{"id":208574,"date":"2026-10-03T18:10:00","date_gmt":"2026-10-03T09:10:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208574"},"modified":"2026-09-25T19:37:05","modified_gmt":"2026-09-25T10:37:05","slug":"option-arbitrage-bounds","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/option-arbitrage-bounds\/","title":{"rendered":"\u7b2c50\u56de \u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u88c1\u5b9a\u5883\u754c \u2015 \u30e2\u30c7\u30eb\u306a\u3057\u3067\u3053\u3053\u307e\u3067\u8a00\u3048\u308b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c50\u56de \/ \u524d\u63d0: \u7b2c48\u56de\u3001\u7b2c49\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u63d0\u793a\u4fa1\u683c\u304c\u3001\u3069\u3093\u306a\u30e2\u30c7\u30eb\u3067\u3082\u8a31\u3055\u308c\u306a\u3044\u7bc4\u56f2\u306b\u5165\u3063\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u51f8\u6027\u304c\u5d29\u308c\u305f\u4fa1\u683c\u306e\u4e26\u3073<\/h2>\n\n\n\n

\u624b\u5143\u306b\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u8868\u304c\u3042\u3063\u3066\u3001\u540c\u3058\u682a\u3001\u540c\u3058\u6e80\u671f\u3067\u3001\u884c\u4f7f\u4fa1\u683c\u3060\u3051\u304c\u9055\u30463\u3064\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u4e26\u3093\u3067\u3044\u308b\u3068\u3057\u307e\u3059\u3002\u884c\u4f7f\u4fa1\u683c90\u306e\u30b3\u30fc\u30eb\u304c18\u3001\u884c\u4f7f\u4fa1\u683c100\u306e\u30b3\u30fc\u30eb\u304c12\u3001\u884c\u4f7f\u4fa1\u683c110\u306e\u30b3\u30fc\u30eb\u304c5\u3067\u3059\u3002<\/p>\n\n\n\n

