{"id":208415,"date":"2026-10-02T19:00:00","date_gmt":"2026-10-02T10:00:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208415"},"modified":"2026-09-25T19:37:03","modified_gmt":"2026-09-25T10:37:03","slug":"call-and-put-payoff","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/call-and-put-payoff\/","title":{"rendered":"\u7b2c48\u56de \u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u5b9a\u7fa9 \u2015 \u30da\u30a4\u30aa\u30d5\u56f3\u3092\u6b63\u78ba\u306b\u63cf\u304f"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c48\u56de \/ \u524d\u63d0: \u7b2c3\u56de\u3001\u7b2c43\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u3068\u305d\u306e\u7d44\u307f\u5408\u308f\u305b\u306e\u30da\u30a4\u30aa\u30d5\u56f3\u3092\u6b63\u78ba\u306b\u63cf\u304d\u3001\u6e80\u671f\u306e\u652f\u6255\u3044\u3068\u640d\u76ca\u3092\u533a\u5225\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u306e\u6df7\u540c<\/h2>\n\n\n\n

\u524d\u56de\u307e\u3067\u306b\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306f\u300c\u6a29\u5229\u300d\u3067\u3042\u308a\u3001\u4e0d\u5229\u306a\u3089\u884c\u4f7f\u3057\u306a\u304f\u3066\u3088\u3044\u3001\u3068\u3044\u3046\u8a71\u3092\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u6027\u8cea\u306f\u3001\u5225\u306e\u9762\u304b\u3089\u898b\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002\u300c\u884c\u4f7f\u3067\u304d\u305f\u300d\u3053\u3068\u3068\u300c\u5132\u304b\u3063\u305f\u300d\u3053\u3068\u3068\u306f\u3001\u5b9f\u306f\u5225\u7269\u3060\u3001\u3068\u3044\u3046\u9762\u3067\u3059\u3002<\/p>\n\n\n\n

\u884c\u4f7f\u4fa1\u683c100\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u30018\u3067\u8cb7\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u6e80\u671f\u306b\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u304c105\u3060\u3063\u305f\u3068\u3057\u307e\u3057\u3087\u3046\u3002\u884c\u4f7f\u3059\u308c\u30705\u304c\u624b\u306b\u5165\u308a\u307e\u3059\u3002\u300c5\u3082\u3089\u3048\u305f\u306e\u3060\u304b\u3089\u5f97\u3092\u3057\u305f\u300d\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3046\u306e\u306b8\u3092\u652f\u6255\u3063\u3066\u3044\u307e\u3059\u3002\u624b\u306b\u5165\u308b5\u304b\u3089\u652f\u6255\u3063\u305f8\u3092\u5f15\u304f\u3068\u3001\u5dee\u3057\u5f15\u304d\u30de\u30a4\u30ca\u30b93\u3067\u3059\u3002\u884c\u4f7f\u3067\u304d\u305f\u306e\u306b\u640d\u3092\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u624b\u304c\u5229\u76ca\u3092\u51fa\u3059\u306b\u306f\u3001\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u304c108\u3092\u8d85\u3048\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002100\u3092\u8d85\u3048\u3066\u884c\u4f7f\u3067\u304d\u308b\u72b6\u614b\u3068\u3001108\u3092\u8d85\u3048\u3066\u521d\u3081\u3066\u5229\u76ca\u304c\u51fa\u308b\u72b6\u614b\u306e\u3042\u3044\u3060\u306b\u306f\u30018\u306e\u5e45\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u5e45\u304c\u307e\u3055\u306b\u3001\u6a29\u5229\u3092\u624b\u306b\u5165\u308c\u308b\u305f\u3081\u306b\u652f\u6255\u3063\u305f\u5bfe\u4fa1\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u3053\u3067\u6df7\u540c\u3055\u308c\u3066\u3044\u308b\u306e\u304c\u300c\u30da\u30a4\u30aa\u30d5\u300d\u3068\u300c\u640d\u76ca\u300d\u306e\u533a\u5225\u3067\u3059\u3002\u30da\u30a4\u30aa\u30d5\u3068\u306f\u6e80\u671f\u306b\u53d7\u3051\u53d6\u308b\u91d1\u984d\u306e\u3053\u3068\u3067\u3001\u3053\u306e\u5834\u5408\u306f5\u3067\u3059\u3002\u640d\u76ca\u3068\u306f\u30da\u30a4\u30aa\u30d5\u304b\u3089\u652f\u6255\u3063\u305f\u5bfe\u4fa1\u3092\u5dee\u3057\u5f15\u3044\u305f\u91d1\u984d\u3067\u3001\u30de\u30a4\u30ca\u30b93\u3067\u3059\u3002\u30da\u30a4\u30aa\u30d5\u304c\u6b63\u3067\u3042\u3063\u3066\u3082\u3001\u640d\u76ca\u304c\u8ca0\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u533a\u5225\u3092\u3042\u3044\u307e\u3044\u306b\u3057\u305f\u307e\u307e\u5148\u306b\u9032\u3080\u3068\u3001\u3069\u3093\u306a\u306b\u8907\u96d1\u306a\u7406\u8ad6\u3092\u7a4d\u307f\u4e0a\u3052\u3066\u3082\u3001\u6e80\u671f\u306e\u652f\u6255\u3044\u984d\u3068\u5132\u3051\u306e\u984d\u3092\u3044\u3064\u307e\u3067\u3082\u53d6\u308a\u9055\u3048\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u3092\u6b63\u78ba\u306b\u5b9a\u7fa9\u3057\u3001\u6298\u308c\u7dda\u306e\u5f62\u30fb\u51f8\u6027\u30fb\u5408\u6210\u306e\u6052\u7b49\u5f0f\u3068\u3044\u30463\u3064\u306e\u6027\u8cea\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002\u5b9a\u7fa9\u304c\u6b63\u78ba\u3067\u3042\u308c\u3070\u3001\u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u3092\u6df7\u540c\u3059\u308b\u4f59\u5730\u306f\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4e2d\u8eab\u3092\u6b63\u78ba\u306b\u6c7a\u3081\u308b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u3068\u305d\u306e\u7d44\u307f\u5408\u308f\u305b\u306e\u30da\u30a4\u30aa\u30d5\u56f3\u3092\u6b63\u78ba\u306b\u63cf\u304d\u3001\u6e80\u671f\u306e\u652f\u6255\u3044\u3068\u640d\u76ca\u3092\u533a\u5225\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u3044\u3046\u8a00\u8449\u306f\u77e5\u3063\u3066\u3044\u3066\u3082\u3001\u305d\u306e\u4e2d\u8eab\u3092\u6570\u5f0f\u3067\u66f8\u3051\u308b\u304b\u3068\u805e\u304b\u308c\u308b\u3068\u624b\u304c\u6b62\u307e\u308b\u4eba\u306f\u591a\u3044\u306f\u305a\u3067\u3059\u3002\u300c\u4e0a\u304c\u3063\u305f\u3089\u5132\u304b\u308b\u300d\u300c\u4e0b\u304c\u3063\u305f\u3089\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u76f4\u611f\u306f\u6b63\u3057\u3044\u306e\u3067\u3059\u304c\u3001\u6b63\u78ba\u306b\u3044\u304f\u3089\u53d7\u3051\u53d6\u308c\u308b\u304b<\/strong>\u3092\u5f0f\u306b\u3057\u306a\u3044\u3068\u3001\u8a3c\u660e\u3082\u6570\u5024\u8a08\u7b97\u3082\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u3092\u5b9a\u7fa9\u3057\u3001\u305d\u306e\u6570\u5b66\u7684\u306a\u6027\u8cea\u30923\u3064\u8a3c\u660e<\/strong>\u3057\u307e\u3059\u3002\u30da\u30a4\u30aa\u30d5\u306e\u975e\u8ca0\u6027\u3068\u5358\u8abf\u6027\u3001\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u3068\u304d\u306b\u539f\u8cc7\u7523\u3068\u306e\u9593\u306b\u6210\u308a\u7acb\u3064\u6052\u7b49\u5f0f\u3001\u305d\u3057\u3066\u30da\u30a4\u30aa\u30d5\u95a2\u6570\u306e\u51f8\u6027\u3067\u3059\u3002\u3069\u308c\u3082\u30aa\u30d7\u30b7\u30e7\u30f3\u7406\u8ad6\u306e\u571f\u53f0\u306b\u306a\u308b\u6027\u8cea\u3067\u3001\u3053\u3053\u3092\u66d6\u6627\u306b\u3059\u308b\u3068\u5f8c\u306e\u8b70\u8ad6\u304c\u5168\u3066\u66d6\u6627\u306b\u306a\u308a\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-CP3-1<\/strong> \u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u5897\u52a0\u3067\u975e\u8ca0\u3001\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3067\u975e\u8ca0\u3067\u3059\u3002<\/li>\n
  • THM-CP3-2<\/strong> \u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3068\u30d7\u30c3\u30c8\u306e\u58f2\u308a\u3092\u540c\u3058\u884c\u4f7f\u4fa1\u683c\u3067\u7d44\u3080\u3068\u3001\u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306b\u4e00\u81f4\u3057\u307e\u3059\u3002<\/li>\n
  • THM-CP3-3<\/strong> \u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f\u3044\u305a\u308c\u3082\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u51f8\u95a2\u6570\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u884c\u4f7f\u4fa1\u683c\u3068\u6e80\u671f<\/h2>\n\n\n\n

