{"id":208593,"date":"2026-10-08T18:50:00","date_gmt":"2026-10-08T09:50:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208593"},"modified":"2026-09-25T19:37:47","modified_gmt":"2026-09-25T10:37:47","slug":"local-volatility","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/","title":{"rendered":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f"},"content":{"rendered":"\n<blockquote class=\"is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u4eca\u65e5\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u5408\u308f\u305b\u3001\u305d\u306e\u5c06\u6765\u306e\u5f62\u304c\u5916\u308c\u308b\u4ed5\u7d44\u307f\u3092\u8aac\u660e\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">0. \u7269\u8a9e \u2015 \u4eca\u65e5\u5408\u3063\u3066\u3044\u3066\u3082\u660e\u65e5\u306f\u5408\u308f\u306a\u3044<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u3053\u306e\u30e2\u30c7\u30eb\u3001\u4eca\u65e5\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306b\u5b8c\u5168\u306b\u5408\u3063\u3066\u308b\u3088\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c7\u30b9\u30af\u306e\u5411\u304b\u3044\u3067\u3001\u540c\u50da\u304c\u753b\u9762\u3092\u6307\u3055\u3057\u307e\u3057\u305f\u3002\u884c\u4f7f\u4fa1\u683c80\u304b\u3089120\u307e\u3067\u3001\u6e80\u671f\u534a\u5e74\u304b\u30892\u5e74\u307e\u3067\u3001\u3069\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u3082\u30e2\u30c7\u30eb\u306e\u4fa1\u683c\u3068\u5e02\u5834\u306e\u4fa1\u683c\u304c\u3074\u305f\u308a\u3068\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u3059\u3054\u3044\u306d\u3002\u3067\u30011\u5e74\u534a\u5f8c\u306b\u682a\u4fa1\u304c110\u306b\u4e0a\u304c\u3063\u3066\u3044\u305f\u3089\u3001\u30b9\u30de\u30a4\u30eb\u306f\u3069\u3046\u306a\u308b\uff1f\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u50da\u306f\u3057\u3070\u3089\u304f\u624b\u3092\u52d5\u304b\u3057\u3066\u3001\u6b8b\u308a\u534a\u5e74\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4e88\u6e2c\u5024\u3092\u4e26\u3079\u307e\u3057\u305f\u3002\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\u306f\u3001\u682a\u4fa1\u3068\u540c\u3058\u884c\u4f7f\u4fa1\u683c100\u3092\u5e95\u306b\u3057\u305f\u5de6\u53f3\u5bfe\u79f0\u306e\u5f62\u3067\u3059\u3002\u3068\u3053\u308d\u304c\u30e2\u30c7\u30eb\u306e\u4e88\u6e2c\u3067\u306f\u3001\u682a\u4fa1\u304c110\u306b\u52d5\u3044\u305f\u306e\u306b\u3001\u5e95\u306f\u884c\u4f7f\u4fa1\u683c99\u306e\u3042\u305f\u308a\u306b\u6b8b\u3063\u305f\u307e\u307e\u3067\u3057\u305f\u3002\u884c\u4f7f\u4fa1\u683c132\u306e\u5074\u306f\u5e95\u3088\u308a1.5\u30dd\u30a4\u30f3\u30c8\u8fd1\u304f\u9ad8\u3044\u306e\u306b\u3001\u884c\u4f7f\u4fa1\u683c88\u306e\u5074\u306f\u682a\u4fa1\u3068\u540c\u3058\u884c\u4f7f\u4fa1\u683c\u306e\u5024\u3068\u307b\u3068\u3093\u3069\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u5168\u4f53\u306e\u6c34\u6e96\u3082\u4eca\u65e5\u3088\u308a\u4f4e\u304f\u51fa\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u3067\u9577\u3044\u6e80\u671f\u307b\u3069\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4f4e\u3044\u3053\u3068\u304b\u3089\u6c7a\u307e\u308b\u5206\u3067\u3001\u3069\u306e\u30e2\u30c7\u30eb\u3067\u3082\u540c\u3058\u3067\u3059\u3002\u6c17\u306b\u306a\u308b\u306e\u306f\u5f62\u306e\u307b\u3046\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u73fe\u5b9f\u306b\u306f\u3001\u682a\u4fa1\u304c\u52d5\u3051\u3070\u30b9\u30de\u30a4\u30eb\u306e\u5f62\u3082\u3060\u3044\u305f\u3044\u4e00\u7dd2\u306b\u3064\u3044\u3066\u3044\u304f\u3088\u306d\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u3046\u3093\u3002\u3053\u306e\u30e2\u30c7\u30eb\u3060\u3068\u3001\u30b9\u30de\u30a4\u30eb\u304c\u884c\u4f7f\u4fa1\u683c100\u306e\u4f4d\u7f6e\u306b\u5f35\u308a\u4ed8\u3044\u305f\u307e\u307e\u3060\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u3044\u3046\u624b\u6cd5\u306f\u3001\u4eca\u65e5\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u3066\u3001\u682a\u4fa1\u306e\u5404\u6c34\u6e96\u3067\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4e00\u3064\u306e\u95a2\u6570\u3068\u3057\u3066\u78ba\u5b9a\u3055\u305b\u307e\u3059\u3002\u305d\u306e\u95a2\u6570\u306f\u3001\u4eca\u65e5\u306e\u5e02\u5834\u4fa1\u683c\u3092\u3059\u3079\u3066\u518d\u73fe\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u95a2\u6570\u3092\u78ba\u5b9a\u3055\u305b\u305f\u77ac\u9593\u306b\u3001\u5c06\u6765\u306e\u52d5\u304d\u65b9\u3082\u6c7a\u307e\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u554f\u984c\u306f\u3001\u305d\u306e\u6c7a\u307e\u308a\u65b9\u304c\u73fe\u5b9f\u3068\u5408\u308f\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u30e2\u30c7\u30eb\u306f\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u304