\u3071\u3063\u3068\u898b\u308b\u3068\u3001\u884c\u4f7f\u4fa1\u683c\u304c\u9ad8\u3044\u307b\u3069\u5024\u6bb5\u304c\u5b89\u304f\u306a\u3063\u3066\u3044\u3066\u3001\u7279\u306b\u304a\u304b\u3057\u304f\u306f\u898b\u3048\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u3042\u308b\u6027\u8cea\u3092\u8abf\u3079\u308b\u3068\u3001\u3053\u306e3\u3064\u306e\u4fa1\u683c\u306f\u5171\u5b58\u3067\u304d\u306a\u3044\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u305d\u306e\u6027\u8cea\u3068\u306f\u300c\u51f8\u6027\u300d\u3067\u3059\u3002\u65e5\u672c\u8a9e\u3067\u8a00\u3048\u3070\u3001\u771f\u3093\u4e2d\u306e\u884c\u4f7f\u4fa1\u683c\u306e\u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u3001\u4e21\u7aef\u306e\u4fa1\u683c\u3092\u6df7\u305c\u305f\u5024\u3088\u308a\u3082\u9ad8\u304f\u306a\u3063\u3066\u306f\u3044\u3051\u306a\u3044\u3001\u3068\u3044\u3046\u30eb\u30fc\u30eb\u3067\u3059\u3002\u884c\u4f7f\u4fa1\u683c100\u306f90\u3068110\u306e\u3061\u3087\u3046\u3069\u771f\u3093\u4e2d\u3067\u3059\u304b\u3089\u3001\u4e21\u7aef\u306e\u4fa1\u683c\u3092\u534a\u3005\u3067\u6df7\u305c\u308b\u306811.5\u306b\u306a\u308a\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u771f\u3093\u4e2d\u306e\u30b3\u30fc\u30eb\u306f12\u3067\u58f2\u3089\u308c\u3066\u3044\u307e\u3059\u300211.5\u3092\u8d85\u3048\u3066\u3057\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e0.5\u306e\u305a\u308c\u306f\u3001\u682a\u304c\u3053\u306e\u5148\u3069\u3046\u52d5\u304f\u304b\u3068\u306f\u7121\u95a2\u4fc2\u306b\u3001\u78ba\u5b9a\u3057\u305f\u5229\u76ca\u306b\u5909\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4e21\u7aef\u306e\u30b3\u30fc\u30eb\u30921\u679a\u305a\u3064\u8cb7\u3044\u3001\u771f\u3093\u4e2d\u306e\u30b3\u30fc\u30eb\u30922\u679a\u58f2\u308b\u3068\u3001\u6700\u521d\u306b1\u306e\u73fe\u91d1\u304c\u624b\u306b\u5165\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u6e80\u671f\u306b\u3044\u304f\u3089\u306b\u306a\u3063\u3066\u3044\u3066\u3082\u3001\u652f\u6255\u3044\u304c\u53d7\u3051\u53d6\u308a\u3092\u4e0a\u56de\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u682a\u4fa1\u304c\u3069\u3053\u306b\u7740\u5730\u3057\u3066\u3082\u640d\u3092\u3057\u306a\u3044\u4e0a\u306b\u3001\u6700\u521d\u306e1\u306f\u305d\u306e\u307e\u307e\u6b8b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3064\u307e\u308a\u3001\u682a\u306e\u4e88\u60f3\u3092\u307e\u3063\u305f\u304f\u3057\u306a\u304f\u3066\u3082\u3001\u4fa1\u683c\u306e\u4e26\u3073\u3060\u3051\u3092\u898b\u3066\u300c\u3053\u308c\u306f\u304a\u304b\u3057\u3044\u300d\u3068\u5206\u304b\u308a\u3001\u78ba\u5b9f\u306b\u5229\u76ca\u3092\u53d6\u308b\u65b9\u6cd5\u304c\u5b58\u5728\u3059\u308b\u306e\u3067\u3059\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u4fa1\u683c\u304c\u3069\u306e\u7bc4\u56f2\u306b\u3042\u308c\u3070\u300c\u304a\u304b\u3057\u304f\u306a\u3044\u300d\u306e\u304b\u3001\u305d\u306e\u5e2f\u3092\u6570\u5f0f\u3067\u6b63\u78ba\u306b\u66f8\u304d\u4e0b\u3057\u307e\u3059\u3002\u5e2f\u3092\u5916\u308c\u305f\u4fa1\u683c\u304c1\u3064\u3067\u3082\u3042\u308c\u3070\u3001\u4eca\u306e\u4f8b\u306e\u3088\u3046\u306b\u3001\u682a\u304c\u3069\u3046\u52d5\u304f\u304b\u306b\u95a2\u4fc2\u306a\u304f\u5229\u76ca\u3092\u53d6\u308c\u308b\u58f2\u8cb7\u304c\u5fc5\u305a\u4f5c\u308c\u308b\u3053\u3068\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u5206\u5e03\u3092\u4eee\u5b9a\u305b\u305a\u306b\u3069\u3053\u307e\u3067\u8a00\u3048\u308b\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u63d0\u793a\u4fa1\u683c\u304c\u3001\u3069\u3093\u306a\u30e2\u30c7\u30eb\u3067\u3082\u8a31\u3055\u308c\u306a\u3044\u7bc4\u56f2\u306b\u5165\u3063\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b\u306b\u306f\u30e2\u30c7\u30eb\u304c\u8981\u308b\u3001\u3068\u601d\u308f\u308c\u304c\u3061\u3067\u3059\u3002\u3057\u304b\u3057\u30e2\u30c7\u30eb\u3092\u4e00\u5207\u4f7f\u308f\u305a\u3001\u7121\u88c1\u5b9a\u3060\u3051\u304b\u3089<\/strong>\u4fa1\u683c\u304c\u6e80\u305f\u3059\u3079\u304d\u4e0d\u7b49\u5f0f\u3092\u3044\u304f\u3064\u3082\u5c0e\u3051\u307e\u3059\u3002\u3082\u3057\u5e02\u5834\u4fa1\u683c\u304c\u3053\u306e\u5e2f\u3092\u5916\u308c\u3066\u3044\u308c\u3070\u3001\u5206\u5e03\u306e\u5f62\u306b\u3088\u3089\u305a\u78ba\u5b9a\u5229\u76ca\u304c\u53d6\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f\u3001\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u4fa1\u683c\u304c\u3069\u306e\u7bc4\u56f2\u306b\u3042\u308b\u3079\u304d\u304b\u30923\u3064\u306e\u5b9a\u7406\u3067\u793a\u3057\u307e\u3059\u3002\u4f7f\u3046\u306e\u306f\u300c\u88c1\u5b9a\u304c\u5b58\u5728\u3057\u306a\u3044\u300d\u3068\u3044\u3046\u4eee\u5b9a\u3060\u3051\u3067\u3059\u3002\u539f\u8cc7\u7523\u304c\u3069\u3093\u306a\u5206\u5e03\u306b\u5f93\u3046\u304b\u306f\u4e00\u5207\u4eee\u5b9a\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n
    \n\n
  • THM-AB-1<\/strong> \u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u3092\u4e0a\u9650\u3068\u3057\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304b\u3089\u884c\u4f7f\u4fa1\u683c\u306e\u5272\u5f15\u5024\u3092\u5f15\u3044\u305f\u91cf\u3068 0 \u306e\u5927\u304d\u3044\u307b\u3046\u3092\u4e0b\u9650\u3068\u3057\u307e\u3059\u3002<\/li>\n\n\n
  • THM-AB-2<\/strong> \u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u884c\u4f7f\u4fa1\u683c\u306b\u3064\u3044\u3066\u5e83\u7fa9\u5358\u8abf\u6e1b\u5c11\u3067\u3042\u308a\u3001\u304b\u3064\u51f8\u3067\u3059\u3002<\/li>\n\n\n
  • THM-AB-3<\/strong> \u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u306e\u4fa1\u683c\u306f\u6e80\u671f\u304c\u9577\u3044\u307b\u3069\u9ad8\u304f\u3001\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u3067\u3082\u914d\u5f53\u304c\u7121\u3051\u308c\u3070\u540c\u69d8\u3067\u3059\u3002<\/li>\n\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u30e2\u30c7\u30eb\u30d5\u30ea\u30fc\u306e\u524d\u63d0<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3060\u3051\u3092\u7f6e\u304d\u307e\u3059\u3002\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u904e\u7a0b\u306e\u5206\u5e03\u306b\u306f\u4f55\u3082\u4eee\u5b9a\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

      \n
    • \u30aa\u30d7\u30b7\u30e7\u30f3\u578b<\/strong>: \u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u578b\u3002\u30a2\u30e1\u30ea\u30ab\u30f3\u578b\u306b\u89e6\u308c\u308b\u7b87\u6240\u306f\u305d\u306e\u90fd\u5ea6\u660e\u793a\u3057\u307e\u3059\u3002<\/li>\n
    • \u914d\u5f53<\/strong>: \u306a\u3057\uff08\u914d\u5f53\u306e\u5f71\u97ff\u306f\u53cd\u4f8b CEX-AB-3 \u3067\u78ba\u8a8d\u3057\u307e\u3059\uff09\u3002<\/li>\n
    • \u91d1\u5229<\/strong>: \u78ba\u5b9a\u3057\u305f\u9023\u7d9a\u8907\u5229 <\/span>r<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306e\u5272\u5f15\u4fc2\u6570\u306f <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6570\u5024\u4f8b\u3067\u306f\u7c21\u5358\u306e\u305f\u3081 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u8fd1\u4f3c\u3092\u4f7f\u3044\u307e\u3059\u3002<\/li>\n
    • \u6469\u64e6\u306a\u3057<\/strong>: \u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u7a0e\u3001\u7a7a\u58f2\u308a\u5236\u7d04\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4efb\u610f\u306e\u5b9f\u6570\u5358\u4f4d\u3067\u58f2\u8cb7\u3067\u304d\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

