{"id":208423,"date":"2026-10-03T18:40:00","date_gmt":"2026-10-03T09:40:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208423"},"modified":"2026-09-25T19:37:08","modified_gmt":"2026-09-25T10:37:08","slug":"crr-parameters","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/crr-parameters\/","title":{"rendered":"\u7b2c53\u56de CRR \u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u6c7a\u3081\u65b9 \u2015 u \u3068 d \u306f\u3069\u3053\u304b\u3089\u6765\u308b\u306e\u304b"},"content":{"rendered":"\n<blockquote class=\"is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c53\u56de \/ \u524d\u63d0: \u7b2c32\u56de\u3001\u7b2c51\u56de \/ \u6570\u5b66\u7de8: M2 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304b\u3089\u4e8c\u9805\u30c4\u30ea\u30fc\u306e\u4e0a\u6607\u7387\u3068\u4e0b\u843d\u7387\u3092\u6c7a\u3081\u3001\u305d\u306e\u30c4\u30ea\u30fc\u304c\u4f7f\u3048\u308b\u523b\u307f\u306e\u6761\u4ef6\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">0. \u7269\u8a9e \u2015 \u523b\u307f\u304c\u7c97\u3044\u3068\u91cd\u307f\u304c0\u304b\u30891\u3092\u306f\u307f\u51fa\u3059<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u4fa1\u683c\u8a08\u7b97\u3092\u62c5\u5f53\u3059\u308b\u30c1\u30fc\u30e0\u304c\u3001\u4e8c\u9805\u30c4\u30ea\u30fc\u3092\u7d44\u3093\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5024\u6bb5\u3092\u51fa\u305d\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u6e80\u671f1\u5e74\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u5bfe\u3057\u3066\u3001\u30c4\u30ea\u30fc\u30924\u5206\u5272\u3059\u308c\u3070\u5341\u5206\u3060\u308d\u3046\u3068\u8003\u3048\u307e\u3057\u305f\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u5e74\u738720\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u3059\u3002\u3068\u3053\u308d\u304c\u3001\u91d1\u5229\u304c\u9ad8\u3044\u901a\u8ca8\u3067\u540c\u3058\u30c4\u30ea\u30fc\u3092\u4f7f\u3044\u56de\u305d\u3046\u3068\u3057\u305f\u3068\u304d\u3001\u8a08\u7b97\u304c\u58ca\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u304c\u5e74\u738750\u30d1\u30fc\u30bb\u30f3\u30c8\u306e\u901a\u8ca8\u3092\u60f3\u50cf\u3057\u3066\u304f\u3060\u3055\u3044\u30024\u5206\u5272\u306e\u30c4\u30ea\u30fc\u3067\u8a08\u7b97\u3059\u308b\u3068\u30011\u671f\u9593\u3042\u305f\u308a\u306e\u5b89\u5168\u8cc7\u7523\u306e\u6210\u9577\u7387\u306f\u7d041.13\u306b\u306a\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u30c4\u30ea\u30fc\u4e0a\u306e\u682a\u4fa1\u306e\u6700\u5927\u4e0a\u6607\u7387\u306f\u7d041.11\u306b\u3057\u304b\u306a\u308a\u307e\u305b\u3093\u3002\u5b89\u5168\u8cc7\u7523\u306b\u9810\u3051\u308b\u3060\u3051\u3067\u3001\u682a\u304c\u3069\u3093\u306a\u306b\u4e0a\u304c\u3063\u3066\u3082\u3001\u305d\u308c\u3092\u4e0a\u56de\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3046\u306a\u308b\u3068\u3001\u682a\u3092\u7a7a\u58f2\u308a\u3057\u3066\u305d\u306e\u4ee3\u91d1\u3092\u5b89\u5168\u8cc7\u7523\u306b\u5165\u308c\u308b\u3060\u3051\u3067\u3001\u4e0a\u304c\u3063\u305f\u4e16\u754c\u3067\u3082\u4e0b\u304c\u3063\u305f\u4e16\u754c\u3067\u3082\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002\u30ea\u30b9\u30af\u306a\u3057\u3067\u5132\u304b\u308b\u53d6\u5f15\u304c\u5b58\u5728\u3059\u308b\u4ee5\u4e0a\u3001\u3053\u306e\u30c4\u30ea\u30fc\u3067\u307e\u3068\u3082\u306a\u5024\u6bb5\u306f\u51fa\u305b\u307e\u305b\u3093\u3002\u5b9f\u969b\u306b\u30ea\u30b9\u30af\u4e2d\u7acb\u7684\u306a\u91cd\u307f\u3092\u8a08\u7b97\u3057\u3066\u307f\u308b\u3068\u7d041.14\u306b\u306a\u308a\u30010\u304b\u30891\u306e\u7bc4\u56f2\u3092\u306f\u307f\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u306f\u523b\u307f\u306e\u7c97\u3055\u3067\u3059\u3002\u3053\u306e\u6761\u4ef6\u3067\u306f\u30011\u671f\u9593\u306e\u9577\u3055\u304c0.16\u3092\u8d85\u3048\u308b\u3068\u30c4\u30ea\u30fc\u304c\u7834\u7dbb\u3057\u307e\u3059\u30024\u5206\u5272\u3060\u30681\u671f\u9593\u306f0.25\u3067\u3059\u304b\u3089\u3001\u9650\u754c\u3092\u5927\u304d\u304f\u8d85\u3048\u3066\u3044\u307e\u3059\u30027\u5206\u5272\u4ee5\u4e0a\u306b\u3059\u308c\u30701\u671f\u9593\u306f\u7d040.14\u306b\u306a\u308a\u3001\u91cd\u307f\u306f\u304d\u3061\u3093\u30680\u304b\u30891\u306e\u9593\u306b\u53ce\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e8c\u9805\u30c4\u30ea\u30fc\u306e\u4e0a\u6607\u7387\u3068\u4e0b\u843d\u7387\u306b\u306f\u300c\u9023\u7d9a\u6642\u9593\u306e\u30e2\u30c7\u30eb\u3068\u7d71\u8a08\u7684\u306a\u6027\u8cea\u3092\u5408\u308f\u305b\u308b\u300d\u3068\u3044\u3046\u8a2d\u8a08\u601d\u60f3\u304c\u3042\u308a\u307e\u3059\u3002\u4e0a\u6607\u7387\u3068\u4e0b\u843d\u7387\u3092\u9069\u5207\u306b\u9078\u3073\u3001\u523b\u307f\u3092\u5341\u5206\u306b\u7d30\u304b\u304f\u3057\u306a\u3051\u308c\u3070\u3001\u30c4\u30ea\u30fc\u306f\u8a08\u7b97\u306e\u9053\u5177\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u305b\u3093\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u305d\u306e\u8a2d\u8a08\u306e\u6761\u4ef6\u3092\u3072\u3068\u3064\u305a\u3064\u660e\u3089\u304b\u306b\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. \u52d5\u6a5f \u2015 u \u3068 d \u306f\u52dd\u624b\u306b\u6c7a\u3081\u3066\u3088\u3044\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304b\u3089\u4e8c\u9805\u30c4\u30ea\u30fc\u306e\u4e0a\u6607\u7387\u3068\u4e0b\u843d\u7387\u3092\u6c7a\u3081\u3001\u305d\u306e\u30c4\u30ea\u30fc\u304c\u4f7f\u3048\u308b\u523b\u307f\u306e\u6761\u4ef6\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e8c\u9805\u30e2\u30c7\u30eb\u3067\u306f\u3001\u539f\u8cc7\u7523\u304c1\u671f\u9593\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u500d\u306b\u4e0a\u304c\u308b\u304b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u500d\u306b\u4e0b\u304c\u308b\u304b\u306e2\u901a\u308a\u3092\u8003\u3048\u307e\u3059\u3002\u3053\u3053\u307e\u3067\u306e\u8a18\u4e8b\u3067\u306f\u300c<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.2<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.9<\/span><\/span><\/span><\/span><\/eq>\u300d\u306e\u3088\u3046\u306b\u5177\u4f53\u7684\u306a\u6570\u5024\u3092\u5929\u4e0b\u308a\u7684\u306b\u4e0e\u3048\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u5b9f\u969b\u306e\u4fa1\u683c\u8a08\u7b97\u3067\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u3092\u3069\u3046\u6c7a\u3081\u308b\u304b\u304c\u7d50\u679c\u3092\u5927\u304d\u304f\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u76f4\u611f\u7684\u306b\u306f\u3001\u4e8c\u9805\u30e2\u30c7\u30eb\u306f\u73fe\u5b9f\u306e\u9023\u7d9a\u7684\u306a\u682a\u4fa1\u5909\u52d5\u3092\u96e2\u6563\u7684\u306b\u8fd1\u4f3c\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u306a\u3089\u3070\u3001<strong>\u9023\u7d9a\u6642\u9593\u306e\u30e2\u30c7\u30eb\u304c\u6301\u3064\u7d71\u8a08\u7684\u6027\u8cea\u3092\u3001\u96e2\u6563\u30e2\u30c7\u30eb\u304c\u518d\u73fe\u3059\u308b\u3088\u3046\u306b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u3092\u9078\u3076<\/strong>\u306e\u304c\u81ea\u7136\u3067\u3059\u3002\u3053\u306e\u300c\u5408\u308f\u305b\u308b\u3079\u304d\u6027\u8cea\u300d\u304c\u5e73\u5747\u3068\u5206\u6563\u3067\u3042\u308a\u3001\u305d\u306e\u6761\u4ef6\u304b\u3089 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq>, \u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u304c\u5177\u4f53\u7684\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u56de\u306f\u3001Cox\u30fbRoss\u30fbRubinstein\uff08CRR\uff09\u306e\u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u53d6\u308a\u65b9\u304c\u3069\u3053\u304b\u3089\u6765\u308b\u306e\u304b\u3092\u3001\u30e2\u30fc\u30e1\u30f3\u30c8\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u306e\u6761\u4ef6\u304b\u3089\u5b8c\u5168\u306b\u5c0e\u304d\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u523b\u307f\u306e\u53d6\u308a\u65b9\u3092\u8aa4\u308b\u3068\u78ba\u7387\u304c\u533a\u9593\u3092\u5916\u308c\u308b\u3053\u3068\u3001\u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u53d6\u308a\u65b9\u306f\u4e00\u610f\u3067\u306a\u3044\u3053\u3068\u3001\u671f\u6570\u3092\u5897\u3084\u3057\u305f\u3068\u304d\u306b\u4fa1\u683c\u304c\u632f\u52d5\u3057\u306a\u304c\u3089\u53ce\u675f\u3059\u308b\u3053\u3068\u3092\u3001\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n<ul>\n<li><strong>THM-CRR-1<\/strong> 