c\u4eca\u65e5\u306e\u884c\u4f7f\u4fa1\u683c\u306e\u4f4d\u7f6e\u306b\u5f35\u308a\u4ed8\u304f\u3068\u4e88\u6e2c\u3057\u307e\u3059\u304c\u3001\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u30b9\u30de\u30a4\u30eb\u306e\u5f62\u306f\u304a\u304a\u3080\u306d\u682a\u4fa1\u306e\u52d5\u304d\u306b\u3064\u3044\u3066\u3044\u304d\u307e\u3059\u3002\u4eca\u65e5\u3074\u3063\u305f\u308a\u5408\u308f\u305b\u305f\u3053\u3068\u306e\u4ee3\u511f\u3068\u3057\u3066\u3001\u660e\u65e5\u306e\u4e88\u6e2c\u304c\u72a0\u7272\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u56de\u3067\u306f\u3001\u306a\u305c\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u5b8c\u5168\u306b\u5408\u3046\u30e2\u30c7\u30eb\u304c\u4f5c\u308c\u308b\u306e\u304b\u3001\u305d\u3057\u3066\u306a\u305c\u305d\u306e\u30e2\u30c7\u30eb\u304c\u5c06\u6765\u306e\u4e88\u6e2c\u3092\u5916\u3059\u306e\u304b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. \u52d5\u6a5f \u2015 \u30b9\u30de\u30a4\u30eb\u3092\u5b8c\u5168\u306b\u518d\u73fe\u3067\u304d\u308b\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u4eca\u65e5\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u5408\u308f\u305b\u3001\u305d\u306e\u5c06\u6765\u306e\u5f62\u304c\u5916\u308c\u308b\u4ed5\u7d44\u307f\u3092\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c86\u56de\u3067\u3001\u5e02\u5834\u3067\u89b3\u6e2c\u3055\u308c\u308b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u884c\u4f7f\u4fa1\u683c\u3068\u6e80\u671f\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u2015\u2015\u3044\u308f\u3086\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u3092\u898b\u307e\u3057\u305f\u3002\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u5b9a\u6570\u3068\u3057\u3066\u3044\u305f\u306e\u3067\u3001\u30b9\u30de\u30a4\u30eb\u306e\u5b58\u5728\u306f\u30e2\u30c7\u30eb\u306e\u9650\u754c\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u306a\u3089\u3070\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u5b9a\u6570\u3067\u306f\u306a\u304f\u3001\u6642\u523b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u3068\u539f\u8cc7\u7523\u4fa1\u683c <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:0.2806em;\"><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><\/eq> \u306e\u95a2\u6570\u306b\u3057\u3066\u3057\u307e\u3048\u3070\u3088\u3044\u306e\u3067\u306f\uff1f\u300d\u3068\u3044\u3046\u767a\u60f3\u306f\u81ea\u7136\u3067\u3059\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092 <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;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3068\u66f8\u304d\u3001\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\u30b5\u30fc\u30d5\u30a7\u30b9\uff08\u5168\u3066\u306e\u884c\u4f7f\u4fa1\u683c\u3068\u6e80\u671f\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3092<strong>\u5b8c\u5168\u306b\u518d\u73fe\u3059\u308b<\/strong> <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;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u304c\u4e00\u610f\u306b\u5b9a\u307e\u308b\u3002\u3053\u308c\u304c\u30c7\u30e5\u30d4\u30fc\u30eb\u306e\u5f0f\u306e\u4e3b\u5f35\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u300c\u5b8c\u5168\u306b\u5408\u3046\u300d\u3053\u3068\u306b\u306f\u4ee3\u511f\u304c\u3042\u308a\u307e\u3059\u3002\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306e\u4e88\u6e2c\u304c\u73fe\u5b9f\u3068\u5408\u308f\u306a\u3044\u306e\u3067\u3059\u3002\u4eca\u56de\u306f\u3001\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306e\u69cb\u9020\u3068\u9650\u754c\u3092\u8a3c\u660e\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 class=\"wp-block-list\">\n\n<li><strong>THM-LV-1<\/strong> \u4efb\u610f\u306e\u6e80\u671f\u3068\u884c\u4f7f\u4fa1\u683c\u306b\u3064\u3044\u3066\u89b3\u6e2c\u3055\u308c\u305f\u30b3\u30fc\u30eb\u4fa1\u683c\u304b\u3089\u3001\u305d\u308c\u3089\u3092\u5b8c\u5168\u306b\u518d\u73fe\u3059\u308b\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570\u304c\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\uff08\u30c7\u30e5\u30d4\u30fc\u30eb\u306e\u5f0f\uff09\u3002<\/li>\n\n\n<li><strong>THM-LV-2<\/strong> \u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306f\u539f\u8cc7\u75231\u672c\u3067\u5e02\u5834\u304c\u5b8c\u5099\u306a\u307e\u307e\u3067\u3042\u308a\u3001\u30d8\u30c3\u30b8\u306e\u7406\u8ad6\u304c\u58ca\u308c\u307e\u305b\u3093\u3002<\/li>\n\n\n<li><strong>THM-LV-3<\/strong> \u3053\u306e\u30e2\u30c7\u30eb\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u3092\u5b8c\u5168\u306b\u518d\u73fe\u3057\u307e\u3059\u304c\u3001\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306e\u5f62\u306b\u3064\u3044\u3066\u306f\u73fe\u5b9f\u3068\u5408\u308f\u306a\u3044\u4e88\u6e2c\u3092\u4e0e\u3048\u307e\u3059\u3002<\/li>\n\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u6642\u9593\u3068\u4fa1\u683c\u306e\u95a2\u6570\u306b\u3059\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eee\u5b9a\u3092\u66f8\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u539f\u8cc7\u7523\u306e\u52d5\u304d<\/strong>: \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\u4e0b\u3067<\/li>\n<\/ul>\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:0.8444em;vertical-align:-0.15em;\"><\/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:0.2806em;\"><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=\"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:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/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=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\">t<\/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:0.0359em;\">\u03c3<\/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:0.2806em;\"><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=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/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=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/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:-0.1389em;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=\"mord\">.<\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">1.1<\/span><\/span><span class=\"mord\">)<\/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:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/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> \u306f<strong>\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570<\/strong>\u3067\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u3067\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\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u304c\u5b9a\u6570\u3067\u3057\u305f\u304c\u3001\u3053\u3053\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 mathnormal\" style=\"margin-right:0.0576em;\">S<\/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:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306e\u4e21\u65b9\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u30b3\u30fc\u30eb\u4fa1\u683c\u304c\u6ed1\u3089\u304b\u306b\u89b3\u6e2c\u3067\u304d\u308b\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/strong> \u3059\u3079\u3066\u306e\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:0.7224em;vertical-align:-0.0391em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\u6e80\u671f <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 mathnormal\" style=\"margin-right:0.1389em;\">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> \u306b\u5bfe\u3057\u3001\u5e02\u5834\u306e\u30b3\u30fc\u30eb\u4fa1\u683c <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:0.0715em;\">C<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u6ed1\u3089\u304b\u306b\u4e0e\u3048\u3089\u308c\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002<\/li>\n<li><strong>\u5fae\u5206\u306f\u3059\u3079\u3066\u6570\u5024\u7684\u306b\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/strong> \u5b9f\u969b\u306e\u30c7\u30fc\u30bf\u306f\u96e2\u6563\u7684\u306a\u306e\u3067\u3001\u89e3\u6790\u7684\u306a\u5fae\u5206\u3067\u306f\u306a\u304f\u6709\u9650\u5dee\u5206\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/li>\n<li><strong>\u914d\u5f53\u306a\u3057\u3001\u91d1\u5229\u4e00\u5b9a\u3068\u3057\u307e\u3059\u3002<\/strong> \u9023\u7d9a\u91d1\u5229 <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\u5b9a\u6570\u3067\u3059\u3002<\/li>\n<li><strong>\u5c0e\u51fa\u306e\u8a73\u7d30\u306f\u5f15\u7528\u3057\u3001\u6027\u8cea\u3068\u9650\u754c\u3092\u793a\u3057\u307e\u3059\u3002<\/strong> \u30d5\u30a9\u30c3\u30ab\u30fc\u30fb\u30d7\u30e9\u30f3\u30af\u65b9\u7a0b\u5f0f\u304b\u3089\u306e\u5b8c\u5168\u306a\u5c0e\u51fa\u306f Dupire (1994) \u306b\u8b72\u308a\u3001\u3053\u3053\u3067\u306f\u7d50\u679c\u306e\u5f0f\u3068\u3001\u306a\u305c\u305d\u308c\u304c\u6210\u308a\u7acb\u3064\u304b\u306e\u7b4b\u9053\u3092\u8ff0\u3079\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3. \u4e3b\u5f35 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u304b\u3089\u4e00\u610f\u306b\u6c7a\u307e\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">3\u3064\u306e\u5b9a\u7406\u3092\u8ff0\u3079\u307e\u3059\u30021\u3064\u76ee\u3067\u30b9\u30de\u30a4\u30eb\u304b\u3089\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u53d6\u308a\u51fa\u3059\u5f0f\u3092\u4e0e\u3048\u30012\u3064\u76ee\u3067\u5e02\u5834\u306e\u5b8c\u5099\u6027\u3092\u4fdd\u8a3c\u3057\u30013\u3064\u76ee\u3067\u9650\u754c\u3092\u6307\u6458\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote>\n<p><strong>\u5b9a\u7406 