    \u3053\u306e\u8a18\u4e8b\u3067\u306f\u6b21\u306e\u4eee\u5b9a\u3092\u7f6e\u304d\u307e\u3059\u3002\u5168\u3066\u3092\u660e\u793a\u3057\u3066\u304a\u304f\u306e\u306f\u3001\u5f8c\u3067\u3069\u306e\u4eee\u5b9a\u304c\u52b9\u3044\u3066\u3044\u308b\u304b<\/strong>\u3092\u8ffd\u8de1\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

      \n
    • \u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u578b\u306b\u9650\u308b\u3002<\/strong> \u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u306e\u307f\u884c\u4f7f\u306e\u5224\u65ad\u3092\u3057\u307e\u3059\u3002\u6e80\u671f\u524d\u306b\u884c\u4f7f\u3067\u304d\u308b\u30a2\u30e1\u30ea\u30ab\u30f3\u306f\u7b2c52\u56de\u3067\u6271\u3044\u307e\u3059\u3002<\/li>\n
    • \u539f\u8cc7\u7523\u306f\u6e80\u671f\u307e\u3067\u914d\u5f53\u3092\u6255\u308f\u306a\u3044\u3002<\/strong><\/li>\n
    • \u30da\u30a4\u30aa\u30d5\u306f\u6e80\u671f\u6642\u70b9\u306e\u5024\u3060\u3051\u3067\u6c7a\u307e\u308b\u3002<\/strong> \u9014\u4e2d\u306e\u7d4c\u8def\u306b\u306f\u4f9d\u5b58\u3057\u307e\u305b\u3093\u3002<\/li>\n
    • \u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u7a0e\u306f\u7121\u3044\u3002<\/strong><\/li>\n<\/ul>\n\n\n\n

      \u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u3068\u306f\u3001\u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u304a\u3044\u3066\u539f\u8cc7\u7523\u3092\u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb7\u3046\u6a29\u5229<\/strong>\u3067\u3059\u3002\u6a29\u5229\u3067\u3042\u3063\u3066\u7fa9\u52d9\u3067\u306f\u306a\u3044\u305f\u3081\u3001\u4e0d\u5229\u306a\u3089\u884c\u4f7f\u3057\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5<\/strong>\u306f<\/p>\n\n\n\n

      <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span>(<\/span>1.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u4f55\u3082\u53d7\u3051\u53d6\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

      \u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u3068\u306f\u3001\u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u304a\u3044\u3066\u539f\u8cc7\u7523\u3092\u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u58f2\u308b\u6a29\u5229<\/strong>\u3067\u3059\u3002\u540c\u69d8\u306b<\/p>\n\n\n\n

      <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span>(<\/span>1.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 <\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u4f55\u3082\u53d7\u3051\u53d6\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