1\u671f\u9593\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u306e\u5e73\u5747\u3068\u5206\u6563\u3092\u9023\u7d9a\u6642\u9593\u30e2\u30c7\u30eb\u306b\u5408\u308f\u305b\u308b\u6761\u4ef6\u304b\u3089\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u306e\u95a2\u4fc2\u5f0f\u304c\u6c7a\u307e\u308a\u307e\u3059\u3002<\/li>\n<li><strong>THM-CRR-2<\/strong> <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u3046\u5bfe\u79f0\u6761\u4ef6\u3092\u8ffd\u52a0\u3059\u308b\u3068\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0156em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0156em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/li>\n<li><strong>THM-CRR-3<\/strong> \u6642\u9593\u523b\u307f\u304c\u5341\u5206\u5c0f\u3055\u3051\u308c\u3070\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306b\u5165\u308a\u307e\u3059\u304c\u3001\u523b\u307f\u304c\u7c97\u3044\u3068\u5916\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u4e8c\u9805\u30e2\u30c7\u30eb\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u3092\u5929\u4e0b\u308a\u306b\u9078\u3076\u306e\u3067\u306f\u306a\u304f\u3001\u9023\u7d9a\u6642\u9593\u306e\u6027\u8cea\u306b\u5408\u308f\u305b\u3066\u6c7a\u3081\u308b\u65b9\u6cd5\u3092\u793a\u3059\u306e\u304c\u672c\u8a18\u4e8b\u306e\u76ee\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u9023\u7d9a\u6642\u9593\u306e\u76ee\u6a19\u306b\u5408\u308f\u305b\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e8c\u9805\u30e2\u30c7\u30eb\u306e\u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u9078\u3076\u305f\u3081\u306e\u524d\u63d0\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u9023\u7d9a\u6642\u9593\u306e\u76ee\u6a19<\/strong>: \u539f\u8cc7\u7523\u4fa1\u683c\u306f\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u5f93\u3046\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u3001\u5fae\u5c0f\u6642\u9593 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306e\u5bfe\u6570\u53ce\u76ca\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">t<\/span><span class=\"mbin mtight\">+<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2083em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u5e73\u5747 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq>\u3001\u5206\u6563 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306e\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3044\u307e\u3059\u3002\u3053\u3053\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/eq> \u306f\u9023\u7d9a\u8907\u5229\u306e\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u3059\u3002\u3053\u306e\u6027\u8cea\u306f\u7d50\u679c\u3068\u3057\u3066\u5f15\u7528\u3057\u307e\u3059\u3002<\/li>\n<li><strong>\u5404\u671f\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/eq> \u306f\u4e00\u5b9a<\/strong>: \u4e8c\u9805\u30e2\u30c7\u30eb\u306e\u5168\u671f\u9593\u3092\u901a\u3058\u3066\u3001\u4e0a\u6607\u7387\u30fb\u4e0b\u843d\u7387\u30fb\u91d1\u5229\u306f\u540c\u3058\u5024\u3092\u4f7f\u3044\u307e\u3059\u3002<\/li>\n<li><strong>\u6642\u9593\u523b\u307f<\/strong>: \u6e80\u671f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/eq> \u3092 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u671f\u306b\u5206\u5272\u3057\u307e\u3059\u30021\u671f\u9593\u306e\u9577\u3055\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n<li><strong>\u6570\u5024\u306b\u5358\u4f4d\u306f\u4ed8\u3051\u306a\u3044<\/strong>: \u91d1\u5229\u306f\u5e74\u7387\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/eq> \u306f\u5e74\u3067\u6e2c\u308a\u307e\u3059\u304c\u3001\u5358\u4f4d\u306f\u660e\u793a\u3057\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">1\u671f\u9593\u306e\u4e8c\u9805\u30e2\u30c7\u30eb\u3067\u306f\u3001\u539f\u8cc7\u7523\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u306f2\u3064\u306e\u5024\u3092\u53d6\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1963em;vertical-align:-0.836em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">t<\/span><span class=\"mbin mtight\">+<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2083em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:3em;vertical-align:-1.25em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size4\">{<\/span><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.69em;\"><span style=\"top:-3.69em;\"><span class=\"pstrut\" style=\"height:3.008em;\"><\/span><span class=\"mord\"><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><span style=\"top:-2.25em;\"><span class=\"pstrut\" style=\"height:3.008em;\"><\/span><span class=\"mord\"><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.19em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"arraycolsep\" style=\"width:1em;\"><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.69em;\"><span style=\"top:-3.69em;\"><span class=\"pstrut\" style=\"height:3.008em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord cjk_fallback\">\uff08\u78ba\u7387<\/span><span class=\"mord\">\u00a0<\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mord text\"><span class=\"mord cjk_fallback\">\uff09<\/span><\/span><\/span><\/span><span style=\"top:-2.25em;\"><span class=\"pstrut\" style=\"height:3.008em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord cjk_fallback\">\uff08\u78ba\u7387<\/span><span class=\"mord\">\u00a0<\/span><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mord text\"><span class=\"mord cjk_fallback\">\uff09<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.19em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3053\u3053\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u306f\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3067\u3059\u3002\u3053\u306e\u96e2\u6563\u7684\u306a\u78ba\u7387\u5909\u6570\u306e\u5e73\u5747\u3068\u5206\u6563\u3092\u3001\u9023\u7d9a\u6642\u9593\u306e\u5024\u306b\u4e00\u81f4\u3055\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u9023\u7d9a\u6642\u9593\u30e2\u30c7\u30eb\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u306e\u5e73\u5747\u3068\u5206\u6563\u3092\u3001\u4e8c\u9805\u30e2\u30c7\u30eb\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u304c\u518d\u73fe\u3059\u308b\u3088\u3046\u306b\u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u9078\u3073\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. \u4e3b\u5f35 \u2015 \u5e73\u5747\u3068\u5206\u6563\u3092\u5408\u308f\u305b\u308b\u3068\u6c7a\u307e\u308b<\/h2>\n\n\n\n<blockquote>\n<p><strong>\u5b9a\u7406 THM-CRR-1\uff08\u30e2\u30fc\u30e1\u30f3\u30c8\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\uff09<\/strong>\n1\u671f\u9593\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u306e\u30ea\u30b9\u30af\u4e2d\u7acb\u7684\u306a\u5e73\u5747\u3068\u5206\u6563\u3092\u9023\u7d9a\u6642\u9593\u30e2\u30c7\u30eb\u306b\u5408\u308f\u305b\u308b\u6761\u4ef6\u306f\u6b21\u306e2\u3064\u3067\u3042\u308b\u3002<\/p>\n<section><eqn> \\begin{aligned} q \\ln u + (1-q) \\ln d &amp;= (r &#8211; \\sigma^2\/2)\\,\\Delta t \\tag{3.1} \\\\ q (\\ln u)^2 + (1-q)(\\ln d)^2   &#8211; [q \\ln u + (1-q) \\ln d]^2   &amp;= \\sigma^2 \\Delta t \\tag{3.2} \\end{aligned} :KaTeX parse error: Multiple \\tag<\/eqn><\/section><p>\u3053\u3053\u3067\u672a\u77e5\u6570\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u306e3\u3064\u3001\u6761\u4ef6\u5f0f\u306f2\u672c\u3067\u3042\u308b\u3002\u81ea\u7531\u5ea6\u304c1\u3064\u6b8b\u308b\u305f\u3081\u3001\u8ffd\u52a0\u306e\u6761\u4ef6\u30921\u3064\u8ab2\u3059\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<blockquote>\n<p><strong>\u5b9a\u7406 THM-CRR-2\uff08CRR \u306e\u9078\u3073\u65b9\uff09<\/strong>\n\u8ffd\u52a0\u6761\u4ef6\u3068\u3057\u3066 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq>\uff08\u3059\u306a\u308f\u3061 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.0833em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq>\uff09\u3092\u8ab2\u3059\u3068\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306e\u9ad8\u6b21\u306e\u9805\u3092\u7121\u8996\u3057\u305f\u8fd1\u4f3c\u306e\u3082\u3068\u3067<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.26em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0656em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:2em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0656em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0656em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">u<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">3.3<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section><p>\u304c\u4e00\u610f\u306b\u5b9a\u307e\u308b\u3002\u5bfe\u5fdc\u3059\u308b\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u306f<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2877em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.5183em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.2877em;vertical-align:-0.7693em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">3.4<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section><p>\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<blockquote>\n<p><strong>\u5b9a\u7406 