<\/li>\n\n\n
    • \u8907\u5229\u306f\u5e741\u56de\u3002\u6700\u7d42\u5229\u56de\u308a\u306f\u5e74\u7387\u3067\u8868\u3059\u3002<\/li>\n\n\n
    • \u4fe1\u7528\u30ea\u30b9\u30af\u3068\u9014\u4e2d\u511f\u9084\u306f\u7121\u3044\u3002<\/li>\n\n<\/ul>\n\n\n\n

      \u6642\u70b9 <\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>t<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>t<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\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>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u652f\u6255\u308f\u308c\u308b\u50b5\u5238\u3092\u8003\u3048\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u7c21\u5358\u306e\u305f\u3081 <\/span>t<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>i<\/span><\/span><\/span><\/span><\/eq>\uff08\u5e741\u56de\u6255\u3044\uff09\u3068\u3057\u307e\u3059\u3002\u6700\u7d42\u5229\u56de\u308a<\/strong> <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3068\u306f\u3001\u6b21\u306e\u7b49\u5f0f\u3092\u6e80\u305f\u3059\u5024\u3067\u3059\u3002<\/p>\n\n\n\n

      <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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>1.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3053\u3053\u3067 <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306f\u50b5\u5238\u306e\u5e02\u5834\u4fa1\u683c\u3001<\/span>c<\/span><\/span>i<\/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> \u3067\u5c11\u306a\u304f\u3068\u30821\u3064\u306e <\/span>c<\/span><\/span>i<\/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<\/p>\n\n\n\n

      \u53f3\u8fba\u3092 <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u66f8\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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>1.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u5b9a\u7fa9\u3055\u308c\u305f\u95a2\u6570\u3067\u3059\u3002\u554f\u984c\u306f\u300c<\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u6e80\u305f\u3059 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u5b58\u5728\u3059\u308b\u304b\u3001\u3042\u308b\u3068\u3059\u308c\u3070\u4e00\u3064\u3060\u3051\u304b\u300d\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u6700\u7d42\u5229\u56de\u308a\u3068\u306f\u3001\u3059\u3079\u3066\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30921\u3064\u306e\u5229\u7387\u3067\u5272\u308a\u5f15\u3044\u3066\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b\u3001\u305d\u306e\u5229\u7387\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u89e3\u306f\u305f\u3060\u4e00\u3064\u3001\u305f\u3060\u3057\u6761\u4ef6\u3064\u304d<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-YTM-1\uff08\u5b58\u5728\u3068\u4e00\u610f\u6027\uff09<\/strong>\n\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>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u3059\u3079\u3066\u975e\u8ca0\u3067\u5c11\u306a\u304f\u3068\u30821\u3064\u304c\u6b63\u3001\u304b\u3064\u4fa1\u683c <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u7b49\u5f0f<\/p>\n

      <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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><\/span><\/eqn><\/section>

      \u3092\u6e80\u305f\u3059 <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u304c\u305f\u3060\u4e00\u3064\u5b58\u5728\u3059\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-YTM-2\uff08\u518d\u6295\u8cc7\u306e\u524d\u63d0\uff09<\/strong>\n\u984d\u9762 <\/span>F<\/span><\/span><\/span><\/span><\/eq>\u3001\u30af\u30fc\u30dd\u30f3 <\/span>c<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001\u6b8b\u5b58 <\/span>n<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u5e74\u306e\u50b5\u5238\u3092\u4fa1\u683c <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cfc\u5165\u3057\u305f\u3068\u3059\u308b\u3002\u6e80\u671f\u307e\u3067\u306b\u53d7\u3051\u53d6\u308b\u3059\u3079\u3066\u306e\u30af\u30fc\u30dd\u30f3\u3092\u5e74\u7387 <\/span>y<\/span><\/span><\/span><\/span><\/eq>\uff08\u6700\u7d42\u5229\u56de\u308a\uff09\u3067\u518d\u6295\u8cc7\u3067\u304d\u305f\u3068\u304d\u3001\u304b\u3064\u305d\u306e\u3068\u304d\u306b\u9650\u308a\u3001\u6295\u8cc7\u984d <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3059\u308b\u5e74\u7387\u306e\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u306f <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u3044\u3002\u518d\u6295\u8cc7\u5229\u7387\u304c <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3068\u7570\u306a\u308c\u3070\u3001\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u3082 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3068\u7570\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-YTM-3\uff08\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u52a0\u91cd\u5e73\u5747\u3068\u3057\u3066\u306e\u6027\u683c\uff09<\/strong>\n\u5404\u671f\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3068\u304d\u3001\u50b5\u5238\u306e\u6b63\u3057\u3044\u4fa1\u683c\u306f<\/p>\n

      <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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><\/span><\/eqn><\/section>

      \u3067\u4e0e\u3048\u3089\u308c\u308b\u3002\u3053\u306e <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u9006\u7b97\u3057\u305f\u6700\u7d42\u5229\u56de\u308a <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u4e00\u822c\u306b\u3069\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3082\u4e00\u81f4\u3057\u306a\u3044\u3002<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u52a0\u91cd\u306b\u8fd1\u3044\u5e73\u5747\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u6700\u7d42\u5229\u56de\u308a\u306e\u5b58\u5728\u3068\u4e00\u610f\u6027\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3059\u3079\u3066\u975e\u8ca0\u3067\u3042\u308b\u3053\u3068\u306b\u672c\u8cea\u7684\u306b\u4f9d\u5b58\u3057\u3066\u3044\u307e\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 \u5358\u8abf\u6027\u304b\u3089\u4e00\u610f\u6027\u3092\u51fa\u3059<\/h2>\n