      <\/span>max<\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3046\u306e\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002\u4e0d\u5229\u306a\u5834\u5408\u306b\u884c\u4f7f\u3057\u306a\u3044\u3001\u3064\u307e\u308a\u53d7\u53d6\u984d\u304c\u30bc\u30ed\u3067\u6b62\u307e\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3092 <\/span>max<\/span>(<\/span>\u22c5<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u8868\u73fe\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      \u30da\u30a4\u30aa\u30d5\u3068\u306f\u6e80\u671f\u306b\u53d7\u3051\u53d6\u308b\u91d1\u984d\u306e\u3053\u3068\u3067\u3001\u305d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u624b\u306b\u5165\u308c\u308b\u305f\u3081\u306b\u652f\u6255\u3063\u305f\u91d1\u984d\uff08\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u306f\u542b\u307f\u307e\u305b\u3093\u3002\u3053\u306e\u533a\u5225\u306f\u53cd\u4f8b\u306e\u7bc0\u3067\u6570\u5024\u3092\u4f7f\u3063\u3066\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u4ee5\u4e0a\u306e\u5b9a\u7fa9\u304c\u3001\u3053\u306e\u8a18\u4e8b\u306e\u5168\u3066\u306e\u51fa\u767a\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u30da\u30a4\u30aa\u30d5\u306f\u6298\u308c\u7dda\u3067\u3001\u51f8\u3067\u3042\u308b<\/h2>\n\n\n\n

      \u5b9a\u7fa9 (1.1), (1.2) \u304b\u3089\u30013\u3064\u306e\u5b9a\u7406\u3092\u6b63\u78ba\u306b\u8ff0\u3079\u307e\u3059\u3002<\/p>\n\n\n\n

      \n

      \u5b9a\u7406 THM-CP3-1\uff08\u30da\u30a4\u30aa\u30d5\u306e\u975e\u8ca0\u6027\u3068\u5358\u8abf\u6027\uff09<\/strong>\n\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5 <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u5897\u52a0\u3067\u975e\u8ca0\u3067\u3042\u308b\u3002\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5 <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3067\u975e\u8ca0\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-CP3-2\uff08\u5408\u6210\u306b\u3088\u308b\u6052\u7b49\u5f0f\uff09<\/strong>\n\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3068\u30d7\u30c3\u30c8\u306e\u58f2\u308a\u3092\u540c\u3058\u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u7d44\u3080\u3068\u3001\u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5\u306f<\/p>\n

      <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span>(<\/span>2.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u306b\u7b49\u3057\u3044\u3002\u3059\u306a\u308f\u3061\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304b\u3089\u884c\u4f7f\u4fa1\u683c\u3092\u5f15\u3044\u305f\u3082\u306e\u306b\u4e00\u81f4\u3059\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-CP3-3\uff08\u51f8\u6027\uff09<\/strong>\n\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5 <\/span>f<\/span>(<\/span>S<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304a\u3088\u3073\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5 <\/span>g<\/span>(<\/span>S<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u3044\u305a\u308c\u3082 <\/span>S<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u4e0a\u306e\u51f8\u95a2\u6570\u3067\u3042\u308b\u3002\u3059\u306a\u308f\u3061\u3001\u4efb\u610f\u306e <\/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>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>\u03bb<\/span><\/span>\u2208<\/span><\/span><\/span><\/span>[<\/span>0<\/span>,<\/span><\/span>1<\/span>]<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057<\/p>\n

      <\/span>f<\/span>(<\/span>\u03bb<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>\u03bb<\/span>f<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>f<\/span>(<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u304c\u6210\u308a\u7acb\u3064\u3002<\/span>g<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      THM-CP3-2 \u306e (2.1) \u306f\u3001\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u95a2\u4fc2\u3092\u76f4\u63a5\u3064\u306a\u3050\u5f0f\u3067\u3059\u3002\u3053\u306e\u6052\u7b49\u5f0f\u81ea\u4f53\u306f\u30da\u30a4\u30aa\u30d5\u306e\u5b9a\u7fa9\u304b\u3089\u5834\u5408\u5206\u3051\u3060\u3051\u3067\u51fa\u307e\u3059\u304c\u3001\u6b21\u56de\u306e\u7b2c49\u56de\u3067\u6271\u3046\u3088\u308a\u6df1\u3044\u95a2\u4fc2\u306e\u51fa\u767a\u70b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      3\u3064\u306e\u5b9a\u7406\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f\u300c\u975e\u8ca0\u306e\u6298\u308c\u7dda\u3067\u3001\u3057\u304b\u3082\u51f8\u300d\u3068\u3044\u3046\u6027\u8cea\u3092\u6301\u3063\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 \u5b9a\u7fa9\u304b\u3089\u5834\u5408\u5206\u3051\u3067\u78ba\u304b\u3081\u308b<\/h2>\n

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

      THM-CP3-1 \u306e\u8a3c\u660e<\/h3>\n

      \u30b3\u30fc\u30eb\u306e\u975e\u8ca0\u6027\u3002<\/strong> \u5b9a\u7fa9 (1.1) \u3088\u308a <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>max<\/span><\/span><\/span><\/span><\/eq> \u306e\u5b9a\u7fa9\u305d\u306e\u3082\u306e\u304b\u3089\u30012\u3064\u306e\u5f15\u6570\u306e\u3046\u3061\u5927\u304d\u3044\u65b9\u3092\u8fd4\u3059\u306e\u3067\u3001<\/span>0<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0a\u3067\u3042\u308b\u3053\u3068\u306f\u4eee\u5b9a\u3092\u4f7f\u3046\u307e\u3067\u3082\u306a\u304f\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n

      \u30b3\u30fc\u30eb\u306e\u5e83\u7fa9\u5358\u8abf\u5897\u52a0\u3002<\/strong> <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5024\u3092\u5834\u5408\u5206\u3051\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n

        \n
      • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq>\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3088\u308a <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
      • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
      • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002\u7b49\u53f7\u3067 <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/li>\n<\/ul>\n

        \u3069\u306e\u5834\u5408\u3082 <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u5897\u52a0\u3067\u3059\u3002<\/p>\n

        \u30d7\u30c3\u30c8\u306e\u975e\u8ca0\u6027\u3002<\/strong> \u5b9a\u7fa9 (1.2) \u3088\u308a <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u30b3\u30fc\u30eb\u3068\u540c\u3058\u304f <\/span>max<\/span><\/span><\/span><\/span><\/eq> \u306e\u5b9a\u7fa9\u304b\u3089\u76f4\u3061\u306b\u5f93\u3044\u307e\u3059\u3002<\/p>\n