      \u3053\u3053\u304b\u3089\u5148\u3001\u30b3\u30fc\u30eb\u4fa1\u683c\u3092 <\/span>C<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3001\u30d7\u30c3\u30c8\u4fa1\u683c\u3092 <\/span>P<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u3092 <\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3001\u884c\u4f7f\u4fa1\u683c\u3092 <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3068\u66f8\u304d\u307e\u3059\u3002\u6642\u523b <\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u73fe\u5728\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u3053\u308c\u3089\u306e\u524d\u63d0\u306e\u3082\u3068\u3001\u300c\u88c1\u5b9a\u304c\u5b58\u5728\u3057\u306a\u3044\u300d\u3068\u3044\u3046\u4e00\u3064\u306e\u6761\u4ef6\u3060\u3051\u3067\u3001\u4fa1\u683c\u306e\u4e0a\u4e0b\u9650\u30fb\u5358\u8abf\u6027\u30fb\u51f8\u6027\u304c\u5168\u3066\u5c0e\u3051\u307e\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u4fa1\u683c\u306f\u5fc5\u305a\u3053\u306e\u5e2f\u306e\u4e2d\u306b\u3042\u308b<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-AB-1\uff08\u57fa\u672c\u7684\u306a\u4e0a\u4e0b\u9650\uff09<\/strong>\n\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u306e\u4fa1\u683c <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6b21\u3092\u6e80\u305f\u3059\u3002<\/p>\n

      <\/span>max<\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30d7\u30c3\u30c8\u306e\u4fa1\u683c <\/span>P<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6b21\u3092\u6e80\u305f\u3059\u3002<\/p>\n

      <\/span>max<\/span>(<\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>P<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section><\/blockquote>\n\n\n\n
      \n

      \u5b9a\u7406 THM-AB-2\uff08\u884c\u4f7f\u4fa1\u683c\u306b\u3064\u3044\u3066\u306e\u5358\u8abf\u6027\u3068\u51f8\u6027\uff09<\/strong>\n<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3001\u540c\u3058\u539f\u8cc7\u7523\u30fb\u540c\u3058\u6e80\u671f\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u6b21\u3092\u6e80\u305f\u3059\u3002<\/p>\n

      \uff08\u5358\u8abf\u6027\uff09<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3002<\/p>\n

      \uff08\u51f8\u6027\uff09<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>\u03bb<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>\u03bb<\/span><\/span>\u2208<\/span><\/span><\/span><\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u3068\u304d\u3001<\/p>\n

      <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>\u03bb<\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section><\/blockquote>\n\n\n\n
      \n

      \u5b9a\u7406 THM-AB-3\uff08\u6e80\u671f\u306b\u3064\u3044\u3066\u306e\u5358\u8abf\u6027\uff09<\/strong>\n\u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb <\/span>C<\/span><\/span>Am<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u3001<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u3070 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>Am<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>Am<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3002\n\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u3067\u306f\u3001\u914d\u5f53\u304c\u7121\u3044\u5834\u5408\u306b\u3053\u306e\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3064\u3002<\/p>\n<\/blockquote>\n\n\n\n

      3\u3064\u306e\u5b9a\u7406\u306f\u3044\u305a\u308c\u3082\u300c\u5883\u754c\u3092\u7834\u308b\u4fa1\u683c\u304c\u5b58\u5728\u3059\u308c\u3070\u88c1\u5b9a\u3092\u69cb\u6210\u3067\u304d\u308b\u300d\u3068\u3044\u3046\u80cc\u7406\u6cd5\u3067\u8a3c\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

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

      4. \u8a3c\u660e \u2015 \u5883\u754c\u3092\u7834\u308b\u4fa1\u683c\u304b\u3089\u88c1\u5b9a\u3092\u4f5c\u308b<\/h2>\n

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

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

      \u4e0a\u9650 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u8a3c\u660e\u3002<\/strong> \u30b3\u30fc\u30eb\u4fa1\u683c\u304c\u539f\u8cc7\u7523\u4fa1\u683c\u3092\u8d85\u3048\u3066\u3044\u308b\u3001\u3064\u307e\u308a <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u4eee\u5b9a\u3057\u3066\u88c1\u5b9a\u3092\u69cb\u6210\u3057\u307e\u3059\u3002<\/p>\n

      \u30b3\u30fc\u30eb\u30921\u679a\u58f2\u308a\u3001\u539f\u8cc7\u7523\u30921\u5358\u4f4d\u8cb7\u3044\u307e\u3059\u3002\u6642\u523b0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f<\/p>\n

      <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002\u3053\u308c\u3092\u5b89\u5168\u8cc7\u7523\u306b\u7f6e\u304d\u307e\u3059\u3002\u6e80\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5834\u5408\u5206\u3051\u3057\u307e\u3059\u3002<\/p>\n

      <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u30b3\u30fc\u30eb\u304c\u884c\u4f7f\u3055\u308c\u308b\u306e\u3067\u539f\u8cc7\u7523\u3092\u5f15\u304d\u6e21\u3057\u3066 <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u624b\u5143\u306b\u306f <\/span>K<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068\u5b89\u5168\u8cc7\u7523\u306e\u5229\u606f\u304c\u6b8b\u308a\u307e\u3059\u3002<\/p>\n

      <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u30b3\u30fc\u30eb\u306f\u7121\u4fa1\u5024\u3067\u3059\u3002\u624b\u5143\u306b\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u539f\u8cc7\u7523\u3068\u5b89\u5168\u8cc7\u7523\u306e\u5229\u606f\u304c\u6b8b\u308a\u307e\u3059\u3002<\/p>\n

      \u3069\u3061\u3089\u306e\u5834\u5408\u3082\u6e80\u671f\u306e\u4fa1\u5024\u306f\u975e\u8ca0\u3067\u3042\u308a\u3001\u6642\u523b0\u306b\u6b63\u306e\u91d1\u984d\u3092\u53d7\u3051\u53d6\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u88c1\u5b9a\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n