THM-CRR-3\uff08\u78ba\u7387\u304c\u533a\u9593\u306b\u5165\u308b\u6761\u4ef6\uff09<\/strong>\nCRR \u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u3082\u3068\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3068\u3059\u308b\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2208<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3064\u305f\u3081\u306e\u5fc5\u8981\u5341\u5206\u6761\u4ef6\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8804em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>\u3001\u3059\u306a\u308f\u3061<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1771em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4911em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7401em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.1771em;vertical-align:-0.686em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">3.5<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section><p>\u3067\u3042\u308b\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5341\u5206\u5927\u304d\u3051\u308c\u3070\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u304c\u5341\u5206\u5c0f\u3055\u3051\u308c\u3070\uff09\u3053\u306e\u6761\u4ef6\u306f\u5e38\u306b\u6e80\u305f\u3055\u308c\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u30e2\u30fc\u30e1\u30f3\u30c8\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u306e2\u6761\u4ef6\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u306e\u8ffd\u52a0\u6761\u4ef6\u304b\u3089\u3001CRR \u30d1\u30e9\u30e1\u30fc\u30bf\u304c\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002\u523b\u307f\u304c\u5c0f\u3055\u3051\u308c\u3070\u78ba\u7387\u306f\u5fc5\u305a <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306b\u5165\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<details class=\"finmath-proof\"><summary>\u8a3c\u660e\u3092\u8aad\u3080\uff08\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\uff09<\/summary>\n<h2>4. \u8a3c\u660e \u2015 \u30e2\u30fc\u30e1\u30f3\u30c8\u3092\u4e00\u81f4\u3055\u305b\u308b<\/h2>\n<p>\u3053\u306e\u7bc0\u306f\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a3c\u660e\u3092\u8ffd\u3044\u305f\u3044\u4eba\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/financial-math\/math-taylor-expansion\/\">\u6570\u5b66\u7de8 \u7b2c2\u56de\u300c\u30c6\u30a4\u30e9\u30fc\u5c55\u958b\u300d<\/a>\u3078\u3002<\/p>\n<h3>THM-CRR-1 \u306e\u8a3c\u660e<\/h3>\n<p>\u5bfe\u6570\u53ce\u76ca\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">t<\/span><span class=\"mbin mtight\">+<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2083em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3001\u30ea\u30b9\u30af\u4e2d\u7acb\u6e2c\u5ea6 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8556em;vertical-align:-0.1667em;\"><\/span><span class=\"mord mathbb\">Q<\/span><\/span><\/span><\/span><\/eq> \u306e\u3082\u3068\u3067\u306e\u671f\u5f85\u5024\u3068\u5206\u6563\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><\/span><\/span><\/span><\/eq> \u306f\u78ba\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>\u3001\u78ba\u7387 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d6\u308b\u96e2\u6563\u78ba\u7387\u5909\u6570\u3067\u3059\u3002\u671f\u5f85\u5024\u306f\u5b9a\u7fa9\u901a\u308a\u306b<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1452em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathbb\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8952em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mclose\">]<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1.1452em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">4.1<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3067\u3059\u3002\u5206\u6563\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1685em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathrm\">Var<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9185em;\"><span style=\"top:-3.1362em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0952em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathbb\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8452em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">[<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">]<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0952em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathbb\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8452em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mclose\">]<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.8026em;vertical-align:-1.1513em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6513em;\"><span style=\"top:-3.7328em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathrm\">Var<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9185em;\"><span style=\"top:-3.1362em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-2.2087em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1513em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6513em;\"><span style=\"top:-3.7328em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mopen\">(<\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-2.2087em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mclose\"><span class=\"mclose\">]<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1513em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.8026em;vertical-align:-1.1513em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">4.2<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3067\u3059\u3002\u9023\u7d9a\u6642\u9593\u306e\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u3082\u3068\u3067\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306e\u9593\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u306e\u5e73\u5747\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq>\u3001\u5206\u6563\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3053\u308c\u3089\u3092\u4e00\u81f4\u3055\u305b\u308b\u6761\u4ef6\u304c (3.1) \u3068 (3.2) \u3067\u3059\u3002<\/p>\n<p>\u672a\u77e5\u6570\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u306e3\u3064\u3067\u3059\u304c\u3001\u6761\u4ef6\u5f0f\u306f2\u672c\u3057\u304b\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u81ea\u7531\u5ea6\u304c1\u3064\u6b8b\u308a\u307e\u3059\u3002\u3053\u308c\u304c\u300c<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u306e\u53d6\u308a\u65b9\u306f\u4e00\u901a\u308a\u3067\u306f\u306a\u3044\u300d\u7406\u7531\u3067\u3059\u3002 \u220e<\/p>\n<h3>THM-CRR-2 \u306e\u8a3c\u660e<\/h3>\n<p>\u81ea\u7531\u5ea6\u3092\u6d88\u3059\u305f\u3081\u306b\u3001CRR \u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u3046\u6761\u4ef6\u3092\u8ffd\u52a0\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3092\u610f\u5473\u3057\u307e\u3059\u3002\u5e7e\u4f55\u7684\u306b\u306f\u3001\u4e0a\u6607\u3068\u4e0b\u843d\u304c\u5bfe\u6570\u30b9\u30b1\u30fc\u30eb\u3067\u5bfe\u79f0\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">a<\/span><\/span><\/span><\/span><\/eq> \u3068\u304a\u304f\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\">a<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002(3.2) \u306e\u5206\u6563\u6761\u4ef6\u306b\u4ee3\u5165\u3057\u307e\u3059\u3002<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.8026em;vertical-align:-1.1513em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6513em;\"><span style=\"top:-3.7328em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathrm\">Var<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9185em;\"><span style=\"top:-3.1362em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-2.2087em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1513em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6513em;\"><span