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

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

      <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u6027\u8cea\u30923\u3064\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n

      \u6027\u8cea1: <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u9023\u7d9a\u3002<\/strong><\/p>\n

      <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u5b9a\u7fa9\u3055\u308c\u305f\u6709\u7406\u95a2\u6570\u306e\u548c\u3067\u3059\u3002\u5404\u9805 <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u9023\u7d9a\u3067\u3059\u304b\u3089\u3001\u6709\u9650\u548c\u3067\u3042\u308b <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u3082\u9023\u7d9a\u3067\u3059\u3002<\/p>\n

      \u6027\u8cea2: <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306f\u72ed\u7fa9\u5358\u8abf\u6e1b\u5c11\u3002<\/strong><\/p>\n

      <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u5fae\u5206\u3057\u307e\u3059\u3002\u5404\u9805 <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5fae\u5206\u3059\u308b\u3068<\/p>\n

      <\/span>f<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>\u2212<\/span>i<\/span>)<\/span><\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>(<\/span>i<\/span>+<\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>3.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3092\u5f97\u307e\u3059\u3002\u4eee\u5b9a\u3088\u308a <\/span>c<\/span><\/span>i<\/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> \u3067\u3042\u308a\u3001\u5c11\u306a\u304f\u3068\u30821\u3064\u306e <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>(<\/span>i<\/span>+<\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089\u3001\u6b63\u306e <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u5fdc\u3059\u308b\u9805\u306f\u8ca0\u3067\u3059\u3002\u6b8b\u308a\u306e\u9805\u306f <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u30bc\u30ed\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

      <\/span>f<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span>for\u00a0all\u00a0<\/span><\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span>(<\/span>3.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u5c0e\u95a2\u6570\u304c\u5e38\u306b\u8ca0\u306a\u306e\u3067\u3001<\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u72ed\u7fa9\u5358\u8abf\u6e1b\u5c11<\/strong>\u3067\u3059\u3002<\/p>\n

      \u6027\u8cea3: <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306e\u5024\u57df\u306f <\/span>(<\/span>0<\/span>,<\/span><\/span>\u221e<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5168\u4f53\u3092\u8986\u3046\u3002<\/strong><\/p>\n

      <\/span>y<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>0<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2192<\/span><\/span><\/span><\/span>+<\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6b63\u306e <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u5b58\u5728\u3059\u308b\u306e\u3067 <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>+<\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      <\/span>y<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>+<\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2192<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089 <\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      \u9023\u7d9a\u95a2\u6570 <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u4e0a\u3067 <\/span>(<\/span>0<\/span>,<\/span><\/span>+<\/span>\u221e<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3059\u3079\u3066\u306e\u5024\u3092\u53d6\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u4e2d\u9593\u5024\u306e\u5b9a\u7406\u304b\u3089\u5f93\u3044\u307e\u3059\u3002<\/p>\n

      \u5b58\u5728\u3068\u4e00\u610f\u6027\u306e\u7d50\u8ad6\u3002<\/strong><\/p>\n

      <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306e\u5024\u57df <\/span>(<\/span>0<\/span>,<\/span><\/span>+<\/span>\u221e<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306b\u542b\u307e\u308c\u307e\u3059\u3002\u4e2d\u9593\u5024\u306e\u5b9a\u7406\u304b\u3089 <\/span>f<\/span>(<\/span>y<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u6e80\u305f\u3059 <\/span>y<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u304c\u5c11\u306a\u304f\u3068\u30821\u3064<\/strong>\u5b58\u5728\u3057\u307e\u3059\u3002<\/span>f<\/span><\/span><\/span><\/span><\/eq> \u304c\u72ed\u7fa9\u5358\u8abf\u6e1b\u5c11\u306a\u306e\u3067\u3001\u3082\u3057 <\/span>y<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>y<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 <\/span>f<\/span>(<\/span>y<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>f<\/span>(<\/span>y<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>f<\/span>(<\/span>y<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>f<\/span>(<\/span>y<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3088\u3063\u3066\u89e3\u306f\u305f\u30601\u3064<\/strong>\u3067\u3059\u3002 \u220e<\/p>\n

      \u3053\u306e\u8a3c\u660e\u306e\u30dd\u30a4\u30f3\u30c8\u306f\u3001<\/span>f<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u4fdd\u8a3c\u3059\u308b\u306e\u304c\u300c\u3059\u3079\u3066\u306e <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u975e\u8ca0\u300d\u3068\u3044\u3046\u6761\u4ef6\u3067\u3042\u308b\u3053\u3068\u3067\u3059\u3002\u3082\u3057\u8ca0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3042\u308c\u3070\u3001\u4e00\u90e8\u306e\u9805\u3067\u7b26\u53f7\u304c\u53cd\u8ee2\u3057\u3001<\/span>f<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308b <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u751f\u3058\u3048\u307e\u3059\u3002\u3059\u308b\u3068 <\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306f\u5358\u8abf\u3067\u306f\u306a\u304f\u306a\u308a\u3001<\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span><\/eq> \u306e\u89e3\u304c\u8907\u6570\u73fe\u308c\u308b\u4f59\u5730\u304c\u751f\u307e\u308c\u307e\u3059\u3002\u53cd\u4f8b CEX-YTM-1 \u3067\u5b9f\u969b\u306b\u898b\u307e\u3059\u3002<\/p>\n