      \u4e0b\u9650 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u8a3c\u660e\u3002<\/strong> <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u6b21\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u307e\u3059\u3002<\/p>\n

        \n
      • \u30b3\u30fc\u30eb\u30921\u679a\u8cb7\u3046\uff08<\/span>\u2212<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff09<\/li>\n
      • \u539f\u8cc7\u7523\u30921\u5358\u4f4d\u7a7a\u58f2\u308a\u3059\u308b\uff08<\/span>+<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff09<\/li>\n
      • <\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u5b89\u5168\u8cc7\u7523\u306b\u7f6e\u304f\uff08<\/span>\u2212<\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq>\uff09<\/li>\n<\/ul>\n

        \u6642\u523b0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f <\/span>\u2212<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3053\u308c\u304c\u6b63\u3067\u3042\u308b\u3053\u3068\u304c\u4eee\u5b9a\u304b\u3089\u5f93\u3044\u307e\u3059\u3002<\/p>\n

        \u6e80\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u5b89\u5168\u8cc7\u7523\u306f <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306b\u6210\u9577\u3057\u307e\u3059\u3002<\/p>\n

        <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u30b3\u30fc\u30eb\u3092\u884c\u4f7f\u3057\u3066 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u7a7a\u58f2\u308a\u3092 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u8fd4\u6e08\u3057\u3001\u5b89\u5168\u8cc7\u7523\u304b\u3089 <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u5408\u8a08\u306f <\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

        <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u30b3\u30fc\u30eb\u306f\u7121\u4fa1\u5024\u3067\u3059\u3002\u7a7a\u58f2\u308a\u3092 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u8fd4\u6e08\u3057\u3001\u5b89\u5168\u8cc7\u7523\u304b\u3089 <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u5408\u8a08\u306f <\/span>\u2212<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

        \u3069\u3061\u3089\u3082\u975e\u8ca0\u3067\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u306f\u6b63\u3067\u3059\u3002\u6642\u523b0\u306b\u65e2\u306b\u6b63\u306e\u91d1\u984d\u3092\u53d7\u3051\u53d6\u3063\u3066\u3044\u308b\u306e\u3067\u88c1\u5b9a\u3067\u3059\u3002\u3088\u3063\u3066 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3002<\/p>\n

        \u4e0b\u9650 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u793a\u3057\u307e\u3059\u3002<\/strong> \u30b3\u30fc\u30eb\u306f\u6e80\u671f\u306b\u975e\u8ca0\u306e\u30da\u30a4\u30aa\u30d5\u3057\u304b\u751f\u307e\u306a\u3044\u306e\u3067\u3001\u305d\u306e\u6a29\u5229\u306e\u4fa1\u5024\u306f\u8ca0\u306b\u306a\u308a\u307e\u305b\u3093\uff08\u30bf\u30c0\u3067\u3082\u3089\u3048\u308b\u306a\u3089\u5fc5\u305a\u3082\u3089\u3044\u307e\u3059\uff09\u3002<\/p>\n

        2\u3064\u306e\u4e0b\u9650\u3092\u5408\u308f\u305b\u3066 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n

        \u30d7\u30c3\u30c8\u306e\u4e0a\u4e0b\u9650<\/strong>\u3082\u540c\u69d8\u306b\u793a\u305b\u307e\u3059\u3002\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5 <\/span>max<\/span>(<\/span>K<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u6700\u5927\u5024\u306f <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u30d7\u30c3\u30c8\u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u8d85\u3048\u307e\u305b\u3093\u3002\u4e0b\u9650\u306f\u3001\u30d7\u30c3\u30c8\u3092\u8cb7\u3044\u30fb\u539f\u8cc7\u7523\u3092\u8cb7\u3044\u30fb<\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u501f\u308a\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u69cb\u6210\u3067\u304d\u307e\u3059\u3002 \u220e<\/p>\n

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

        \u5358\u8abf\u6027\u306e\u8a3c\u660e\u3002<\/strong> <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5\u306f\u3001\u4efb\u610f\u306e <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3066\u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5\u4ee5\u4e0a\u3067\u3059\u3002<\/p>\n

        <\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u3053\u308c\u306f <\/span>\u2212<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u76f4\u3061\u306b\u5f93\u3044\u307e\u3059\u3002\u30da\u30a4\u30aa\u30d5\u304c\u5e38\u306b\u5927\u304d\u3044\u306e\u306b\u4fa1\u683c\u304c\u5b89\u3044\uff08<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068\u3059\u308c\u3070\u3001<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092\u8cb7\u3044 <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092\u58f2\u308b\u3053\u3068\u3067\u3001\u6642\u523b0\u306b\u6b63\u306e\u53ce\u5165\u3092\u5f97\u3066\u6e80\u671f\u306b\u975e\u8ca0\u306e\u30da\u30a4\u30aa\u30d5\u3092\u53d7\u3051\u53d6\u308c\u307e\u3059\u3002\u88c1\u5b9a\u306a\u306e\u3067\u3001<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

        \u51f8\u6027\u306e\u8a3c\u660e\u3002<\/strong> <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>\u03bb<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>0<\/span><\/span><<\/span><\/span><\/span><\/span>\u03bb<\/span><\/span><<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068\u3057\u307e\u3059\u3002\u51f8\u6027\u304c\u7834\u308c\u3066\u3044\u308b\u3001\u3064\u307e\u308a<\/p>\n

        <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>\u03bb<\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span>(<\/span>4.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u6b21\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u307e\u3059\u3002<\/p>\n

          \n
        • \u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092 <\/span>\u03bb<\/span><\/span><\/span><\/span><\/eq> \u679a\u8cb7\u3046<\/li>\n
        • \u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092 <\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u679a\u8cb7\u3046<\/li>\n
        • \u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u30921\u679a\u58f2\u308b<\/li>\n<\/ul>\n

          \u6642\u523b0\u306e\u30b3\u30b9\u30c8\u306f <\/span>\u03bb<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3064\u307e\u308a\u6b63\u306e\u91d1\u984d\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/p>\n