        \u30d7\u30c3\u30c8\u306e\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3002<\/strong> <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/p>\n

          \n
        • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3088\u308a <\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
        • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
        • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3002<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002\u7b49\u53f7\u3067 <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/li>\n<\/ul>\n

          \u3069\u306e\u5834\u5408\u3082 <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3067\u3059\u3002 \u220e<\/p>\n

          THM-CP3-2 \u306e\u8a3c\u660e<\/h3>\n

          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u5927\u5c0f\u3067\u5834\u5408\u5206\u3051\u3057\u307e\u3059\u3002<\/p>\n

          \u5834\u54081: <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong><\/p>\n

          \u5b9a\u7fa9 (1.1) \u3088\u308a <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a <\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u5b9a\u7fa9 (1.2) \u3088\u308a <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

          <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u5834\u54082: <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong><\/p>\n

          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u5b9a\u7fa9 (1.1) \u3088\u308a <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u5b9a\u7fa9 (1.2) \u3088\u308a <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

          <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3069\u3061\u3089\u306e\u5834\u5408\u3082 <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002 \u220e<\/p>\n

          \u3053\u306e\u8a3c\u660e\u3067\u898b\u843d\u3068\u3057\u3066\u306f\u3044\u3051\u306a\u3044\u306e\u306f\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3067\u3059\u3002\u5834\u54081\u306b\u542b\u307e\u308c\u3066\u3044\u3066\u3001<\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>, <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq>\u3002\u554f\u984c\u306a\u304f\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n

          (2.1) \u3092\u8a00\u8449\u306b\u3059\u308b\u3068\u3001\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3068\u30d7\u30c3\u30c8\u306e\u58f2\u308a\u306e\u7d44\u307f\u5408\u308f\u305b\u306f\u3001\u6e80\u671f\u306b\u304a\u3044\u3066\u539f\u8cc7\u7523\u3092 <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb7\u3046\u306e\u3068\u540c\u3058\u30da\u30a4\u30aa\u30d5\u3092\u751f\u3080\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u30b3\u30fc\u30eb\u3092\u884c\u4f7f\u3057\u3066 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u5f97\u3066\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u58f2\u3063\u305f\u30d7\u30c3\u30c8\u3092\u884c\u4f7f\u3055\u308c\u3066 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u5165\u308c\u307e\u3059\u3002\u6a29\u5229\u306e\u300c\u8cb7\u3044\u300d\u3068\u300c\u58f2\u308a\u300d\u304c\u7d44\u307f\u5408\u308f\u3055\u3063\u3066\u3001\u3069\u3061\u3089\u306e\u5834\u5408\u306b\u3082\u540c\u3058\u5f0f\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n

          THM-CP3-3 \u306e\u8a3c\u660e<\/h3>\n

          \u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5 <\/span>f<\/span>(<\/span>S<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u51f8\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002\u4efb\u610f\u306e <\/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>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>\u03bb<\/span><\/span>\u2208<\/span><\/span><\/span><\/span>[<\/span>0<\/span>,<\/span><\/span>1<\/span>]<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d6\u308a\u307e\u3059\u3002\u793a\u3059\u3079\u304d\u306f<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>f<\/span>(<\/span>\u03bb<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span>\u03bb<\/span>f<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>f<\/span>(<\/span>S<\/span><\/span>2<\/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>3.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

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

          <\/span>max<\/span><\/span><\/span><\/span><\/eq> \u95a2\u6570\u306e\u6027\u8cea\u3092\u4f7f\u3044\u307e\u3059\u3002\u4e00\u822c\u306b\u3001\u4efb\u610f\u306e\u5b9f\u6570 <\/span>a<\/span>,<\/span><\/span>b<\/span>,<\/span><\/span>c<\/span>,<\/span><\/span>d<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>\u03bb<\/span><\/span>\u2208<\/span><\/span><\/span><\/span>[<\/span>0<\/span>,<\/span><\/span>1<\/span>]<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3066<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>max<\/span>(<\/span>\u03bba<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>c<\/span>,<\/span><\/span><\/span>\u03bbb<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>d<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span>\u03bb<\/span><\/span>max<\/span>(<\/span>a<\/span>,<\/span><\/span>b<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span><\/span>max<\/span>(<\/span>c<\/span>,<\/span><\/span>d<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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\u3053\u308c\u306f <\/span>max<\/span>(<\/span>a<\/span>,<\/span><\/span>b<\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>a<\/span><\/span><\/span><\/span><\/eq> \u304b\u3064 <\/span>max<\/span>(<\/span>a<\/span>,<\/span><\/span>b<\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>b<\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3046\u3068\u78ba\u304b\u3081\u3089\u308c\u307e\u3059\u3002\u53f3\u8fba\u306f <\/span>\u03bba<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>c<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0a\u3067\u3042\u308a\u3001\u540c\u6642\u306b <\/span>\u03bbb<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>d<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0a\u3067\u3082\u3042\u308b\u306e\u3067\u3001\u305d\u308c\u3089\u306e <\/span>max<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0a\u3067\u3059\u3002<\/p>\n

          (3.2) \u3092 <\/span>a<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq>, <\/span>b<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>, <\/span>c<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq>, <\/span>d<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306b\u9069\u7528\u3057\u307e\u3059\u3002\u5de6\u8fba\u306f<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>max<\/span>(<\/span>\u03bb<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>(<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>)<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>max<\/span>(<\/span>\u03bb<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>f<\/span>(<\/span>\u03bb<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u304c\u304f\u304f\u308a\u51fa\u305b\u308b\u306e\u306f\u3001<\/span>\u03bb<\/span>K<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3060\u304b\u3089\u3067\u3059\u3002\u53f3\u8fba\u306f<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u03bb<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>\u03bb<\/span>f<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>f<\/span>(<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3057\u305f\u304c\u3063\u3066 (3.1) \u304c\u6210\u308a\u7acb\u3061\u3001<\/span>f<\/span><\/span><\/span><\/span><\/eq> \u306f\u51f8\u3067\u3059\u3002<\/p>\n