style=\"top:-3.7328em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-2.2087em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mclose\">)<\/span><span class=\"mclose\"><span class=\"mclose\">]<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1513em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u7b2c1\u9805\u3068\u7b2c2\u9805\u3092\u307e\u3068\u3081\u308b\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002\u7b2c3\u9805\u306e\u62ec\u5f27\u306e\u4e2d\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6389em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3057\u305f\u304c\u3063\u3066<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:4.3267em;vertical-align:-1.9133em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.4133em;\"><span style=\"top:-4.4949em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathrm\">Var<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9185em;\"><span style=\"top:-3.1362em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathbb mtight\">Q<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">Y<\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-2.9708em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><\/span><\/span><span style=\"top:-1.4467em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.9133em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.4133em;\"><span style=\"top:-4.4949em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-2.9708em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">[<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">]<\/span><\/span><\/span><span style=\"top:-1.4467em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">4<\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.9133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:4.3267em;vertical-align:-1.9133em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">4.3<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3053\u3053\u3067\u6700\u5f8c\u306e\u7b49\u5f0f\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0085em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\">4<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8389em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\">4<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">4<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3068\u5c55\u958b\u3057\u3066\u5f97\u307e\u3057\u305f\u3002<\/p>\n<p>\u6b21\u306b (3.1) \u306e\u5e73\u5747\u6761\u4ef6\u3092\u4f7f\u3044\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\">a<\/span><\/span><\/span><\/span><\/eq> \u3092\u4ee3\u5165\u3059\u308b\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.7241em;vertical-align:-1.1121em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6121em;\"><span style=\"top:-3.6362em;\"><span class=\"pstrut\" style=\"height:2.8641em;\"><\/span><span class=\"mord\"><\/span><\/span><span style=\"top:-2.1121em;\"><span class=\"pstrut\" style=\"height:2.8641em;\"><\/span><span class=\"mord\"><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1121em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6121em;\"><span style=\"top:-3.7721em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-2.2479em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1121em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.7241em;vertical-align:-1.1121em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">4.4<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3067\u3059\u3002\u3053\u306e\u6bb5\u968e\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">a<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306b\u4f9d\u5b58\u3059\u308b\u30d1\u30e9\u30e1\u30fc\u30bf\u3067\u3059\u3002(4.3) \u306e\u5206\u6563\u3092 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u3044\u3068\u304a\u304f\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1141em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">4<\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8641em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1.1141em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">4.5<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3067\u3059\u3002(4.4) \u304b\u3089 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">O<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u304c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/2<\/span><\/span><\/span><\/span><\/eq> \u306b\u8fd1\u3044\u3068\u304d <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1767em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">O<\/span><span class=\"mopen\">(<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u7a0b\u5ea6\u3067\u3059\u3002\u3053\u306e\u3068\u304d <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/4<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">O<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306b\u8fd1\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>(4.5) \u306b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2248<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/4<\/span><\/span><\/span><\/span><\/eq>\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306e\u8fd1\u4f3c\uff09\u3092\u4ee3\u5165\u3059\u308b\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8641em;\"><\/span><span class=\"mord\">4<\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">4<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8641em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">a<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8641em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3088\u3063\u3066 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.1133em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d6\u308a\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.0391em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq>\uff09\u3002\u3053\u308c\u304b\u3089<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7144em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7144em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">a<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.26em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0656em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:2em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8213em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8213em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\">a<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0656em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0656em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<p><strong>\u3053\u306e\u8fd1\u4f3c\u304c\u59a5\u5f53\u3067\u3042\u308b\u7406\u7531<\/strong>\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002(4.4) \u306b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.1133em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u623b\u3059\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">2<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.4211em;vertical-align:-0.93em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4911em;\"><span style=\"top:-2.1833em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/2<\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.93em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">2<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1771em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4911em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">2<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9755em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.9355em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.0645em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3068\u306a\u308a\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/2<\/span><\/span><\/span><\/span><\/eq>\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq>\uff09\u304c\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/4<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308a\u3001\u8fd1\u4f3c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u6b63\u5f53\u5316\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3092\u6b63\u78ba\u306b\u6c42\u3081\u307e\u3059\u30021\u671f\u9593\u5f8c\u306e\u682a\u4fa1\u306e\u671f\u5f85\u5024\u3092\u5272\u308a\u5f15\u3044\u305f\u5024\u3092\u73fe\u5728\u4fa1\u683c\u306b\u7b49\u3057\u304f\u3059\u308b\u6761\u4ef6\uff08\u30ea\u30b9\u30af\u4e2d\u7acb\u6761\u4ef6\uff09\u306f<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0413em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u3063\u3066\u6574\u7406\u3059\u308b\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2877em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.5183em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u304c\u5f97\u3089\u308c\u307e\u3059\u3002\u3053\u308c\u304c (3.4) \u3067\u3059\u3002 \u220e<\/p>\n<h3>THM-CRR-3 \u306e\u8a3c\u660e<\/h3>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3092\u305d\u308c\u305e\u308c\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p><strong><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066<\/strong>: (3.4) \u306e\u5206\u5b50\u3092\u898b\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9247em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9247em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0156em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0156em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u304b\u3064 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8804em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0156em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0156em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u5206\u5b50\u306f\u6b63\u3067\u3059\u3002\u5206\u6bcd <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u3067\u3082 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8141em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0156em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0156em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3082 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u304c\u5341\u5206\u5c0f\u3055\u3051\u308c\u3070\u5206\u5b50\u306f\u6b63\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u5b9a\u7406\u306e\u4eee\u5b9a\u3069\u304a\u308a <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u9032\u3081\u307e\u3059\u3002<\/p>\n<p><strong><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066<\/strong>: (3.4) \u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9247em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq>\u3001\u3059\u306a\u308f\u3061 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8804em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0156em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0156em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u540c\u5024\u3067\u3059\u3002\u4e21\u8fba\u306e\u5bfe\u6570\u3092\u53d6\u308b\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.0645em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9755em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.9355em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.0645em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067\u4e21\u8fba\u3092 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.1133em;\"><\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308b\u3068<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.0645em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9755em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.9355em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.0645em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3059\u306a\u308f\u3061<\/p>\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1771em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4911em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7401em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mord\">\/<\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308c\u3070\u3053\u306e\u6761\u4ef6\u306f\u6e80\u305f\u3055\u308c\u307e\u3059\u3002<\/p>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3067 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.04em;vertical-align:-0.1133em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9267em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\" style=\"padding-left:0.833em;\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-2.8867em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1133em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u3092\u5341\u5206\u5927\u304d\u304f\u3059\u308c\u3070\uff08\u523b\u307f\u3092\u5341\u5206\u7d30\u304b\u304f\u3059\u308c\u3070\uff09\u5fc5\u305a <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2208<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n<p>\u9006\u306b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8193em;vertical-align:-0.136em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2265<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9773em;vertical-align:-0.136em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8413em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2265<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0156em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0156em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u3001\u5b89\u5168\u8cc7\u7523\u306e1\u671f\u9593\u6210\u9577\u7387\u304c\u539f\u8cc7\u7523\u306e\u4e0a\u6607\u7387\u4ee5\u4e0a\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u682a\u3092\u7a7a\u58f2\u308a\u3057\u3066\u5b89\u5168\u8cc7\u7523\u306b\u56de\u3059\u88c1\u5b9a\u304c\u53ef\u80fd\u3067\u3059\u3002 \u220e<\/p>\n<p>\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u30e2\u30fc\u30e1\u30f3\u30c8\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u306e\u6761\u4ef6\u304b\u3089 CRR \u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u5c0e\u304d\u307e\u3057\u305f\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u78ba\u7387\u306e\u6b63\u5f53\u6027\u3092\u4fdd\u8a3c\u3057\u307e\u3059\u3002<\/p>\n<\/details>\n\n\n\n<h2 class=\"wp-block-heading\">5. \u53cd\u4f8b \u2015 \u523b\u307f\u304c\u7c97\u3044\u3068\u78ba\u7387\u304c\u7bc4\u56f2\u3092\u51fa\u308b<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u53cd\u4f8b CEX-CRR-1: \u5927\u304d\u306a\u91d1\u5229\u3068\u7c97\u3044\u523b\u307f<\/h3>\n\n\n\n<p>THM-CRR-3 \u306e\u6761\u4ef6\u304c\u7834\u308c\u308b\u72b6\u6cc1\u3092\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.5<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">4<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:4.624em;vertical-align:-2.062em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.562em;\"><span style=\"top:-4.774em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-3.062em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">u<\/span><\/span><\/span><span style=\"top:-1.35em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.062em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.562em;\"><span style=\"top:-4.774em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">0.25<\/span><\/span><\/span><span style=\"top:-3.062em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.052em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">0.2<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9128em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">0.25<\/span><\/span><\/span><span style=\"top:-2.8728em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1272em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">1.105171<\/span><\/span><\/span><span style=\"top:-1.35em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.052em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mtight\">0.2<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9128em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">0.25<\/span><\/span><\/span><span style=\"top:-2.8728em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1272em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">0.904837<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.062em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p class=\"wp-block-paragraph\">1\u671f\u9593\u306e\u5b89\u5168\u8cc7\u7523\u306e\u6210\u9577\u7387\u306f<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8641em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">0.5<\/span><span class=\"mbin mtight\">\u00d7<\/span><span class=\"mord