THM-LV-1\uff08\u30c7\u30e5\u30d4\u30fc\u30eb\u306e\u5f0f\uff09<\/strong>\n\u30b3\u30fc\u30eb\u4fa1\u683c <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:0.0715em;\">C<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u5341\u5206\u6ed1\u3089\u304b\u3067\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\">&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\u3042\u308b\u3068\u304d\u3001(1.1) \u306e\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\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:1.1141em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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:0.2778em;\"><\/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:4.5145em;vertical-align:-2.0671em;\"><\/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:2.4474em;\"><span style=\"top:-2.11em;\"><span class=\"pstrut\" style=\"height:3.4911em;\"><\/span><span class=\"mord\"><span class=\"mspace\">\u00a0<\/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=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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 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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/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\">\u00a0<\/span><\/span><\/span><span style=\"top:-3.7211em;\"><span class=\"pstrut\" style=\"height:3.4911em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-4.5671em;\"><span class=\"pstrut\" style=\"height:3.4911em;\"><\/span><span class=\"mord\"><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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/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 class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/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 class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:2.0671em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:4.5145em;vertical-align:-2.0671em;\"><\/span><span class=\"mord text\"><span class=\"mord\">(<\/span><span class=\"mord\"><span class=\"mord\">2.1<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section><p>\u3067\u4e00\u610f\u306b\u5b9a\u307e\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<blockquote>\n<p><strong>\u5b9a\u7406 THM-LV-2\uff08\u5b8c\u5099\u6027\u306e\u4fdd\u6301\uff09<\/strong>\n\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb (1.1) \u306b\u304a\u3044\u3066\u3001\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u306f\u30d6\u30e9\u30a6\u30f3\u904b\u52d5 <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:0.1389em;\">W<\/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:-0.1389em;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><\/eq> \u306e1\u3064\u3060\u3051\u3067\u3042\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u539f\u8cc7\u7523\u3068\u5b89\u5168\u8cc7\u7523\u306e2\u3064\u3067\u4efb\u610f\u306e\u30da\u30a4\u30aa\u30d5\u3092\u8907\u88fd\u3067\u304d\u3001\u5e02\u5834\u306f\u5b8c\u5099\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u5b9a\u7406 THM-LV-3\uff08\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306e\u4e88\u6e2c\uff09<\/strong>\n\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306f\u4eca\u65e5\u306e\u5168\u3066\u306e\u30b3\u30fc\u30eb\u4fa1\u683c\u3092\u5b8c\u5168\u306b\u518d\u73fe\u3059\u308b\u304c\u3001\u5c06\u6765\u306e\u6642\u70b9\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6c34\u6e96\u3068\u5f62\u306f\u4e8b\u524d\u306b\u56fa\u5b9a\u3055\u308c\u305f\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570\u3067\u6c7a\u307e\u308a\u3001\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\u3068\u306f\u7570\u306a\u308b\u3082\u306e\u3068\u3057\u3066\u4e88\u6e2c\u3055\u308c\u308b\u3002\u3053\u308c\u306f\u73fe\u5b9f\u306e\u30b9\u30de\u30a4\u30eb\u306e\u52d5\u304d\uff08\u4eca\u65e5\u306e\u59ff\u304c\u6301\u7d9a\u3059\u308b\u50be\u5411\uff09\u3068\u7570\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>THM-LV-1 \u306e (2.1) \u306f\u3001\u5de6\u8fba\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:0.0359em;\">\u03c3<\/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:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3067\u66f8\u3044\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f Dupire (1994) \u306e\u8868\u8a18\u6cd5\u3067\u3001\u300c\u6642\u523b <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> \u306b\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\u3044\u308b\u3068\u304d\u306e\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u6570\u5024\u4f8b\u3067\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\"><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><\/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><\/span><\/span><\/eq> \u3092\u5909\u3048\u3066\u5b9f\u969b\u306b\u8a08\u7b97\u3057\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 \u4fa1\u683c\u306e\u5fae\u5206\u304b\u3089\u95a2\u6570\u3092\u53d6\u308a\u51fa\u3059<\/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-heat-equation\/\">\u6570\u5b66\u7de8 \u7b2c26\u56de\u300c\u504f\u5fae\u5206\u65b9\u7a0b\u5f0f\u5165\u9580\u300d<\/a>\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/financial-math\/math-boundary-terminal-conditions\/\">\u6570\u5b66\u7de8 \u7b2c27\u56de\u300c\u5883\u754c\u6761\u4ef6\u3068\u7d42\u7aef\u6761\u4ef6\u300d<\/a>\u3078\u3002<\/p>\n<h3>THM-LV-1 \u306e\u8a3c\u660e\uff08\u8981\u70b9\uff09<\/h3>\n<p>\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306e\u4e0b\u3067\u30b3\u30fc\u30eb\u4fa1\u683c\u3092 <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:0.0715em;\">C<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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 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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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:0.0576em;\">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 mathnormal mtight\" style=\"margin-right:0.1389em;\">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=\"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:1.0213em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7713em;\"><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=\"mbin mtight\">+<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">]<\/span><\/span><\/span><\/span><\/eq> \u3068\u66f8\u304d\u307e\u3059\u3002<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;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:0.3283em;\"><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 mathnormal mtight\" style=\"margin-right:0.1389em;\">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><\/eq> \u306e\u78ba\u7387\u5bc6\u5ea6\u95a2\u6570\u3092 <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\">p<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3068\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:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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:2.3262em;vertical-align:-0.9119em;\"><\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\"><span class=\"mop op-symbol large-op\" style=\"margin-right:0.4445em;position:relative;top:-0.0011em;\">\u222b<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4143em;\"><span style=\"top:-1.7881em;margin-left:-0.4445em;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\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><span style=\"top:-3.8129em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">\u221e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9119em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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:0.0715em;\">K<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mord\">.<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/eq> \u3067\u5fae\u5206\u3057\u307e\u3059\u3002\u53f3\u8fba\u306e <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8413em;\"><\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5fae\u5206\u3068\u7a4d\u5206\u5185\u306e <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\">p<\/span><\/span><\/span><\/span><\/eq> \u306e <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> \u4f9d\u5b58\u6027\u306e\u4e21\u65b9\u304c\u5bc4\u4e0e\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:2.0574em;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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/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:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u2212<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/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:2.3262em;vertical-align:-0.9119em;\"><\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\"><span class=\"mop op-symbol large-op\" style=\"margin-right:0.4445em;position:relative;top:-0.0011em;\">\u222b<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.4143em;\"><span style=\"top:-1.7881em;margin-left:-0.4445em;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\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><span style=\"top:-3.8129em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">\u221e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9119em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mclose\">)<\/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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\">p<\/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:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mord\">.