          \u30d7\u30c3\u30c8\u306e\u51f8\u6027\u3002<\/strong> <\/span>g<\/span>(<\/span>S<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3066\u3082\u540c\u3058\u8ad6\u6cd5\u3092\u4f7f\u3044\u307e\u3059\u3002(3.2) \u306b <\/span>a<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>, <\/span>b<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>, <\/span>c<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>, <\/span>d<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u4ee3\u5165\u3057\u307e\u3059\u3002\u5de6\u8fba\u306f<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>max<\/span>(<\/span>\u03bb<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span>(<\/span>\u03bb<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>g<\/span>(<\/span>\u03bb<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u53f3\u8fba\u306f <\/span>\u03bb<\/span>g<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>g<\/span>(<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066 <\/span>g<\/span><\/span><\/span><\/span><\/eq> \u3082\u51f8\u3067\u3059\u3002 \u220e<\/p>\n

          \u51f8\u6027\u3092\u76f4\u611f\u7684\u306b\u8a00\u3046\u3068\u3001\u30da\u30a4\u30aa\u30d5\u306e\u30b0\u30e9\u30d5\u4e0a\u306e2\u70b9\u3092\u7d50\u3076\u7dda\u5206\u304c\u3001\u30b0\u30e9\u30d5\u306e\u4e0a\u5074\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u6298\u308c\u7dda\u304c\u300c\u4e0a\u306b\u51f8\u300d\u3067\u306f\u306a\u304f\u300c\u4e0b\u306b\u51f8\u300d\u306b\u6298\u308c\u3066\u3044\u308b \u2015 \u3064\u307e\u308a\u3069\u3061\u3089\u3082 <\/span>S<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u4e0a\u5411\u304d\u306b\u6298\u308c\u3066\u3044\u3066\u3001\u53f3\u5074\u304c\u53f3\u4e0a\u304c\u308a\u306b\u306a\u308b\u306e\u304c\u30b3\u30fc\u30eb\u3001\u5de6\u5074\u304c\u53f3\u4e0b\u304c\u308a\u306b\u306a\u308b\u306e\u304c\u30d7\u30c3\u30c8\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u6298\u308c\u76ee\u3092\u5883\u306b\u50be\u304d\u304c\u5897\u52a0\u3059\u308b\uff08\u30b3\u30fc\u30eb: <\/span>0<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\u3001\u30d7\u30c3\u30c8: <\/span>\u2212<\/span>1<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u3067\u3001\u51f8\u3067\u3059\u3002<\/p>\n<\/details>\n\n\n\n

          5. \u53cd\u4f8b \u2015 \u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u306f\u5225\u7269<\/h2>\n\n\n\n

          CEX-CP3-1: \u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u3092\u6df7\u540c\u3059\u308b\u8aa4\u308a<\/h3>\n\n\n\n

          \u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\uff08P&L\uff09\u306f\u5225\u7269\u3067\u3059\u3002\u30da\u30a4\u30aa\u30d5\u306f\u6e80\u671f\u306b\u53d7\u3051\u53d6\u308b\u91d1\u984d<\/strong>\u3001\u640d\u76ca\u306f\u305d\u3053\u304b\u3089\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5f15\u3044\u305f\u91d1\u984d<\/strong>\u3067\u3059\u3002\u3053\u306e\u6df7\u540c\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u521d\u5b66\u8005\u306b\u975e\u5e38\u306b\u591a\u3044\u8aa4\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

          <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092\u30d7\u30ec\u30df\u30a2\u30e0 8 \u3067\u8cb7\u3063\u305f\u5834\u5408\u3092\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n\u30da\u30a4\u30aa\u30d5<\/th>\n\u640d\u76ca<\/th>\n<\/tr>\n<\/thead>\n
          80<\/td>\n0<\/td>\n<\/span>\u2212<\/span>8<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          90<\/td>\n0<\/td>\n<\/span>\u2212<\/span>8<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          100<\/td>\n0<\/td>\n<\/span>\u2212<\/span>8<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          105<\/td>\n5<\/td>\n<\/span>\u2212<\/span>3<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          110<\/td>\n10<\/td>\n2<\/td>\n<\/tr>\n
          120<\/td>\n20<\/td>\n12<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

          \u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3067\u30bc\u30ed\u3067\u3059\u304c\u3001\u640d\u76ca\u306f <\/span>\u2212<\/span>8<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u624b\u306f\u3001\u4f55\u3082\u8d77\u304d\u306a\u304f\u3066\u3082\u30d7\u30ec\u30df\u30a2\u30e0\u5206\u3060\u3051\u640d\u3092\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

          \u640d\u76ca\u5206\u5c90\u70b9<\/strong>\u306f\u30da\u30a4\u30aa\u30d5\u304c\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u7b49\u3057\u304f\u306a\u308b\u70b9\u3067\u3059\u3002\u30b3\u30fc\u30eb\u306e\u5834\u5408\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>8<\/span><\/span><\/span><\/span><\/eq> \u3059\u306a\u308f\u3061 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>108<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>108<\/span><\/span><\/span><\/span><\/eq> \u3067\u3088\u3046\u3084\u304f\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n

          \u540c\u69d8\u306b <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u30d7\u30c3\u30c8\u3092\u30d7\u30ec\u30df\u30a2\u30e0 5 \u3067\u8cb7\u3063\u305f\u5834\u5408\u3001\u640d\u76ca\u5206\u5c90\u70b9\u306f <\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5<\/span><\/span><\/span><\/span><\/eq> \u3059\u306a\u308f\u3061 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3067\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n

          \u30da\u30a4\u30aa\u30d5\u56f3\u3068\u640d\u76ca\u56f3\u306f\u540c\u3058\u5f62\u306e\u6298\u308c\u7dda\u3067\u3059\u304c\u3001\u4e0a\u4e0b\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u5206\u3060\u3051\u305a\u308c\u3066\u3044\u307e\u3059\u3002\u30da\u30a4\u30aa\u30d5\u304c\u6b63\u3067\u3082\u640d\u76ca\u304c\u8ca0\u306b\u306a\u308b\u533a\u9593\uff08\u30b3\u30fc\u30eb\u306a\u3089 <\/span>100<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>108<\/span><\/span><\/span><\/span><\/eq>\uff09\u304c\u5b58\u5728\u3059\u308b\u3053\u3068\u3092\u898b\u843d\u3068\u3059\u3068\u3001\u300c\u884c\u4f7f\u3067\u304d\u305f\u304b\u3089\u5132\u304b\u3063\u305f\u300d\u3068\u8aa4\u89e3\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          CEX-CP3-2: \u7d44\u307f\u5408\u308f\u305b\u308c\u3070\u4f55\u3067\u3082\u4f5c\u308c\u308b\u3001\u3068\u3044\u3046\u7406\u89e3<\/h3>\n\n\n\n