          \u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u30da\u30a4\u30aa\u30d5\u95a2\u6570 <\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u51f8\u3067\u3059\uff08\u6298\u308c\u7dda\u306e\u52a0\u91cd\u5e73\u5747\u306f\u6298\u308c\u7dda\u4ee5\u4e0b\uff09\u3002\u3057\u305f\u304c\u3063\u3066\u4efb\u610f\u306e <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3066<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u03bb<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>0<\/span>)<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3053\u306e\u4e0d\u7b49\u5f0f\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u7bc4\u56f2\u3067\u5834\u5408\u5206\u3051\u3057\u307e\u3059\u3002<\/p>\n

          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u30013\u3064\u3068\u3082 0 \u3067\u3059\u3002\u5de6\u8fba <\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span><\/eq> \u53f3\u8fba\u3002<\/p>\n

          <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5de6\u8fba <\/span>=<\/span><\/span><\/span><\/span>\u03bb<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span><\/eq> \u53f3\u8fba\u3002<\/p>\n

          <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5de6\u8fba <\/span>=<\/span><\/span><\/span><\/span>\u03bb<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3001\u53f3\u8fba <\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3002\u5dee\u306f<\/p>\n

          <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u03bb<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>\u03bb<\/span>)<\/span>(<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span>0.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u975e\u8ca0\u3067\u3059\u3002<\/p>\n

          <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5de6\u8fba <\/span>=<\/span><\/span><\/span><\/span>\u03bb<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03bb<\/span>)<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/eq> \u53f3\u8fba\u3002<\/p>\n

          \u5168\u3066\u306e\u5834\u5408\u3067\u5de6\u8fba <\/span>\u2265<\/span><\/span><\/span><\/span><\/eq> \u53f3\u8fba\u3067\u3059\u3002\u3064\u307e\u308a\u6e80\u671f\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4fa1\u5024\u306f\u5e38\u306b\u975e\u8ca0\u3067\u3059\u3002\u6642\u523b0\u306b\u6b63\u306e\u91d1\u984d\u3092\u53d7\u3051\u53d6\u308a\u3001\u6e80\u671f\u306b\u640d\u5931\u304c\u306a\u3044\u306e\u3067\u88c1\u5b9a\u3067\u3059\u3002(4.1) \u306f\u6210\u308a\u7acb\u3061\u307e\u305b\u3093\u3002 \u220e<\/p>\n

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

          \u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u306e\u5834\u5408\u3002<\/strong> <\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u6e80\u671f <\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u306f\u3001<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u6642\u70b9\u3067\u884c\u4f7f\u3059\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002\u3064\u307e\u308a\u6e80\u671f <\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u3067\u3067\u304d\u308b\u3053\u3068\u306f\u5168\u3066\u3001\u6e80\u671f <\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u3067\u3082\u3067\u304d\u307e\u3059\u3002\u9078\u629e\u80a2\u304c\u5e83\u3044\u307b\u3046\u304c\u4fa1\u5024\u306f\u9ad8\u3044\u306e\u3067\u3001<\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>Am<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>Am<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

          \u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\uff08\u914d\u5f53\u306a\u3057\uff09\u306e\u5834\u5408\u3002<\/strong> \u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u306b\u306f\u65e9\u671f\u884c\u4f7f\u306e\u6a29\u5229\u304c\u306a\u3044\u305f\u3081\u3001\u4e0a\u306e\u8b70\u8ad6\u306f\u305d\u306e\u307e\u307e\u4f7f\u3048\u307e\u305b\u3093\u3002\u4ee3\u308f\u308a\u306b THM-AB-1 \u306e\u4e0b\u9650\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n

          \u914d\u5f53\u304c\u306a\u3044\u5834\u5408\u3001\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u306e\u4e0b\u9650\u306f <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>T<\/span><\/span><\/span><\/span><\/eq> \u304c\u5927\u304d\u3044\u307b\u3069 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u5c0f\u3055\u304f\u306a\u308b\u306e\u3067\u3001<\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3082\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u4e0b\u9650 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5897\u52a0\u3057\u307e\u3059\u3002<\/p>\n

          \u3082\u3057 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308c\u3070\u3001\u6e80\u671f <\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092\u8cb7\u3044\u3001\u6e80\u671f <\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u3092\u58f2\u308a\u307e\u3059\u3002\u6642\u523b0\u306b <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u6642\u523b <\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u58f2\u3063\u305f\u30b3\u30fc\u30eb\u306e\u6c7a\u6e08\u304c\u5fc5\u8981\u3067\u3059\u304c\u3001\u914d\u5f53\u304c\u306a\u3051\u308c\u3070\u3001\u6642\u523b <\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u898b\u305f\u6e80\u671f <\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u306e\u4fa1\u5024\u306f THM-AB-1 \u3088\u308a\u5c11\u306a\u304f\u3068\u3082 <\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>r<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a <\/span>D<\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u3053\u308c\u306f <\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0a\u3067\u3059\u3002\u3053\u308c\u306f\u58f2\u3063\u305f\u30b3\u30fc\u30eb\u306e\u652f\u6255\u3044 <\/span>max<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>,<\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0a\u306a\u306e\u3067\u3001\u640d\u5931\u306f\u751f\u3058\u307e\u305b\u3093\u3002<\/p>\n

          \u3088\u3063\u3066\u914d\u5f53\u306a\u3057\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u3067\u3082 <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>T<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002 \u220e<\/p>\n

          \u5404\u5b9a\u7406\u306e\u8a3c\u660e\u306f\u5168\u3066\u540c\u3058\u69cb\u9020\u3067\u3059\u3002\u300c\u5883\u754c\u3092\u7834\u308b\u4fa1\u683c\u304c\u5b58\u5728\u3059\u308b\u300d\u3068\u4eee\u5b9a\u3057\u3001\u5177\u4f53\u7684\u306a\u58f2\u8cb7\u306e\u7d44\u3092\u4f5c\u308a\u3001\u6642\u523b0\u306b\u6b63\u306e\u53d7\u53d6\u3001\u6e80\u671f\u306b\u975e\u8ca0\u306e\u4fa1\u5024\u3092\u793a\u3057\u3066\u88c1\u5b9a\u306b\u3059\u308b\u3002\u539f\u8cc7\u7523\u306e\u5206\u5e03\u306f\u4e00\u5207\u4f7f\u3044\u307e\u305b\u3093\u3002<\/p>\n<\/details>\n\n\n\n