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

      \u50b5\u5238\u3092\u4fa1\u683c <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cfc\u5165\u3057\u3001\u6642\u70b9 <\/span>i<\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>i<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\uff09\u306b\u53d7\u3051\u53d6\u308b\u30af\u30fc\u30dd\u30f3 <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u5e74\u7387 <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u6e80\u671f\u307e\u3067\u518d\u6295\u8cc7\u3059\u308b\u3068\u3057\u307e\u3059\u3002\u6642\u70b9 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u306b\u53d7\u3051\u53d6\u308b\u6700\u7d42\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>c<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u305d\u306e\u307e\u307e\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u6e80\u671f\u6642\u70b9 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u7d2f\u7a4d\u984d\u306f<\/p>\n

      <\/span>A<\/span>(<\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span>\u2212<\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>c<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>3.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002\u5404\u30af\u30fc\u30dd\u30f3\u3092\u6b8b\u308a\u306e\u5e74\u6570\u3060\u3051 <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u8907\u5229\u904b\u7528\u3059\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

      \u6295\u8cc7\u984d <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3059\u308b\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\uff08\u5e74\u7387\uff09<\/span>r<\/span><\/span>realized<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f<\/p>\n

      <\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>realized<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>A<\/span>(<\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span>(<\/span>3.4<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3092\u6e80\u305f\u3059\u5024\u3067\u3059\u3002\u3064\u307e\u308a<\/p>\n

      <\/span>r<\/span><\/span>realized<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span><\/span><\/span><\/span>A<\/span>(<\/span>r<\/span><\/span>re<\/span><\/span><\/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>1\/<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span>(<\/span>3.5<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002<\/p>\n

      <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq>\uff08\u6700\u7d42\u5229\u56de\u308a\u3067\u518d\u6295\u8cc7\uff09\u306e\u3068\u304d\u3002<\/strong><\/p>\n

      \u6700\u7d42\u5229\u56de\u308a\u306e\u5b9a\u7fa9 (1.1) \u306e\u4e21\u8fba\u306b <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u307e\u3059\u3002\u5272\u5f15\u3092\u5916\u3059\u305f\u3081\u3067\u3059\u3002<\/p>\n

      <\/span>P<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>n<\/span>\u2212<\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>3.6<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u53f3\u8fba\u306f\u3001\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u6b8b\u308a\u306e <\/span>(<\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>i<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5e74\u9593\u518d\u6295\u8cc7\u3057\u305f\u3068\u304d\u306e\u6e80\u671f\u4fa1\u5024\u306e\u548c\u3067\u3059\u3002\u3053\u308c\u306f\u307e\u3055\u306b <\/span>A<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u3044\u306e\u3067<\/p>\n

      <\/span>P<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>A<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span>(<\/span>3.7<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u304c\u5f97\u3089\u308c\u307e\u3059\u3002(3.4) \u3068 (3.7) \u3092\u6bd4\u3079\u308b\u3068 <\/span>r<\/span><\/span>realized<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong><\/p>\n

      <\/span>A<\/span>(<\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u72ed\u7fa9\u5358\u8abf\u5897\u52a0\u3067\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u4eee\u5b9a <\/span>c<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>n<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u6642\u70b9 <\/span>1<\/span><\/span><<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/eq> \u306e\u30af\u30fc\u30dd\u30f3 <\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>c<\/span><\/span><\/span><\/span><\/eq> \u304c\u6b63\u3067\u3001\u305d\u306e\u9805 <\/span>c<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u72ed\u7fa9\u5897\u52a0\u95a2\u6570\u3067\u3042\u308a\u3001\u4ed6\u306e\u9805\u3082\u975e\u6e1b\u5c11\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n

      \u3057\u305f\u304c\u3063\u3066 <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u3070 <\/span>A<\/span>(<\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>A<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3001\u3059\u306a\u308f\u3061 <\/span>r<\/span><\/span>realized<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      <\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u3070 <\/span>A<\/span>(<\/span>r<\/span><\/span>re<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>A<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>r<\/span><\/span>realized<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq>\u3002\u9006\u3082\u540c\u69d8\u3067\u3059\u3002 \u220e<\/p>\n

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

      \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8 <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u4e0e\u3048\u3089\u308c\u3066\u3044\u308b\u3068\u304d\u3001\u7121\u88c1\u5b9a\u306e\u3082\u3068\u3067\u306e\u6b63\u3057\u3044\u50b5\u5238\u4fa1\u683c\u306f<\/p>\n

      <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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>3.8<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5bfe\u5fdc\u3059\u308b\u6e80\u671f\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u3066\u3044\u307e\u3059\u3002\u4e00\u65b9\u3001\u6700\u7d42\u5229\u56de\u308a <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f<\/p>\n

      <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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>3.9<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3092\u6e80\u305f\u3057\u307e\u3059\u3002(3.8) \u3068 (3.9) \u304b\u3089<\/p>\n

      <\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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>3.10<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n

      <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u3069\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3082\u4e00\u81f4\u3057\u306a\u3044\u3053\u3068\u3002<\/strong> \u80cc\u7406\u6cd5\u3092\u4f7f\u3044\u307e\u3059\u3002<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u3082\u3057\u3059\u3079\u3066\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u7b49\u3057\u3051\u308c\u3070 <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>\u22ef<\/span><\/span>=<\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u77db\u76fe\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u4eee\u5b9a\u306f\u300c\u5404\u671f\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u7570\u306a\u308b\u300d\u3053\u3068\u3067\u3059\u3002\u3064\u307e\u308a\u5c11\u306a\u304f\u3068\u3082 <\/span>s<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u308b <\/span>j<\/span><\/span><\/span><\/span><\/eq> \u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n

      (3.10) \u304b\u3089\u7b2c <\/span>k<\/span><\/span><\/span><\/span><\/eq> \u9805\u3092\u4e21\u8fba\u3067\u6d88\u3059\u3068<\/p>\n

      <\/span><\/span>i<\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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><\/span><\/span><\/span>i<\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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><\/span><\/eqn><\/section>\n