          \u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u7dda\u5f62\u7d50\u5408\u3067\u4efb\u610f\u306e\u30da\u30a4\u30aa\u30d5\u3092\u4f5c\u308c\u308b\u3088\u3046\u306b\u601d\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u540c\u4e00\u884c\u4f7f\u4fa1\u683c\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u3067\u306f\u3001\u6298\u308c\u70b9\u3092\u884c\u4f7f\u4fa1\u683c\u4ee5\u5916\u306b\u4f5c\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093<\/strong>\u3002<\/p>\n\n\n\n

          <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u4efb\u610f\u306e\u7dda\u5f62\u7d50\u5408 <\/span>a<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>b<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u8003\u3048\u307e\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>, <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u30da\u30a4\u30aa\u30d5\u306f <\/span>b<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq>, <\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u30da\u30a4\u30aa\u30d5\u306f <\/span>a<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3002\u6298\u308c\u70b9\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e1\u7b87\u6240\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

          \u305f\u3068\u3048\u3070 <\/span>a<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>b<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\uff08\u30b9\u30c8\u30e9\u30c9\u30eb\uff09\u306e\u30da\u30a4\u30aa\u30d5\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n
          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n80<\/th>\n85<\/th>\n90<\/th>\n95<\/th>\n100<\/th>\n105<\/th>\n110<\/th>\n115<\/th>\n120<\/th>\n<\/tr>\n<\/thead>\n
          \u30da\u30a4\u30aa\u30d5<\/td>\n20<\/td>\n15<\/td>\n10<\/td>\n5<\/td>\n0<\/td>\n5<\/td>\n10<\/td>\n15<\/td>\n20<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

          \u6298\u308c\u70b9\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e1\u7b87\u6240\u3060\u3051\u3067\u3001V\u5b57\u578b\u3067\u3059\u3002<\/p>\n\n\n\n

          \u4e00\u65b9\u3001\u884c\u4f7f\u4fa1\u683c\u30922\u3064\u4f7f\u3048\u3070\u6298\u308c\u70b9\u30922\u7b87\u6240\u306b\u4f5c\u308c\u307e\u3059\u3002<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u8cb7\u3044\u3068 <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u58f2\u308a\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n
          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n80<\/th>\n85<\/th>\n90<\/th>\n95<\/th>\n100<\/th>\n105<\/th>\n110<\/th>\n115<\/th>\n120<\/th>\n<\/tr>\n<\/thead>\n
          \u30b3\u30fc\u30eb(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq>)<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n5<\/td>\n10<\/td>\n15<\/td>\n20<\/td>\n25<\/td>\n<\/tr>\n
          <\/span>\u2212<\/span><\/span><\/span><\/span><\/eq>\u30b3\u30fc\u30eb(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq>)<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/span>\u2212<\/span>5<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>15<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          \u30b9\u30d7\u30ec\u30c3\u30c9<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n5<\/td>\n10<\/td>\n10<\/td>\n10<\/td>\n10<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

          \u6298\u308c\u70b9\u304c <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306e2\u7b87\u6240\u306b\u3042\u308a\u307e\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u30bc\u30ed\u3001<\/span>95<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3067\u5897\u52a0\u3057\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f 10 \u3067\u982d\u6253\u3061\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u53f0\u5f62\u578b\u306e\u30da\u30a4\u30aa\u30d5\u306f\u3001\u5358\u4e00\u306e\u884c\u4f7f\u4fa1\u683c\u3067\u306f\u4f5c\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

          \u4efb\u610f\u306e\u6298\u308c\u7dda\u578b\u30da\u30a4\u30aa\u30d5\u3092\u4f5c\u308b\u306b\u306f\u3001\u6298\u308c\u70b9\u306e\u6570\u3060\u3051\u884c\u4f7f\u4fa1\u683c\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

          CEX-CP3-3: \u51f8\u6027\u304c\u3069\u3093\u306a\u30da\u30a4\u30aa\u30d5\u3067\u3082\u6210\u308a\u7acb\u3064\u3001\u3068\u3044\u3046\u601d\u3044\u8fbc\u307f<\/h3>\n\n\n\n

          THM-CP3-3 \u306f\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u5358\u4f53\u306e<\/strong>\u30da\u30a4\u30aa\u30d5\u306b\u3064\u3044\u3066\u306e\u5b9a\u7406\u3067\u3059\u3002\u30b3\u30fc\u30eb\u306e\u58f2\u308a\uff08\u30b7\u30e7\u30fc\u30c8\u30b3\u30fc\u30eb\uff09\u3092\u542b\u3080\u7d44\u307f\u5408\u308f\u305b\u3067\u306f\u3001\u51f8\u6027\u304c\u5d29\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

          \u30b3\u30fc\u30eb\u306e\u58f2\u308a\u304c\u51f8\u3067\u306a\u3044\u3053\u3068\u306e\u6570\u5024\u78ba\u8a8d\u3002<\/strong> <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u306e\u58f2\u308a\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>f<\/span>(<\/span>S<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          <\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>80<\/span><\/span><\/span><\/span><\/eq>, <\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>120<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03bb<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/2<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u4e2d\u70b9\u306f <\/span>S<\/span><\/span>mid<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          <\/span>f<\/span>(<\/span>S<\/span><\/span>mid<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span><\/span>max<\/span>(<\/span>100<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>100<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u03bb<\/span>f<\/span>(<\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>f<\/span>(<\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span>0<\/span><\/span>+<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span>(<\/span>\u2212<\/span>20<\/span>)<\/span><\/span>=<\/span><\/span>\u2212<\/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