mtight\">0.25<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.133148<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">1.133148<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.105171<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u5b89\u5168\u8cc7\u7523\u306e\u307b\u3046\u304c\u682a\u306e\u6700\u5927\u4e0a\u6607\u7387\u3088\u308a\u3082\u9ad8\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3092\u8a08\u7b97\u3059\u308b\u3068<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0908em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1.105171<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">0.904837<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1.133148<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">0.904837<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">0.200334<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">0.228311<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.139655<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3068\u306a\u308a\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3067\u78ba\u7387\u3068\u3057\u3066\u610f\u5473\u3092\u306a\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p><strong>\u306a\u305c\u88c1\u5b9a\u304c\u751f\u3058\u308b\u304b<\/strong>: \u5b89\u5168\u8cc7\u7523\u306e\u6210\u9577\u7387\u304c\u682a\u306e\u4e0a\u6607\u7387\u3092\u4e0a\u56de\u308b\u306e\u3067\u3001\u682a\u3092\u7a7a\u58f2\u308a\u3057\u3066\u5b89\u5168\u8cc7\u7523\u306b\u5168\u984d\u5165\u308c\u308c\u3070\u3001\u3069\u3061\u3089\u306e\u72b6\u614b\u3067\u3082\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002\u3053\u308c\u306f\u7b2c45\u56de\u3067\u898b\u305f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7719em;vertical-align:-0.136em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2265<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b1\u30fc\u30b9\u3068\u540c\u3058\u69cb\u9020\u3067\u3059\u3002<\/p>\n\n\n\n<p>THM-CRR-3 \u304b\u3089\u3001\u81e8\u754c\u306e\u523b\u307f\u5e45\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord\"><span class=\"mord mathnormal\">t<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">crit<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">0.04\/0.25<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.16<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u671f\u6570\u306b\u63db\u7b97\u3059\u308b\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7719em;vertical-align:-0.136em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2265<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">\u2308<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mord\">\/\u0394<\/span><span class=\"mord\"><span class=\"mord mathnormal\">t<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">crit<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">\u2309<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">7<\/span><\/span><\/span><\/span><\/eq> \u304c\u5fc5\u8981\u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">4<\/span><\/span><\/span><\/span><\/eq> \u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">0.25<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.16<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u6761\u4ef6\u3092\u6e80\u305f\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u53cd\u4f8b CEX-CRR-2: \u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u53d6\u308a\u65b9\u306f\u4e00\u610f\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n<p>THM-CRR-1 \u3067\u898b\u305f\u3088\u3046\u306b\u3001\u30e2\u30fc\u30e1\u30f3\u30c8\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u306e\u6761\u4ef6\u306f2\u672c\u3067\u672a\u77e5\u6570\u306f3\u3064\u3042\u308b\u305f\u3081\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u5916\u306e\u8ffd\u52a0\u6761\u4ef6\u3092\u9078\u3076\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002\u305f\u3068\u3048\u3070 Jarrow-Rudd\uff08JR\uff09\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/2<\/span><\/span><\/span><\/span><\/eq> \u3092\u8ffd\u52a0\u6761\u4ef6\u306b\u53d6\u308a\u3001<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.26em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0656em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mopen mtight\">(<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mbin mtight\">\u2212<\/span><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-2.931em;margin-right:0.0714em;\"><span class=\"pstrut\" style=\"height:2.5em;\"><\/span><span class=\"katex-sizing reset-size3 size1 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mtight\">\/2<\/span><span class=\"mclose mtight\">)<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><span class=\"mbin mtight\">+<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:2em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0656em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0656em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mopen mtight\">(<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mbin mtight\">\u2212<\/span><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8913em;\"><span style=\"top:-2.931em;margin-right:0.0714em;\"><span class=\"pstrut\" style=\"height:2.5em;\"><\/span><span class=\"katex-sizing reset-size3 size1 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mtight\">\/2<\/span><span class=\"mclose mtight\">)<\/span><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><span class=\"mbin mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9323em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">\u0394<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><span style=\"top:-2.8923em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1077em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3068\u3057\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u306a\u304f\u306a\u308a\u307e\u3059\u304c\u3001\u30e2\u30fc\u30e1\u30f3\u30c8\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u306e\u6761\u4ef6\u306f\u6e80\u305f\u3055\u308c\u307e\u3059\u3002\u305f\u3060\u3057\u4e0b\u306e\u8868\u306e JR \u4fa1\u683c\u306f\u3001\u3053\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3066\u88c1\u5b9a\u304c\u751f\u3058\u306a\u3044\u3088\u3046 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u3092 (3.4) \u3067\u8a08\u7b97\u3057\u76f4\u3057\u3066\u6c42\u3081\u3066\u3044\u307e\u3059\uff08\u305d\u306e\u5024\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/2<\/span><\/span><\/span><\/span><\/eq> \u306b\u3054\u304f\u8fd1\u304f\u306a\u308a\u307e\u3059\uff09\u3002<\/p>\n\n\n\n<p>\u3069\u3061\u3089\u306e\u53d6\u308a\u65b9\u3067\u3082\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord\">\u221e<\/span><\/span><\/span><\/span><\/eq> \u3067\u540c\u3058\u9023\u7d9a\u6642\u9593\u306e\u6975\u9650\u4fa1\u683c\u306b\u53ce\u675f\u3057\u307e\u3059\u3002\u3057\u304b\u3057<strong>\u6709\u9650\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u53ce\u675f\u306e\u901f\u3055\u306f\u7570\u306a\u308a\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.05<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u3067\u3001\u9023\u7d9a\u6642\u9593\u306e\u6975\u9650\u4fa1\u683c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">10.4506<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\u671f\u6570 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>CRR \u4fa1\u683c<\/th>\n<th>CRR \u8aa4\u5dee<\/th>\n<th>JR \u4fa1\u683c<\/th>\n<th>JR \u8aa4\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>10<\/td>\n<td>10.2534<\/td>\n<td>0.1972<\/td>\n<td>10.5257<\/td>\n<td>0.0751<\/td>\n<\/tr>\n<tr>\n<td>50<\/td>\n<td>10.4107<\/td>\n<td>0.0399<\/td>\n<td>10.4876<\/td>\n<td>0.0370<\/td>\n<\/tr>\n<tr>\n<td>200<\/td>\n<td>10.4406<\/td>\n<td>0.0100<\/td>\n<td>10.4453<\/td>\n<td>0.0052<\/td>\n<\/tr>\n<tr>\n<td>1000<\/td>\n<td>10.4486<\/td>\n<td>0.0020<\/td>\n<td>10.4522<\/td>\n<td>0.0016<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>CRR \u3068 JR \u306e\u3069\u3061\u3089\u3082\u53ce\u675f\u3057\u307e\u3059\u304c\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5c0f\u3055\u3044\u9818\u57df\u3067\u306f\u8aa4\u5dee\u306e\u5927\u304d\u3055\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u53d6\u308a\u65b9\u304c\u4e00\u610f\u3067\u306a\u3044\u3053\u3068\u306e\u5b9f\u8cea\u7684\u306a\u610f\u5473\u306f\u3001\u3053\u306e\u300c<strong>\u6709\u9650\u30b9\u30c6\u30c3\u30d7\u3067\u306e\u8fd1\u4f3c\u7cbe\u5ea6\u306e\u9055\u3044<\/strong>\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u53cd\u4f8b