      <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u4ee3\u5165\u3059\u308b\u3068\u3001\u5de6\u8fba\u3067\u306f <\/span>s<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u308b\u9805\u3067 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5bfe\u5fdc\u3059\u308b\u53f3\u8fba\u306e\u9805\u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>c<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u3053\u306e\u9805\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u7b49\u5f0f\u304c\u6210\u308a\u7acb\u3064\u306b\u306f\u4ed6\u306e\u9805\u3067\u5dee\u3092\u76f8\u6bba\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u5404\u9805\u304c\u540c\u7b26\u53f7\uff08\u975e\u8ca0\uff09\u306a\u306e\u3067\u3001<\/span>c<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304b\u3064 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u308b <\/span>j<\/span><\/span><\/span><\/span><\/eq> \u304c\u5b58\u5728\u3059\u308c\u3070\u3001<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span>j<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u308b\u5225\u306e\u9805\u3067\u6253\u3061\u6d88\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      \u3053\u3053\u3067\u306f\u3088\u308a\u76f4\u63a5\u7684\u306b\u793a\u3057\u307e\u3059\u3002\u91cd\u307f <\/span>w<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u304a\u304f\u3068\u3001<\/span>w<\/span><\/span>i<\/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> \u3067 <\/span>\u2211<\/span><\/span>w<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002(3.10) \u3092\u66f8\u304d\u76f4\u3059\u3068<\/p>\n

      <\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>w<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/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><\/span><\/eqn><\/section>\n

      \u3067\u3059\u304c\u3001\u5404 <\/span>w<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>i<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067<\/p>\n

      <\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>[<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>i<\/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>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>i<\/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><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span>(<\/span>3.11<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u3059\u3079\u3066\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u5927\u304d\u3051\u308c\u3070\u3001\u5404\u9805\u306f\u975e\u8ca0\uff08\u6b63\u306e\u3082\u306e\u3082\u3042\u308b\uff09\u306a\u306e\u3067\u548c\u306f\u6b63\u306b\u306a\u308a\u77db\u76fe\u3057\u307e\u3059\u3002<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u3059\u3079\u3066\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u5c0f\u3055\u3051\u308c\u3070\u548c\u306f\u8ca0\u306b\u306a\u308a\u77db\u76fe\u3057\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u6700\u5c0f\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u6700\u5927\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u9593\u306b\u4f4d\u7f6e\u3057\u307e\u3059\u3002<\/p>\n

      \u3055\u3089\u306b\u3001<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u3042\u308b <\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u3044\u3068\u304d\u3001<\/span>s<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u308b <\/span>j<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>c<\/span><\/span>j<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 (3.11) \u306e <\/span>j<\/span><\/span><\/span><\/span><\/eq> \u756a\u76ee\u306e\u9805\u306f\u975e\u30bc\u30ed\u3067\u3059\u3002\u7b49\u5f0f\u304c\u6210\u308a\u7acb\u3064\u306b\u306f\u6b63\u306e\u9805\u3068\u8ca0\u306e\u9805\u304c\u5b58\u5728\u3057\u3001\u6253\u3061\u6d88\u3057\u5408\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u5927\u304d\u3044\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u5c0f\u3055\u3044\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u4e21\u65b9\u3042\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u3001<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>s<\/span><\/span>k<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u6700\u5c0f\u3067\u3082\u6700\u5927\u3067\u3082\u306a\u3044\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306b\u7b49\u3057\u3044\u3053\u3068\u3092\u8981\u6c42\u3057\u307e\u3059\u3002\u4e00\u822c\u306b\u306f\u3053\u306e\u3088\u3046\u306a\u5076\u7136\u306e\u4e00\u81f4\u306f\u8d77\u3053\u3089\u305a\u3001<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u3069\u306e <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3082\u4e00\u81f4\u3057\u307e\u305b\u3093<\/strong>\u3002<\/p>\n

      (3.11) \u306f\u300c<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u5404\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8 <\/span>s<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3088\u308b\u52a0\u91cd\u5e73\u5747\u306b\u8fd1\u3044\u4f4d\u7f6e\u306b\u3042\u308b\u300d\u3053\u3068\u3092\u610f\u5473\u3057\u3066\u3044\u307e\u3059\u3002\u6b63\u78ba\u306b\u306f\u3001<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f (3.9) \u306e\u975e\u7dda\u5f62\u65b9\u7a0b\u5f0f\u306e\u89e3\u3067\u3042\u308a\u3001\u7b97\u8853\u5e73\u5747\u305d\u306e\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5927\u304d\u3044\u6642\u70b9\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306b\u5f15\u3063\u5f35\u3089\u308c\u307e\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

      5. \u53cd\u4f8b \u2015 \u518d\u6295\u8cc7\u3067\u304d\u306a\u3044\u3068\u5229\u56de\u308a\u306f\u5b9f\u73fe\u3057\u306a\u3044<\/h2>\n\n\n\n

      CEX-YTM-1: \u8ca0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u89e3\u304c2\u3064\u73fe\u308c\u308b<\/h3>\n\n\n\n

      THM-YTM-1 \u3067\u306f\u300c\u3059\u3079\u3066\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u975e\u8ca0\u300d\u3092\u4eee\u5b9a\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u6761\u4ef6\u3092\u5916\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u6b21\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5217\u3092\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

        \n
      • \u6642\u70b90: <\/span>\u2212<\/span>100<\/span><\/span><\/span><\/span><\/eq>\uff08\u6295\u8cc7\u984d = \u4fa1\u683c\uff09<\/li>\n
      • \u6642\u70b91: <\/span>+<\/span>230<\/span><\/span><\/span><\/span><\/eq><\/li>\n
      • \u6642\u70b92: <\/span>\u2212<\/span>132<\/span><\/span><\/span><\/span><\/eq><\/li>\n<\/ul>\n\n\n\n