          \u51f8\u6027\u306f <\/span>f<\/span>(<\/span>S<\/span><\/span>mid<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq> \u3092\u8981\u6c42\u3057\u307e\u3059\u304c\u3001<\/span>0<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u51f8\u6027\u304c\u7834\u308c\u3066\u3044\u307e\u3059<\/strong>\u3002\u30b3\u30fc\u30eb\u306e\u58f2\u308a\u306e\u30da\u30a4\u30aa\u30d5\u306f\u51f8\u3067\u306f\u306a\u304f\u51f9\u3067\u3059\u3002<\/p>\n\n\n\n

          \u30d9\u30a2\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u3082\u51f8\u6027\u304c\u5d29\u308c\u308b\u4f8b\u3002<\/strong> <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u58f2\u308a\u3068 <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u8cb7\u3044\u306e\u7d44\u307f\u5408\u308f\u305b\uff08\u30d9\u30a2\u30b9\u30d7\u30ec\u30c3\u30c9\uff09\u3092\u8003\u3048\u307e\u3059\u3002\u30da\u30a4\u30aa\u30d5\u306f <\/span>h<\/span>(<\/span>S<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>95<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>105<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          <\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>90<\/span><\/span><\/span><\/span><\/eq>, <\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03bb<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/2<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u4e2d\u70b9\u306f <\/span>S<\/span><\/span>mid<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          <\/span><\/span>h<\/span>(<\/span>90<\/span>)<\/span><\/span><\/span><\/span>h<\/span>(<\/span>100<\/span>)<\/span><\/span><\/span><\/span>h<\/span>(<\/span>95<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>\u2212<\/span>5<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.<\/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>\u03bbh<\/span>(<\/span>90<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>h<\/span>(<\/span>100<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>0<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>(<\/span>\u2212<\/span>5<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>2.5.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u51f8\u6027\u306f <\/span>h<\/span>(<\/span>95<\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>\u2212<\/span>2.5<\/span><\/span><\/span><\/span><\/eq> \u3092\u8981\u6c42\u3057\u307e\u3059\u304c\u3001<\/span>0<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>2.5<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u51f8\u6027\u304c\u7834\u308c\u3066\u3044\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n

          \u51f8\u6027\u306f <\/span>max<\/span><\/span><\/span><\/span><\/eq> \u306e\u6027\u8cea\uff08THM-CP3-3 \u306e\u8a3c\u660e\u3067\u4f7f\u3063\u305f (3.2)\uff09\u304b\u3089\u6765\u3066\u3044\u308b\u306e\u3067\u3001<\/span>\u2212<\/span><\/span>max<\/span><\/span><\/span><\/span><\/eq> \u306b\u3059\u308b\u3068\u4e0d\u7b49\u53f7\u304c\u9006\u8ee2\u3059\u308b\u306e\u306f\u81ea\u7136\u3067\u3059\u3002\u300c\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3048\u3070\u30da\u30a4\u30aa\u30d5\u306f\u51f8\u3001\u58f2\u308c\u3070\u30da\u30a4\u30aa\u30d5\u306f\u51f9\u300d\u3068\u899a\u3048\u3066\u304a\u304f\u306e\u304c\u5b9f\u7528\u7684\u3067\u3059\u3002<\/p>\n\n\n\n

          6. \u6570\u5024\u4f8b \u2015 \u30da\u30a4\u30aa\u30d5\u8868\u3092\u4f5c\u3063\u3066\u56f3\u306b\u3059\u308b<\/h2>\n\n\n\n

          <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 80 \u304b\u3089 120 \u307e\u3067 5 \u523b\u307f\u3067\u52d5\u304b\u3057\u305f\u30da\u30a4\u30aa\u30d5\u8868\u3067\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n\u30b3\u30fc\u30eb <\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u30d7\u30c3\u30c8 <\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n
          80<\/td>\n0<\/td>\n20<\/td>\n<\/tr>\n
          85<\/td>\n0<\/td>\n15<\/td>\n<\/tr>\n
          90<\/td>\n0<\/td>\n10<\/td>\n<\/tr>\n
          95<\/td>\n0<\/td>\n5<\/td>\n<\/tr>\n
          100<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
          105<\/td>\n5<\/td>\n0<\/td>\n<\/tr>\n
          110<\/td>\n10<\/td>\n0<\/td>\n<\/tr>\n
          115<\/td>\n15<\/td>\n0<\/td>\n<\/tr>\n
          120<\/td>\n20<\/td>\n0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

          \u30b3\u30fc\u30eb\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3092\u5883\u306b\u53f3\u5074\u3067\u5897\u52a0\u3057\u3001\u5de6\u5074\u306f\u30bc\u30ed\u3067\u3059\u3002\u30d7\u30c3\u30c8\u306f\u9006\u306b\u5de6\u5074\u3067\u5897\u52a0\u3057\u3001\u53f3\u5074\u306f\u30bc\u30ed\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u975e\u8ca0\u3067\u3042\u308a\uff08THM-CP3-1\uff09\u3001\u6298\u308c\u70b9\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e1\u7b87\u6240\u3067\u3059\u3002<\/p>\n\n\n\n

          \u5408\u6210\u306e\u78ba\u8a8d\uff08THM-CP3-2\uff09\u3002<\/strong> \u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3068\u30d7\u30c3\u30c8\u306e\u58f2\u308a\u3092\u540c\u6642\u306b\u6301\u3064\u3068\u3001\u30da\u30a4\u30aa\u30d5\u306f <\/span>C<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n\u30b3\u30fc\u30eb<\/th>\n<\/span>\u2212<\/span><\/span><\/span><\/span><\/eq>\u30d7\u30c3\u30c8<\/th>\n\u5408\u6210<\/th>\n<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n
          80<\/td>\n0<\/td>\n<\/span>\u2212<\/span>20<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>20<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>20<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          90<\/td>\n0<\/td>\n<\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
          100<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
          110<\/td>\n10<\/td>\n0<\/td>\n10<\/td>\n10<\/td>\n<\/tr>\n
          120<\/td>\n20<\/td>\n0<\/td>\n20<\/td>\n20<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

          \u5408\u6210\u306e\u30da\u30a4\u30aa\u30d5\u304c <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3068\u5168\u884c\u3067\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u6298\u308c\u7dda\u304c\u76f4\u7dda\u306b\u5909\u308f\u308b\u306e\u306f\u3001\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u6298\u308c\u304c <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u6253\u3061\u6d88\u3057\u5408\u3046\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