CEX-CRR-3: \u632f\u52d5\u3057\u306a\u304c\u3089\u53ce\u675f\u3059\u308b<\/h3>\n\n\n\n<p>\u300c\u671f\u6570\u3092\u5897\u3084\u305b\u3070\u4fa1\u683c\u306f\u5358\u8abf\u306b\u6b63\u3057\u3044\u5024\u306b\u8fd1\u3065\u304f\u300d\u3068\u671f\u5f85\u3059\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u5b9f\u969b\u306b\u306f\u305d\u3046\u306a\u308a\u307e\u305b\u3093\u3002CRR \u30e2\u30c7\u30eb\u306e\u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u30921\u305a\u3064\u5897\u3084\u3059\u3068<strong>\u632f\u52d5\u3057\u306a\u304c\u3089<\/strong>\u6975\u9650\u306b\u53ce\u675f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u4fa1\u683c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>10<\/td>\n<td>10.2534<\/td>\n<\/tr>\n<tr>\n<td>11<\/td>\n<td>10.6112<\/td>\n<\/tr>\n<tr>\n<td>12<\/td>\n<td>10.2859<\/td>\n<\/tr>\n<tr>\n<td>13<\/td>\n<td>10.5864<\/td>\n<\/tr>\n<tr>\n<td>14<\/td>\n<td>10.3091<\/td>\n<\/tr>\n<tr>\n<td>15<\/td>\n<td>10.5682<\/td>\n<\/tr>\n<tr>\n<td>20<\/td>\n<td>10.3513<\/td>\n<\/tr>\n<tr>\n<td>30<\/td>\n<td>10.3842<\/td>\n<\/tr>\n<tr>\n<td>50<\/td>\n<td>10.4107<\/td>\n<\/tr>\n<tr>\n<td>60<\/td>\n<td>10.4173<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u6975\u9650\u4fa1\u683c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">10.4506<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5947\u6570\u306e\u3068\u304d\u306b\u9ad8\u304f\u3001\u5076\u6570\u306e\u3068\u304d\u306b\u4f4e\u3044\u50be\u5411\u304c\u898b\u3089\u308c\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">10<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">60<\/span><\/span><\/span><\/span><\/eq> \u306e\u7bc4\u56f2\u3067\u3001\u9023\u7d9a\u3059\u308b\u671f\u6570\u9593\u306e\u4fa1\u683c\u5dee\u306e\u7b26\u53f7\u304c 49 \u56de\u5909\u308f\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u632f\u52d5\u304c\u8d77\u304d\u308b\u7406\u7531\u306f\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u306e\u5076\u5947\u306b\u3088\u3063\u3066\u884c\u4f7f\u4fa1\u683c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq> \u306b\u6700\u3082\u8fd1\u3044\u30c4\u30ea\u30fc\u306e\u30ce\u30fc\u30c9\u306e\u4f4d\u7f6e\u304c\u5909\u308f\u308b\u305f\u3081\u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5076\u6570\u306e\u3068\u304d\u3001\u30c4\u30ea\u30fc\u306e\u4e2d\u592e\u30ce\u30fc\u30c9\u306f\u3061\u3087\u3046\u3069 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.138em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.888em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\">n<\/span><span class=\"mord mtight\">\/2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u91cd\u306a\u308a\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5947\u6570\u306e\u3068\u304d\u3001\u4e2d\u592e\u306e\u30ce\u30fc\u30c9\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u305a\u308c\u307e\u3059\u3002\u3053\u306e\u300c\u305a\u308c\u300d\u304c\u4fa1\u683c\u306b\u5468\u671f\u7684\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u3001\u632f\u52d5\u3092\u5f15\u304d\u8d77\u3053\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u523b\u307f\u304c\u7c97\u3044\u3068\u78ba\u7387\u304c <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3092\u5916\u308c\u3066\u88c1\u5b9a\u304c\u751f\u3058\u307e\u3059\u3002\u30d1\u30e9\u30e1\u30fc\u30bf\u306e\u53d6\u308a\u65b9\u306f\u4e00\u610f\u3067\u306f\u306a\u304f\u3001\u53ce\u675f\u901f\u5ea6\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u671f\u6570\u3092\u5897\u3084\u3059\u3068\u304d\u3001\u4fa1\u683c\u306f\u632f\u52d5\u3057\u306a\u304c\u3089\u6975\u9650\u306b\u8fd1\u3065\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. \u6570\u5024\u4f8b \u2015 \u671f\u6570\u3092\u5897\u3084\u3057\u3066\u4fa1\u683c\u3092\u8ffd\u3046<\/h2>\n\n\n\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">100<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.05<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3067CRR \u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">50<\/span><\/span><\/span><\/span><\/eq> \u306e\u30d1\u30e9\u30e1\u30fc\u30bf<\/strong>:<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:4.624em;vertical-align:-2.062em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.562em;\"><span style=\"top:-4.774em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-3.062em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">u<\/span><\/span><\/span><span style=\"top:-1.35em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.062em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.562em;\"><span style=\"top:-4.774em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">0.02<\/span><\/span><\/span><span style=\"top:-3.062em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.052em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">0.2<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9128em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">0.02<\/span><\/span><\/span><span style=\"top:-2.8728em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1272em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">1.028688<\/span><\/span><\/span><span style=\"top:-1.35em;\"><span class=\"pstrut\" style=\"height:3.052em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.052em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mtight\">0.2<\/span><span class=\"mord sqrt mtight\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9128em;\"><span class=\"svg-align\" style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord mtight\" style=\"padding-left:0.833em;\"><span class=\"mord mtight\">0.02<\/span><\/span><\/span><span style=\"top:-2.8728em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"hide-tail mtight\" style=\"min-width:0.853em;height:1.08em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.08em\" viewBox=\"0 0 400000 1080\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M95,702\nc-2.7,0,-7.17,-2.7,-13.5,-8c-5.8,-5.3,-9.5,-10,-9.5,-14\nc0,-2,0.3,-3.3,1,-4c1.3,-2.7,23.83,-20.7,67.5,-54\nc44.2,-33.3,65.8,-50.3,66.5,-51c1.3,-1.3,3,-2,5,-2c4.7,0,8.7,3.3,12,10\ns173,378,173,378c0.7,0,35.3,-71,104,-213c68.7,-142,137.5,-285,206.5,-429\nc69,-144,104.5,-217.7,106.5,-221\nl0 -0\nc5.3,-9.3,12,-14,20,-14\nH400000v40H845.2724\ns-225.272,467,-225.272,467s-235,486,-235,486c-2.7,4.7,-9,7,-19,7\nc-6,0,-10,-1,-12,-3s-194,-422,-194,-422s-65,47,-65,47z\nM834 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1272em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord\">0.972112<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.062em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">1.028688<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.972112<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3053\u3068\u304c\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002CRR \u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u3046\u6761\u4ef6\u304c\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1\u671f\u9593\u306e\u6210\u9577\u7387\u3068\u78ba\u7387\u306f<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8641em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">e<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8641em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">0.05<\/span><span class=\"mbin mtight\">\u00d7<\/span><span class=\"mord mtight\">0.02<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1.001001<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0908em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1.028688<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">0.972112<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1.001001<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">0.972112<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.510614<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/eq> \u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/2<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u308f\u305a\u304b\u306b\u5927\u304d\u304f\u3001\u3053\u308c\u306f\u30c9\u30ea\u30d5\u30c8 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><\/span><\/span><\/span><\/eq> \u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u671f\u6570\u3092\u5909\u3048\u305f\u30b3\u30fc\u30eb\u4fa1\u683c<\/strong>:<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\u671f\u6570 