        \u6642\u70b92\u306b\u8ca0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3042\u308a\u307e\u3059\u3002\u8ffd\u52a0\u306e\u652f\u6255\u3044\u304c\u767a\u751f\u3059\u308b\u69cb\u9020\u3067\u3059\u3002\u6700\u7d42\u5229\u56de\u308a\u306e\u65b9\u7a0b\u5f0f\u306f<\/p>\n\n\n\n

        <\/span>100<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>230<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span>132<\/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>x<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3068\u304a\u3044\u3066\u4e21\u8fba\u306b <\/span>x<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u308b\u3068<\/p>\n\n\n\n

        <\/span>100<\/span>x<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>230<\/span>x<\/span><\/span>+<\/span><\/span><\/span><\/span>132<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        \u5224\u5225\u5f0f\u306f <\/span>23<\/span>0<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>4<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>132<\/span><\/span>=<\/span><\/span><\/span><\/span>52900<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>52800<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u89e3\u306f<\/p>\n\n\n\n

        <\/span>x<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>200<\/span><\/span><\/span><\/span><\/span><\/span><\/span>230<\/span><\/span>\u00b1<\/span><\/span>10<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        \u3059\u306a\u308f\u3061 <\/span>x<\/span><\/span>=<\/span><\/span><\/span><\/span>1.2<\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068 <\/span>x<\/span><\/span>=<\/span><\/span><\/span><\/span>1.1<\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>10%<\/span><\/span><\/span><\/span><\/eq>\uff09\u3067\u3059\u3002<\/p>\n\n\n\n

        \u691c\u7b97\u3057\u307e\u3059\u3002<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d<\/p>\n\n\n\n

        <\/span><\/span><\/span>1.2<\/span><\/span><\/span><\/span><\/span><\/span><\/span>230<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>1.44<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span>132<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>191.6<\/span><\/span>6<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>91.6<\/span><\/span>6<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>10%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d<\/p>\n\n\n\n

        <\/span><\/span><\/span>1.1<\/span><\/span><\/span><\/span><\/span><\/span><\/span>230<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>1.21<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span>132<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>209.0<\/span><\/span>90<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>109.0<\/span><\/span>90<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        \u3069\u3061\u3089\u3082\u4fa1\u683c 100 \u306b\u4e00\u81f4\u3057\u307e\u3059\u3002\u5229\u56de\u308a\u304c10%\u306a\u306e\u304b20%\u306a\u306e\u304b\u3001\u65b9\u7a0b\u5f0f\u3060\u3051\u3067\u306f\u6c7a\u3081\u3089\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

        THM-YTM-1 \u306e\u8a3c\u660e\u3067\u898b\u305f\u3088\u3046\u306b\u3001<\/span>f<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304c\u4fdd\u8a3c\u3055\u308c\u308b\u306e\u306f\u3059\u3079\u3066\u306e <\/span>c<\/span><\/span>i<\/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\u3067\u3059\u3002\u8ca0\u306e <\/span>c<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u3042\u308b\u3068 <\/span>f<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308b <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u751f\u3058\u3001<\/span>f<\/span><\/span><\/span><\/span><\/eq> \u304c\u5358\u8abf\u3067\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u5358\u8abf\u3067\u306a\u3051\u308c\u3070\u540c\u3058\u4fa1\u683c\u306b\u5bfe\u5fdc\u3059\u308b <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u8907\u6570\u3042\u308a\u3048\u307e\u3059\u3002\u3053\u308c\u304c\u307e\u3055\u306b\u3053\u3053\u3067\u8d77\u304d\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n

        CEX-YTM-2: \u518d\u6295\u8cc7\u5229\u7387\u304c\u9055\u3046\u3068\u5229\u56de\u308a\u306f\u5b9f\u73fe\u3057\u306a\u3044<\/h3>\n\n\n\n

        \u984d\u9762 100\u3001\u30af\u30fc\u30dd\u30f3 5%\u3001\u6b8b\u5b58 5 \u5e74\u3001\u4fa1\u683c 96 \u306e\u50b5\u5238\u306e\u6700\u7d42\u5229\u56de\u308a\u306f 5.948249% \u3067\u3059\uff08\u5f8c\u306e\u6570\u5024\u4f8b\u3067\u8a73\u3057\u304f\u8a08\u7b97\u3057\u307e\u3059\uff09\u3002\u3053\u306e\u50b5\u5238\u3092\u8cfc\u5165\u3057\u3001\u6bce\u5e74\u306e\u30af\u30fc\u30dd\u30f3 5 \u3092\u53d7\u3051\u53d6\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        \u6700\u7d42\u5229\u56de\u308a 5.948249% \u3067\u518d\u6295\u8cc7\u3067\u304d\u305f\u5834\u5408\u3002<\/strong> \u6e80\u671f\u6642\u70b9\u3067\u306e\u7d2f\u7a4d\u984d\u306f<\/p>\n\n\n\n

        <\/span><\/span>A<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>5<\/span>(<\/span>1.05948249<\/span>)<\/span><\/span>4<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>5<\/span>(<\/span>1.05948249<\/span>)<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>5<\/span>(<\/span>1.05948249<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>5<\/span>(<\/span>1.05948249<\/span>)<\/span><\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>105<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>128.1564<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        \u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u306f <\/span>(<\/span>128.1564\/96<\/span>)<\/span><\/span>1\/5<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>5.948249%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u6700\u7d42\u5229\u56de\u308a\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        \u518d\u6295\u8cc7\u5229\u7387\u304c 2% \u3057\u304b\u306a\u3044\u5834\u5408\u3002<\/strong> \u7d2f\u7a4d\u984d\u306f<\/p>\n\n\n\n