          5. \u53cd\u4f8b \u2015 \u51f8\u6027\u304c\u7834\u308c\u308b\u3068\u30d0\u30bf\u30d5\u30e9\u30a4\u3067\u53d6\u308c\u308b<\/h2>\n\n\n\n

          CEX-AB-1: \u4e0a\u9650\u3092\u8d85\u3048\u308b\u4fa1\u683c\u304b\u3089\u78ba\u5b9a\u5229\u76ca\u3092\u53d6\u308b<\/h3>\n\n\n\n

          <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u5272\u5f15\u4fc2\u6570\u306f <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0.9524<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          \u30b3\u30fc\u30eb\u306e\u4e0a\u4e0b\u9650\u306f<\/p>\n\n\n\n

          <\/span>4.7619<\/span><\/span>\u2264<\/span><\/span><\/span><\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u3067\u3059\uff08\u4e0b\u9650\u306f <\/span>100\/21<\/span><\/span><\/span><\/span><\/eq> \u306e\u53b3\u5bc6\u5024\uff09\u3002<\/p>\n\n\n\n

          \u4e0a\u9650\u3092\u8d85\u3048\u308b\u5834\u5408\u3002<\/strong> \u4eee\u306b\u30b3\u30fc\u30eb\u4fa1\u683c\u304c <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u305f\u3068\u3057\u307e\u3059\u3002\u30b3\u30fc\u30eb\u3092\u58f2\u308a\u3001\u682a\u3092\u8cb7\u3044\u307e\u3059\u3002\u6642\u523b0\u306e\u53d7\u53d6\u306f<\/p>\n\n\n\n

          <\/span>105<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>100<\/span><\/span>=<\/span><\/span><\/span><\/span>5.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u6e80\u671f\u306b\u306f\u3001\u30b3\u30fc\u30eb\u304c\u884c\u4f7f\u3055\u308c\u308c\u3070\u682a\u3092\u6e21\u3057\u3066 <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u884c\u4f7f\u3055\u308c\u306a\u3051\u308c\u3070\u682a\u3092\u6301\u3061\u7d9a\u3051\u307e\u3059\u3002\u3069\u3061\u3089\u3082\u975e\u8ca0\u3067\u3059\u30025 \u304c\u78ba\u5b9a\u5229\u76ca\u3067\u3059\u3002<\/p>\n\n\n\n

          \u4e0b\u9650\u3092\u4e0b\u56de\u308b\u5834\u5408\u3002<\/strong> \u4eee\u306b <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u305f\u3068\u3057\u307e\u3059\u3002\u4e0b\u9650 <\/span>4.7619<\/span><\/span><\/span><\/span><\/eq> \u3092\u4e0b\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u30b3\u30fc\u30eb\u3092\u8cb7\u3044\u3001\u682a\u3092\u7a7a\u58f2\u308a\u3057\u3001<\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>95.2381<\/span><\/span><\/span><\/span><\/eq> \u3092\u5b89\u5168\u8cc7\u7523\u306b\u7f6e\u304d\u307e\u3059\u3002\u6642\u523b0\u306e\u53d7\u53d6\u306f<\/p>\n\n\n\n

          <\/span>\u2212<\/span>2<\/span><\/span>+<\/span><\/span><\/span><\/span>100<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>95.2381<\/span><\/span>=<\/span><\/span><\/span><\/span>2.7619<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u3067\u3059\uff08\u53b3\u5bc6\u5024 <\/span>58\/21<\/span><\/span><\/span><\/span><\/eq>\uff09\u3002\u6e80\u671f\u306e\u4fa1\u5024\u306f\u3001\u8a3c\u660e\u3067\u793a\u3057\u305f\u901a\u308a\u3069\u306e\u5834\u5408\u3082\u975e\u8ca0\u3067\u3059\u30022.7619 \u304c\u78ba\u5b9a\u5229\u76ca\u3067\u3059\u3002<\/p>\n\n\n\n

          CEX-AB-2: \u30d0\u30bf\u30d5\u30e9\u30a4\u3067\u51f8\u6027\u9055\u53cd\u3092\u5208\u308b<\/h3>\n\n\n\n

          \u884c\u4f7f\u4fa1\u683c <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>90<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u304c\u6b21\u306e\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          \n\n\n\n\n\n\n
          \u884c\u4f7f\u4fa1\u683c<\/th>\n\u30b3\u30fc\u30eb\u4fa1\u683c<\/th>\n<\/tr>\n<\/thead>\n
          90<\/td>\n18<\/td>\n<\/tr>\n
          100<\/td>\n12<\/td>\n<\/tr>\n
          110<\/td>\n5<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n\n

          <\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u4e2d\u70b9\u306a\u306e\u3067 <\/span>\u03bb<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/2<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u51f8\u6027\u306e\u53f3\u8fba\u306f<\/p>\n\n\n\n

          <\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>18<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>5<\/span><\/span>=<\/span><\/span><\/span><\/span>11.5.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u3068\u3053\u308d\u304c <\/span>C<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>100<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>12<\/span><\/span>><\/span><\/span><\/span><\/span>11.5<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u51f8\u6027\u304c\u7834\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

          \u30d0\u30bf\u30d5\u30e9\u30a4\u3092\u7d44\u307f\u307e\u3059\u3002<\/span>K<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>90<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u30921\u679a\u8cb7\u3044\u3001<\/span>K<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u30921\u679a\u8cb7\u3044\u3001<\/span>K<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b3\u30fc\u30eb\u30922\u679a\u58f2\u308a\u307e\u3059\u3002\u6642\u523b0\u306e\u30b3\u30b9\u30c8\u306f<\/p>\n\n\n\n