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>CRR \u30b3\u30fc\u30eb\u4fa1\u683c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>10<\/td>\n<td>0.1<\/td>\n<td>10.2534<\/td>\n<\/tr>\n<tr>\n<td>50<\/td>\n<td>0.02<\/td>\n<td>10.4107<\/td>\n<\/tr>\n<tr>\n<td>200<\/td>\n<td>0.005<\/td>\n<td>10.4406<\/td>\n<\/tr>\n<tr>\n<td>1000<\/td>\n<td>0.001<\/td>\n<td>10.4486<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u6975\u9650\u4fa1\u683c\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">10.4506<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/eq> \u3092\u5897\u3084\u3059\u306b\u3064\u308c\u3066\u4fa1\u683c\u306f\u6975\u9650\u306b\u8fd1\u3065\u304d\u307e\u3059\u304c\u3001\u524d\u7bc0\u3067\u898b\u305f\u3088\u3046\u306b\u5358\u8abf\u3067\u306f\u306a\u304f\u632f\u52d5\u3092\u542b\u307f\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u78ba\u7387\u304c\u533a\u9593\u3092\u5916\u308c\u308b\u6761\u4ef6<\/strong>: <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.5<\/span><\/span><\/span><\/span><\/eq>, <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.2<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u81e8\u754c\u306e\u523b\u307f\u5e45\u306f<\/p>\n\n\n\n<section><eqn><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord\"><span class=\"mord mathnormal\">t<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\"><span class=\"mord mathrm mtight\">crit<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1771em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4911em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7401em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8141em;\"><span style=\"top:-3.063em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0074em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">0.25<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">0.04<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.16<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n<p>\u3067\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7719em;vertical-align:-0.136em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2265<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">7<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308c\u3070 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8193em;vertical-align:-0.136em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2264<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">1\/7<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2248<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">0.143<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&lt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.16<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7335em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2208<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u304c\u4fdd\u8a3c\u3055\u308c\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">4<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">0.25<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.16<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6835em;vertical-align:-0.0391em;\"><\/span><span class=\"mord\">1.1397<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">&gt;<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">50<\/span><\/span><\/span><\/span><\/eq> \u3067\u3082\u6975\u9650\u4fa1\u683c\u3068\u306e\u5dee\u306f\u7d04 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.04<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308a\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1000<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.002<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u7e2e\u307e\u308a\u307e\u3059\u3002\u5b9f\u7528\u4e0a\u306f\u6570\u767e\u30b9\u30c6\u30c3\u30d7\u3067\u5341\u5206\u306a\u7cbe\u5ea6\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. \u6b21\u56de\u3078 \u2015 \u6975\u9650\u3067\u4f55\u304c\u8d77\u304d\u308b\u306e\u304b<\/h2>\n\n\n\n<p>\u4eca\u56de\u306f\u3001\u4e8c\u9805\u30e2\u30c7\u30eb\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">u<\/span><\/span><\/span><\/span><\/eq> \u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/eq> \u304c\u9023\u7d9a\u6642\u9593\u306e\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u30e2\u30fc\u30e1\u30f3\u30c8\u3092\u5408\u308f\u305b\u308b\u3088\u3046\u306b\u9078\u3070\u308c\u308b\u3053\u3068\u3092\u898b\u307e\u3057\u305f\u3002\u671f\u6570\u3092\u5897\u3084\u3059\u3068\u4fa1\u683c\u306f\u632f\u52d5\u3057\u306a\u304c\u3089\u3082\u9023\u7d9a\u6642\u9593\u306e\u6975\u9650\u5024\u306b\u53ce\u675f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6b21\u56de\uff08\u7b2c54\u56de\uff09\u3067\u306f\u3001\u3053\u306e\u6975\u9650\u64cd\u4f5c\u3092\u3082\u3046\u5c11\u3057\u6398\u308a\u4e0b\u3052\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2192<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord\">\u221e<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u4e8c\u9805\u30e2\u30c7\u30eb\u306e\u5bfe\u6570\u53ce\u76ca\u7387\u306e\u5206\u5e03\u306f\u3069\u3046\u306a\u308b\u306e\u304b\u3002\u4e2d\u5fc3\u6975\u9650\u5b9a\u7406\u3092\u4f7f\u3063\u3066\u3001\u96e2\u6563\u30e2\u30c7\u30eb\u304c\u9023\u7d9a\u6642\u9593\u306e\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306b\u53ce\u675f\u3059\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u671f\u6570\u3092\u5897\u3084\u3059\u307b\u3069\u4e8c\u9805\u30e2\u30c7\u30eb\u306f\u9023\u7d9a\u6642\u9593\u30e2\u30c7\u30eb\u306b\u8fd1\u3065\u304d\u307e\u3059\u3002\u6b21\u56de\u3001\u305d\u306e\u6975\u9650\u306e\u6b63\u4f53\u3092\u4e2d\u5fc3\u6975\u9650\u5b9a\u7406\u3067\u660e\u3089\u304b\u306b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 1 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>u \u3068 d \u306e\u6c7a\u3081\u65b9\u306f1\u901a\u308a\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9055\u3044\u307e\u3059\u3002\u6761\u4ef6\u3092\u6e80\u305f\u3059\u53d6\u308a\u65b9\u306f\u8907\u6570\u3042\u308a\u307e\u3059\u3002CRR \u306f\u305d\u306e\u3046\u3061\u6271\u3044\u3084\u3059\u3044\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u671f\u6570\u306f\u3044\u304f\u3064\u306b\u3059\u308c\u3070\u3044\u3044\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6570\u767e\u3082\u3042\u308c\u3070\u5b9f\u7528\u4e0a\u306f\u5341\u5206\u3067\u3059\u3002\u5897\u3084\u3059\u307b\u3069\u6b63\u78ba\u306b\u306a\u308a\u307e\u3059\u304c\u8a08\u7b97\u6642\u9593\u3082\u5897\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u78ba\u7387\u304c1\u3092\u8d85\u3048\u305f\u3089\u3069\u3046\u306a\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u30c4\u30ea\u30fc\u306b\u306f\u88c1\u5b9a\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u523b\u307f\u3092\u7d30\u304b\u304f\u3059\u308b\u304b\u3001\u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u898b\u76f4\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n\n<li>Cox J. C.\u3001Ross S. A. and Rubinstein M.\u3001Option Pricing \u2015 A Simplified Approach\u3001Journal of Financial Economics\u30011979\u5e74\u3001DOI 10.1016\/0304-405X(79)90015-1<\/li>\n\n\n<li>Hull J. C.\u3001Options Futures and Other Derivatives\u3001\u7b2c11\u7248\u3001Pearson\u30012021\u5e74<\/li>\n\n<\/ol>\n\n","protected":false},"excerpt":{"rendered":"<p>\u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c53\u56de \/ \u524d\u63d0: \u7b2c32\u56de\u3001\u7b2c51\u56de \/ \u6570\u5b66\u7de8: M2 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304b\u3089\u4e8c\u9805\u30c4\u30ea\u30fc\u306e\u4e0a\u6607\u7387\u3068\u4e0b\u843d\u7387\u3092\u6c7a\u3081\u3001\u305d\u306e\u30c4\u30ea\u30fc\u304c\u4f7f\u3048\u308b\u523b\u307f\u306e\u6761\u4ef6\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b 0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":209151,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[164],"class_list":["post-208423","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<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c53\u56de \/ \u524d\u63d0: \u7b2c32\u56de\u3001\u7b2c51\u56de \/ \u6570\u5b66\u7de8: M2 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"\u6c34\u91ce\u502b\u592a\u90ce\"\/>\n\t<link rel=\"canonical\" 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