        <\/span><\/span>A<\/span>(<\/span>0.02<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>5<\/span>(<\/span>1.02<\/span>)<\/span><\/span>4<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>5<\/span>(<\/span>1.02<\/span>)<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>5<\/span>(<\/span>1.02<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>5<\/span>(<\/span>1.02<\/span>)<\/span><\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>105<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>126.0202<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        \u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u306f <\/span>(<\/span>126.0202\/96<\/span>)<\/span><\/span>1\/5<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>5.592674%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6700\u7d42\u5229\u56de\u308a 5.948249% \u3068\u306e\u5dee\u306f 0.355575 \u30dd\u30a4\u30f3\u30c8<\/strong>\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

        \u6700\u7d42\u5229\u56de\u308a\u304c\u300c\u5e745.95%\u3067\u56de\u308b\u300d\u3068\u7d04\u675f\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u3066\u3082\u3001\u9014\u4e2d\u306e\u30af\u30fc\u30dd\u30f3\u3092\u540c\u3058\u5229\u7387\u3067\u518d\u6295\u8cc7\u3067\u304d\u306a\u3051\u308c\u3070\u305d\u306e\u6210\u679c\u306f\u5b9f\u73fe\u3057\u307e\u305b\u3093\u3002\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u306f\u6700\u7d42\u5229\u56de\u308a\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

        CEX-YTM-3: \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u9055\u3046\u3068\u6700\u7d42\u5229\u56de\u308a\u306f\u3069\u308c\u3068\u3082\u4e00\u81f4\u3057\u306a\u3044<\/h3>\n\n\n\n

        \u984d\u9762 100\u3001\u30af\u30fc\u30dd\u30f3 6%\u3001\u6b8b\u5b58 3 \u5e74\u306e\u50b5\u5238\u3092\u8003\u3048\u307e\u3059\u3002\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>s<\/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>\u3001<\/span>s<\/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>\u3001<\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        \u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n
        \u6642\u70b9<\/th>\n\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/th>\n\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8<\/th>\n\u73fe\u5728\u4fa1\u5024<\/th>\n<\/tr>\n<\/thead>\n
        1<\/td>\n6<\/td>\n3%<\/td>\n<\/span>6\/1.03<\/span><\/span>=<\/span><\/span><\/span><\/span>5.8252<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
        2<\/td>\n6<\/td>\n5%<\/td>\n<\/span>6\/1.0<\/span>5<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5.4422<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
        3<\/td>\n106<\/td>\n7%<\/td>\n<\/span>106\/1.0<\/span>7<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>86.5276<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

        \u6b63\u3057\u3044\u4fa1\u683c\u306f <\/span>5.8252<\/span><\/span>+<\/span><\/span><\/span><\/span>5.4422<\/span><\/span>+<\/span><\/span><\/span><\/span>86.5276<\/span><\/span>=<\/span><\/span><\/span><\/span>97.7950<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

        \u3053\u306e\u4fa1\u683c\u304b\u3089\u6700\u7d42\u5229\u56de\u308a\u3092\u9006\u7b97\u3059\u308b\u3068 <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>6.837731%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

        \u4e00\u65b9\u3001\u540c\u3058\u6e80\u671f\uff083\u5e74\uff09\u306e\u5272\u5f15\u50b5\uff08\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\uff09\u306e\u5229\u56de\u308a\u306f 3 \u5e74\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u305d\u306e\u3082\u306e\u3067\u3059\u304b\u3089 <\/span>7.0%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

        <\/span>6.837731%<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

        \u6700\u7d42\u5229\u56de\u308a\u306f\u3069\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u3082\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>6.837731%<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>3%<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u306e\u9593\u306b\u3042\u308a\u307e\u3059\u304c\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5927\u90e8\u5206\u304c\u6642\u70b9 3 \u306b\u96c6\u4e2d\u3057\u3066\u3044\u308b\u305f\u3081\u3001<\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u306b\u8fd1\u3044\u5074\u306b\u5f15\u3063\u5f35\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

        \u540c\u3058\u6b8b\u5b58 3 \u5e74\u3067\u3082\u3001\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u6700\u7d42\u5229\u56de\u308a\uff08<\/span>6.837731%<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068\u5272\u5f15\u50b5\u306e\u5229\u56de\u308a\uff08<\/span>7.0%<\/span><\/span><\/span><\/span><\/eq>\uff09\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002\u6700\u7d42\u5229\u56de\u308a\u306f\u300c1\u3064\u306e\u6570\u306b\u6f70\u3057\u305f\u91d1\u5229\u300d\u306b\u904e\u304e\u305a\u3001\u671f\u9593\u69cb\u9020\u306e\u60c5\u5831\u3092\u5931\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

        \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u6700\u7d42\u5229\u56de\u308a\u306e\u524d\u63d0\u304c\u5d29\u308c\u308b\u3068\u3001\u89e3\u304c\u8907\u6570\u306b\u306a\u3063\u305f\u308a\u3001\u7d04\u675f\u3055\u308c\u305f\u5229\u56de\u308a\u304c\u5b9f\u73fe\u3057\u306a\u304b\u3063\u305f\u308a\u3057\u307e\u3059\u3002\u300c\u5229\u56de\u308a\u304c\u540c\u3058 = \u540c\u3058\u5546\u54c1\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

        6. \u6570\u5024\u4f8b \u2015 \u4fa1\u683c96\u306e5\u5e74\u50b5\u306e\u5229\u56de\u308a\u3092\u4e8c\u5206\u6cd5\u3067\u6c42\u3081\u308b<\/h2>\n\n\n\n