          <\/span>18<\/span><\/span>+<\/span><\/span><\/span><\/span>5<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>2<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>12<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>1.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u3064\u307e\u308a 1 \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

          \u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \n
          • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>90<\/span><\/span><\/span><\/span><\/eq>: \u5168\u3066\u7121\u4fa1\u5024\u3001\u30da\u30a4\u30aa\u30d5 <\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
          • <\/span>90<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>: <\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>90<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>0<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>90<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
          • <\/span>100<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq>: <\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>90<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>2<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>100<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>0<\/span><\/span>=<\/span><\/span><\/span><\/span>110<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2265<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
          • <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq>: <\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>90<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>2<\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>100<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>110<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n<\/ul>\n\n\n\n

            \u5168\u3066\u306e\u5834\u5408\u3067\u975e\u8ca0\u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u6700\u5927\u5024 10 \u3092\u53d6\u308a\u307e\u3059\u3002\u6642\u523b0\u306b 1 \u3092\u53d7\u3051\u53d6\u308a\u3001\u6e80\u671f\u306b\u975e\u8ca0\u306e\u30da\u30a4\u30aa\u30d5\u3002\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n\n\n\n

            CEX-AB-3: \u914d\u5f53\u304c\u3042\u308b\u3068\u9577\u3044\u6e80\u671f\u306e\u307b\u3046\u304c\u5b89\u304f\u306a\u308b<\/h3>\n\n\n\n

            \u914d\u5f53\u304c\u3042\u308b\u5834\u5408\u3001THM-AB-3 \u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u306b\u95a2\u3059\u308b\u7d50\u8ad6\u304c\u5d29\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

            <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3001\u6e80\u671f <\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u306e\u9593\u306b\u73fe\u5728\u4fa1\u5024 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>8<\/span><\/span><\/span><\/span><\/eq> \u306e\u914d\u5f53\u304c\u652f\u6255\u308f\u308c\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \u77ed\u3044\u6e80\u671f <\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>0.5<\/span><\/span><\/span><\/span><\/eq>\uff08\u914d\u5f53\u652f\u6255\u3044\u524d\uff09\u306e\u30b3\u30fc\u30eb\u4e0b\u9650\u306f<\/p>\n\n\n\n

            <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>0.5<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>1.025<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>2.439.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u9577\u3044\u6e80\u671f <\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\uff08\u914d\u5f53\u652f\u6255\u3044\u5f8c\uff09\u306e\u30b3\u30fc\u30eb\u4e0b\u9650\u306f<\/p>\n\n\n\n

            <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>100<\/span><\/span>\u2212<\/span><\/span>8<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>\u2212<\/span>3.2381.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u3053\u308c\u306f\u8ca0\u306a\u306e\u3067 0 \u306b\u30af\u30ea\u30c3\u30d7\u3055\u308c\u307e\u3059\u3002\u9577\u3044\u6e80\u671f\u306e\u307b\u3046\u304c\u4e0b\u9650\u304c\u4f4e\u304f\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            \u76f4\u611f\u7684\u306b\u306f\u3001\u914d\u5f53\u306e\u652f\u6255\u3044\u306b\u3088\u3063\u3066\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u305f\u3081\u3001\u30b3\u30fc\u30eb\u306e\u4fa1\u5024\u304c\u6e1b\u308a\u307e\u3059\u3002\u3053\u306e\u52b9\u679c\u304c\u5341\u5206\u5927\u304d\u3044\u3068\u3001\u6e80\u671f\u304c\u9577\u3044\u307b\u3046\u304c\u30b3\u30fc\u30eb\u4fa1\u683c\u304c\u5b89\u304f\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002THM-AB-3 \u3067\u300c\u914d\u5f53\u306a\u3057\u300d\u3092\u4eee\u5b9a\u3057\u305f\u7406\u7531\u304c\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            6. \u6570\u5024\u4f8b \u2015 \u4e0a\u4e0b\u9650\u3068\u3001\u7834\u3063\u305f\u3068\u304d\u306e\u5229\u76ca\u3092\u51fa\u3059<\/h2>\n\n\n\n

            <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u30b3\u30fc\u30eb\u306e\u88c1\u5b9a\u5883\u754c\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
            \u91cf<\/th>\n\u5024<\/th>\n<\/tr>\n<\/thead>\n
            \u30b3\u30fc\u30eb\u4e0a\u9650 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n100<\/td>\n<\/tr>\n
            \u30b3\u30fc\u30eb\u4e0b\u9650 <\/span>max<\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq><\/td>\n4.7619<\/td>\n<\/tr>\n
            \u30d7\u30c3\u30c8\u4e0a\u9650 <\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span><\/span><\/span><\/span><\/eq><\/td>\n95.2381<\/td>\n<\/tr>\n
            \u30d7\u30c3\u30c8\u4e0b\u9650 <\/span>max<\/span>(<\/span>K<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/eq><\/td>\n0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

            \u30b3\u30fc\u30eb\u4fa1\u683c\u306f\u3053\u306e\u5e2f\u306e\u4e2d\u306b\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u4e0a\u9650\u3092\u8d85\u3048\u308b 105 \u304c\u4ed8\u3051\u3070 5 \u306e\u78ba\u5b9a\u5229\u76ca\u3001\u4e0b\u9650\u3092\u4e0b\u56de\u308b 2 \u304c\u4ed8\u3051\u3070 2.7619 \u306e\u78ba\u5b9a\u5229\u76ca\u3092\u3001\u305d\u308c\u305e\u308c\u88c1\u5b9a\u3067\u53d6\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