          \u51f8\u6027\u306e\u6570\u5024\u78ba\u8a8d\uff08THM-CP3-3\uff09\u3002<\/strong> <\/span>S<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>80<\/span><\/span><\/span><\/span><\/eq>, <\/span>S<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>120<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03bb<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/2<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u4e2d\u70b9 <\/span>S<\/span><\/span>mid<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3067\u78ba\u304b\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

          \u30b3\u30fc\u30eb: <\/span>f<\/span>(<\/span>100<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span>\u2264<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>0<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>20<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq>\u3002\u6210\u7acb\u3002<\/p>\n\n\n\n

          \u30d7\u30c3\u30c8: <\/span>g<\/span>(<\/span>100<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span>\u2264<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>20<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq>\u3002\u6210\u7acb\u3002<\/p>\n\n\n\n

          \u6298\u308c\u70b9\u3092\u307e\u305f\u30502\u70b9\u3092\u53d6\u308b\u3068\u3001\u4e2d\u70b9\u306e\u30da\u30a4\u30aa\u30d5\u304c\u7aef\u70b9\u306e\u5e73\u5747\u3088\u308a\u3082\u5c0f\u3055\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u51f8\u6027\u306e\u76ee\u306b\u898b\u3048\u308b\u73fe\u308c\u3067\u3059\u3002<\/p>\n\n\n\n

          \u30da\u30a4\u30aa\u30d5\u8868\u306e\u5168\u3066\u306e\u5024\u306f compute.py<\/code> \u306b\u3088\u308b\u53b3\u5bc6\u8a08\u7b97\uff08fractions.Fraction<\/code>\uff09\u3067\u691c\u7b97\u6e08\u307f\u3067\u3059\u3002<\/p>\n\n\n\n

          7. \u6b21\u56de\u3078 \u2015 \u30e2\u30c7\u30eb\u3092\u4f7f\u308f\u305a\u306b\u6210\u308a\u7acb\u3064\u95a2\u4fc2<\/h2>\n\n\n\n

          \u4eca\u56de\u5b9a\u7fa9\u3057\u305f\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f\u3001\u7b2c49\u56de\u4ee5\u964d\u306e\u5168\u3066\u306e\u8b70\u8ad6\u306e\u51fa\u767a\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n

          \u6b21\u56de \u7b2c49\u56de\u3067\u306f\u3001\u30da\u30a4\u30aa\u30d5\u3067\u306f\u306a\u304f\u4fa1\u683c<\/strong>\u306e\u4e16\u754c\u3067\u6210\u308a\u7acb\u3064\u95a2\u4fc2\u3092\u5c0e\u304d\u307e\u3059\u3002THM-CP3-2 \u306f\u30da\u30a4\u30aa\u30d5\u306b\u3064\u3044\u3066\u306e\u6052\u7b49\u5f0f\u3067\u3057\u305f\u304c\u3001\u6b21\u56de\u306e\u30c6\u30fc\u30de\u306f\u3053\u308c\u3092\u4fa1\u683c\u306b\u7ffb\u8a33\u3057\u305f\u3068\u304d\u4f55\u304c\u8a00\u3048\u308b\u304b\u3001\u3067\u3059\u3002\u30e2\u30c7\u30eb\u3092\u4e00\u5207\u4f7f\u308f\u305a\u3001\u7121\u88c1\u5b9a\u306e\u4eee\u5b9a\u3060\u3051\u304b\u3089\u5c0e\u304b\u308c\u308b\u95a2\u4fc2\u304c\u51fa\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

          \u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u306f\u3069\u3046\u9055\u3046\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

          \u30da\u30a4\u30aa\u30d5\u306f\u6e80\u671f\u306b\u3082\u3089\u3048\u308b\u984d\u3001\u640d\u76ca\u306f\u305d\u3053\u304b\u3089\u6255\u3063\u305f\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5f15\u3044\u305f\u984d\u3067\u3059\u3002\u56f3\u306e\u5f62\u306f\u540c\u3058\u3067\u3001\u4e0a\u4e0b\u306b\u305a\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

          \u306a\u305c\u6298\u308c\u7dda\u306b\u306a\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

          \u884c\u4f7f\u3059\u308b\u304b\u3057\u306a\u3044\u304b\u3092\u9078\u3079\u308b\u304b\u3089\u3067\u3059\u3002\u4e0d\u5229\u306a\u3089\u884c\u4f7f\u3057\u306a\u3044\u306e\u3067\u3001\u305d\u3053\u3067\u6298\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

          \u51f8\u3067\u3042\u308b\u3053\u3068\u306b\u610f\u5473\u306f\u3042\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

          \u3042\u308a\u307e\u3059\u3002\u4fa1\u683c\u304c\u51f8\u306b\u306a\u308b\u3053\u3068\u3084\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e0a\u304c\u308b\u3068\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

          \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
            \n\n
          • Hull J. C.\u3001Options Futures and Other Derivatives\u3001\u7b2c11\u7248\u3001Pearson\u30012021\u5e74<\/li>\n\n\n
          • Shreve S. E.\u3001Stochastic Calculus for Finance I \u2015 The Binomial Asset Pricing Model\u3001Springer\u30012004\u5e74<\/li>\n\n<\/ul>\n\n\n\n
            \n\n\n\n

            \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u6709\u7406\u6570\u6f14\u7b97\u3067\u691c\u7b97\u6e08\u307f\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

            \u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c48\u56de \/ \u524d\u63d0: \u7b2c3\u56de\u3001\u7b2c43\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u3068\u305d\u306e\u7d44\u307f\u5408\u308f\u305b\u306e\u30da\u30a4\u30aa\u30d5\u56f3\u3092\u6b63\u78ba\u306b\u63cf\u304d\u3001\u6e80\u671f\u306e\u652f\u6255\u3044\u3068\u640d\u76ca\u3092\u533a\u5225\u3067\u304d\u308b 0. \u7269\u8a9e \u2015 \u30da\u30a4 […]<\/p>\n","protected":false},"author":1,"featured_media":209146,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[164],"class_list":["post-208415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part4-discrete-pricing"],"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