        \u984d\u9762 100\u3001\u30af\u30fc\u30dd\u30f3 5%\u3001\u6b8b\u5b58 5 \u5e74\u306e\u50b5\u5238\u304c\u4fa1\u683c 96 \u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u6700\u7d42\u5229\u56de\u308a\u3092\u6c42\u3081\u308b\u65b9\u7a0b\u5f0f\u306f<\/p>\n\n\n\n

        <\/span><\/span>96<\/span><\/span><\/span><\/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>y<\/span>)<\/span><\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>5<\/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>y<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>5<\/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>y<\/span>)<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>5<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>4<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>5<\/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>y<\/span>)<\/span><\/span>5<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>105<\/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\n\n\n

        \u3067\u3059\u3002\u3053\u308c\u306f <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u89e3\u6790\u7684\u306b\u89e3\u3051\u307e\u305b\u3093\u3002\u6570\u5024\u7684\u306b\u89e3\u304d\u307e\u3059\u3002\u4e8c\u5206\u6cd5\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

        \u4e8c\u5206\u6cd5\u306e\u624b\u9806\u3002<\/strong> THM-YTM-1 \u306e\u8a3c\u660e\u3067\u793a\u3057\u305f\u3088\u3046\u306b\u3001<\/span>f<\/span>(<\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u72ed\u7fa9\u5358\u8abf\u6e1b\u5c11\u3067\u3059\u3002<\/span>f<\/span>(<\/span>0.05<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\uff08\u30af\u30fc\u30dd\u30f3\u7387\u3068\u7b49\u3057\u3044\u3068\u304d\u984d\u9762\u306b\u4e00\u81f4\uff09\u3067\u3001<\/span>96<\/span><\/span><<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>f<\/span>(<\/span>0.2<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>81.046066<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>96<\/span><\/span>><\/span><\/span><\/span><\/span>81.05<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>y<\/span><\/span><<\/span><\/span><\/span><\/span>0.2<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u89e3\u306f <\/span>[<\/span>0.05<\/span>,<\/span><\/span><\/span>0.2<\/span>]<\/span><\/span><\/span><\/span><\/eq> \u306b\u3042\u308a\u307e\u3059\u304c\u3001\u4e0b\u306e\u8868\u3067\u306f\u6a5f\u68b0\u7684\u306b\u3001\u305d\u308c\u3092\u542b\u3080\u533a\u9593 <\/span>[<\/span>0<\/span>,<\/span><\/span><\/span>0.2<\/span>]<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u59cb\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

        \n\n\n\n\n\n\n\n\n\n\n\n
        \u53cd\u5fa9<\/th>\n\u4e0b\u9650<\/th>\n\u4e0a\u9650<\/th>\n\u4e2d\u70b9<\/th>\n\u4e2d\u70b9\u3067\u306e\u4fa1\u683c<\/th>\n<\/tr>\n<\/thead>\n
        1<\/td>\n0.00000<\/td>\n0.20000<\/td>\n0.10000<\/td>\n81.046066<\/td>\n<\/tr>\n
        2<\/td>\n0.00000<\/td>\n0.10000<\/td>\n0.05000<\/td>\n100.000000<\/td>\n<\/tr>\n
        3<\/td>\n0.05000<\/td>\n0.10000<\/td>\n0.07500<\/td>\n89.885288<\/td>\n<\/tr>\n
        4<\/td>\n0.05000<\/td>\n0.07500<\/td>\n0.06250<\/td>\n94.770163<\/td>\n<\/tr>\n
        5<\/td>\n0.05000<\/td>\n0.06250<\/td>\n0.05625<\/td>\n97.340196<\/td>\n<\/tr>\n
        6<\/td>\n0.05625<\/td>\n0.06250<\/td>\n0.05938<\/td>\n96.044185<\/td>\n<\/tr>\n
        7<\/td>\n0.05938<\/td>\n0.06250<\/td>\n0.06094<\/td>\n95.404454<\/td>\n<\/tr>\n
        8<\/td>\n0.05938<\/td>\n0.06094<\/td>\n0.06016<\/td>\n95.723636<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n\n

        \u4e8c\u5206\u6cd5\u306f\u6bce\u56de\u533a\u9593\u3092\u534a\u5206\u306b\u3059\u308b\u306e\u3067\u3001<\/span>k<\/span><\/span><\/span><\/span><\/eq> \u56de\u306e\u53cd\u5fa9\u3067\u7cbe\u5ea6\u306f <\/span>(<\/span>0.2<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>0<\/span>)<\/span>\/<\/span>2<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u30028 \u56de\u3067\u533a\u9593\u5e45\u306f\u7d04 <\/span>0.00078<\/span><\/span><\/span><\/span><\/eq>\u300120 \u56de\u3067\u7d04 <\/span>1<\/span>0<\/span><\/span>\u2212<\/span>7<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u300260 \u56de\u3082\u56de\u305b\u3070\u6a5f\u68b0\u7cbe\u5ea6\u306b\u9054\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        \u53ce\u675f\u3057\u305f\u6700\u7d42\u5229\u56de\u308a\u306f <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>5.948249%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u691c\u7b97\u3068\u3057\u3066 <\/span>f<\/span>(<\/span>0.05948249<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>96.0<\/span><\/span><\/span><\/span><\/eq> \u3092\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