            \u51f8\u6027\u306e\u78ba\u8a8d\u3068\u3057\u3066\u3001\u6574\u5408\u7684\u306a\u4fa1\u683c\u7d44\u306e\u4f8b\u3092\u6319\u3052\u307e\u3059\u3002<\/span>C<\/span>(<\/span>90<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>16<\/span><\/span><\/span><\/span><\/eq>, <\/span>C<\/span>(<\/span>100<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq>, <\/span>C<\/span>(<\/span>110<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>5<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u51f8\u6027\u306e\u53f3\u8fba\u306f <\/span>(<\/span>16<\/span><\/span>+<\/span><\/span><\/span><\/span>5<\/span>)<\/span>\/2<\/span><\/span>=<\/span><\/span><\/span><\/span>10.5<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>10<\/span><\/span>=<\/span><\/span><\/span><\/span>C<\/span>(<\/span>100<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u51f8\u6027\u3092\u6e80\u305f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

            \u4e00\u65b9\u3001<\/span>C<\/span>(<\/span>90<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>18<\/span><\/span><\/span><\/span><\/eq>, <\/span>C<\/span>(<\/span>100<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>12<\/span><\/span><\/span><\/span><\/eq>, <\/span>C<\/span>(<\/span>110<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>5<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f <\/span>11.5<\/span><\/span><<\/span><\/span><\/span><\/span>12<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u51f8\u6027\u304c\u7834\u308c\u307e\u3059\u3002\u30d0\u30bf\u30d5\u30e9\u30a4\u3067 1 \u306e\u78ba\u5b9a\u5229\u76ca\u304c\u53d6\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

            \u3053\u308c\u3089\u306e\u7d50\u679c\u306f\u539f\u8cc7\u7523\u306e\u5206\u5e03\u306b\u4e00\u5207\u4f9d\u5b58\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u30e2\u30c7\u30eb\u306a\u3057\u3067\u3082\u4fa1\u683c\u306e\u5e2f\u306f\u6c7a\u307e\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u5e2f\u306e\u4e2d\u306e\u3069\u3053\u306b\u4fa1\u683c\u304c\u3042\u308b\u304b\u3092\u7279\u5b9a\u3059\u308b\u306b\u306f\u3001\u5206\u5e03\u306e\u30e2\u30c7\u30eb\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

            7. \u6b21\u56de\u3078 \u2015 1\u671f\u9593\u306e\u7d50\u679c\u3092\u7e70\u308a\u8fd4\u3059<\/h2>\n\n\n\n

            \u4eca\u56de\u306f\u30e2\u30c7\u30eb\u3092\u4f7f\u308f\u305a\u306b\u4fa1\u683c\u306e\u4e0a\u4e0b\u9650\u30fb\u5358\u8abf\u6027\u30fb\u51f8\u6027\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u5e2f\u306e\u4e2d\u306e1\u70b9\u3092\u6307\u3059\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u30021\u70b9\u306b\u6c7a\u3081\u308b\u306b\u306f\u539f\u8cc7\u7523\u306e\u30e2\u30c7\u30eb\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

            \u6b21\u56de\u306f\u3001\u7b2c43\u56de\u3067\u5c0e\u5165\u3057\u305f1\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u3092\u591a\u671f\u9593\u306b\u62e1\u5f35\u3057\u307e\u3059\u30021\u671f\u9593\u306e\u8907\u88fd\u3092\u30c4\u30ea\u30fc\u306e\u5404\u30ce\u30fc\u30c9\u3067\u5f8c\u308d\u5411\u304d\u306b\u7e70\u308a\u8fd4\u3059\u3053\u3068\u3067\u3001\u3088\u308a\u73fe\u5b9f\u306b\u8fd1\u3044\u4fa1\u683c\u304c\u8a08\u7b97\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 4 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

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

            \u5883\u754c\u3060\u3051\u3067\u4fa1\u683c\u304c\u5206\u304b\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

            \u5206\u304b\u308a\u307e\u305b\u3093\u3002\u5e45\u304c\u51fa\u308b\u3060\u3051\u3067\u3059\u30021\u70b9\u306b\u7d5e\u308b\u306b\u306f\u30e2\u30c7\u30eb\u304c\u8981\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u30d0\u30bf\u30d5\u30e9\u30a4\u3068\u306f\u4f55\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

            3\u3064\u306e\u884c\u4f7f\u4fa1\u683c\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u5efa\u7389\u3067\u3059\u3002\u51f8\u6027\u304c\u7834\u308c\u3066\u3044\u308b\u3068\u304d\u306b\u78ba\u5b9a\u5229\u76ca\u3092\u751f\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

            \u3053\u306e\u5883\u754c\u306f\u73fe\u5b9f\u306b\u5b88\u3089\u308c\u3066\u3044\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

            \u304a\u304a\u3080\u306d\u5b88\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u7834\u308c\u3066\u3082\u3059\u3050\u306b\u53d6\u5f15\u3067\u6d88\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

            \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
              \n\n
            1. Merton R. C.\u3001Theory of Rational Option Pricing\u3001The Bell Journal of Economics and Management Science\u30011973\u5e74\u3001DOI 10.2307\/3003143<\/li>\n\n\n
            2. Hull J. C.\u3001Options Futures and Other Derivatives\u3001\u7b2c11\u7248\u3001Pearson\u30012021\u5e74<\/li>\n\n<\/ol>\n\n\n\n
              \n\n\n\n

              \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u6709\u7406\u6570\u6f14\u7b97\u3067\u691c\u7b97\u6e08\u307f\u3002\u672c\u6587\u4e2d\u306e\u5c0f\u6570\u306f4\u6841\u3067\u4e38\u3081\u3066\u3044\u308b\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

              \u4f4d\u7f6e: \u7b2c5\u90e8 \u7b2c50\u56de \/ \u524d\u63d0: \u7b2c48\u56de\u3001\u7b2c49\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u63d0\u793a\u4fa1\u683c\u304c\u3001\u3069\u3093\u306a\u30e2\u30c7\u30eb\u3067\u3082\u8a31\u3055\u308c\u306a\u3044\u7bc4\u56f2\u306b\u5165\u3063\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b 0. \u7269\u8a9e […]<\/p>\n","protected":false},"author":1,"featured_media":209148,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[164],"class_list":["post-208574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part4-discrete-pricing"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t