        \u306a\u304a <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>\uff08\u30af\u30fc\u30dd\u30f3\u7387\uff09\u306e\u3068\u304d <\/span>f<\/span>(<\/span>0.05<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\uff08\u984d\u9762\uff09\u3067\u3059\u3002\u4fa1\u683c 96 \u306f\u984d\u9762\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\uff08\u5272\u5f15\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\uff09\u306e\u3067\u3001\u5229\u56de\u308a\u306f\u30af\u30fc\u30dd\u30f3\u7387\u3092\u4e0a\u56de\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u76f4\u89b3\u306b\u3082\u5408\u3044\u307e\u3059\u3002\u984d\u9762\u3088\u308a\u5b89\u304f\u8cb7\u3048\u308b\u3076\u3093\u3001\u898b\u8fd4\u308a\u304c\u5927\u304d\u304f\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

        \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u6700\u7d42\u5229\u56de\u308a\u306f\u89e3\u6790\u7684\u306b\u6c42\u307e\u3089\u306a\u3044\u305f\u3081\u3001\u4e8c\u5206\u6cd5\u306a\u3069\u306e\u6570\u5024\u89e3\u6cd5\u3092\u4f7f\u3044\u307e\u3059\u3002\u5358\u8abf\u6027\u304c\u4fdd\u8a3c\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u4e8c\u5206\u6cd5\u306f\u5fc5\u305a\u53ce\u675f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        7. \u6b21\u56de\u3078 \u2015 1\u3064\u306b\u6f70\u3059\u524d\u306e\u671f\u9593\u3054\u3068\u306e\u91d1\u5229<\/h2>\n\n\n\n

        \u6700\u7d42\u5229\u56de\u308a\u306f\u3001\u7570\u306a\u308b\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u300c1\u3064\u306e\u6570\u300d\u306b\u6f70\u3057\u305f\u3082\u306e\u3067\u3057\u305f\u3002\u4fbf\u5229\u3067\u3059\u304c\u3001\u60c5\u5831\u3092\u6368\u3066\u3066\u3044\u307e\u3059\u3002\u540c\u3058\u5229\u56de\u308a\u306e\u50b5\u5238\u3067\u3082\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5206\u5e03\u304c\u9055\u3048\u3070\u91d1\u5229\u5909\u52d5\u3078\u306e\u53cd\u5fdc\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

        \u6b21\u56de\uff08\u7b2c11\u56de\uff09\u3067\u306f\u3001\u3053\u306e\u300c\u6f70\u3059\u524d\u306e\u6570\u300d\u3067\u3042\u308b\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u6b63\u9762\u304b\u3089\u6271\u3044\u307e\u3059\u30021\u3064\u306e\u5229\u56de\u308a\u3067\u306f\u898b\u3048\u306a\u304b\u3063\u305f\u3001\u671f\u9593\u3054\u3068\u306e\u91d1\u5229\u306e\u69cb\u9020\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

        \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 6 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

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

        \u6700\u7d42\u5229\u56de\u308a\u306f\u5b9f\u969b\u306b\u3082\u3089\u3048\u308b\u5229\u56de\u308a\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

        \u9055\u3044\u307e\u3059\u3002\u9014\u4e2d\u306e\u30af\u30fc\u30dd\u30f3\u3092\u540c\u3058\u5229\u56de\u308a\u3067\u518d\u6295\u8cc7\u3067\u304d\u305f\u3068\u304d\u3060\u3051\u4e00\u81f4\u3057\u307e\u3059\u3002\u518d\u6295\u8cc7\u5148\u306e\u91d1\u5229\u306f\u8cb7\u3063\u305f\u6642\u70b9\u3067\u306f\u5206\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

        \u306a\u305c\u4e00\u3064\u306b\u6c7a\u307e\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

        \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3059\u3079\u3066\u975e\u8ca0\u306a\u3089\u3001\u4fa1\u683c\u306f\u5229\u56de\u308a\u306b\u3064\u3044\u3066\u5358\u8abf\u306b\u6e1b\u308b\u304b\u3089\u3067\u3059\u3002\u8ca0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6df7\u3058\u308b\u3068\u8907\u6570\u306b\u306a\u308a\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

        \u5229\u56de\u308a\u304c\u540c\u3058\u50b5\u5238\u306f\u540c\u3058\u5546\u54c1\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

        \u9055\u3044\u307e\u3059\u3002\u6e80\u671f\u3084\u30af\u30fc\u30dd\u30f3\u304c\u9055\u3048\u3070\u91d1\u5229\u5909\u52d5\u3078\u306e\u53cd\u5fdc\u304c\u5909\u308f\u308a\u307e\u3059\u3002\u305d\u306e\u53cd\u5fdc\u306e\u5927\u304d\u3055\u3092\u6e2c\u308b\u91cf\u306f\u3001\u7b2c13\u56de\u3067\u6271\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

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

          \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u53b3\u5bc6\u8a08\u7b97\uff08fractions.Fraction<\/code>\uff09\u304a\u3088\u3073\u4e8c\u5206\u6cd5\u3067\u691c\u7b97\u6e08\u307f\u3002\u672c\u6587\u4e2d\u306e\u5c0f\u6570\u306f6\u6841\u3067\u4e38\u3081\u3066\u3044\u308b\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

          \u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c10\u56de \/ \u524d\u63d0: \u7b2c9\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u50b5\u5238\u306e\u6700\u7d42\u5229\u56de\u308a\u3092\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u3001\u305d\u306e\u6570\u5b57\u3069\u304a\u308a\u306b\u306f\u7a3c\u3052\u306a\u3044\u5834\u5408\u3092\u8aac\u660e\u3067\u304d\u308b 0. \u7269\u8a9e \u2015 \u6700\u7d42\u5229\u56de\u308a\u3069\u304a\u308a\u306b\u7a3c\u3052\u306a […]<\/p>\n","protected":false},"author":1,"featured_media":209104,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208190","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