<\/span><\/span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.3262em;vertical-align:-0.9119em;\"><\/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>\u3053\u3053\u3067<strong>\u30d5\u30a9\u30c3\u30ab\u30fc\u30fb\u30d7\u30e9\u30f3\u30af\u65b9\u7a0b\u5f0f<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002(1.1) \u306b\u5bfe\u5fdc\u3059\u308b\u5bc6\u5ea6 <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\">p<\/span><\/span><\/span><\/span><\/eq> \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:2.0574em;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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\">p<\/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:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\">\u2212<\/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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/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=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mclose\">)<\/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:1.3214em;\"><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=\"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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/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=\"mopen\">(<\/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\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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\">p<\/span><span class=\"mclose\">)<\/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\">4.2<\/span><\/span><span class=\"mord\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n<p>\u3092\u6e80\u305f\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u78ba\u7387\u5bc6\u5ea6\u306e\u6642\u9593\u767a\u5c55\u3092\u8a18\u8ff0\u3059\u308b\u504f\u5fae\u5206\u65b9\u7a0b\u5f0f\u3067\u3059\u3002\u30c9\u30ea\u30d5\u30c8\u9805 <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:0.0278em;\">r<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><\/span><\/span><\/span><\/eq> \u306b\u3088\u308b\u79fb\u6d41\u3068\u3001\u62e1\u6563\u9805 <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\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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\u3088\u308b\u5e83\u304c\u308a\u306e\u4e21\u65b9\u3092\u542b\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>(4.2) \u3092 (4.1) \u306b\u4ee3\u5165\u3057\u3001\u90e8\u5206\u7a4d\u5206\u3092\u7e70\u308a\u8fd4\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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u5fae\u5206\u3092\u4f7f\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:2.0574em;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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/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:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/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:2.1771em;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:1.3214em;\"><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=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\"><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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/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\u5c0e\u304b\u308c\u307e\u3059\u3002\u90e8\u5206\u7a4d\u5206\u306e\u8a73\u7d30\u306f Dupire (1994) \u307e\u305f\u306f Gatheral (2006) \u306e\u7b2c1\u7ae0\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u8981\u70b9\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li><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> \u30671\u56de\u5fae\u5206\u3059\u308b\u3068 <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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/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:1.2151em;vertical-align:-0.3558em;\"><\/span><span class=\"mord\">\u2212<\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\"><span class=\"mop op-symbol small-op\" style=\"margin-right:0.1945em;position:relative;top:-0.0006em;\">\u222b<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8593em;\"><span style=\"top:-2.3442em;margin-left:-0.1945em;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\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><span style=\"top:-3.2579em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">\u221e<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3558em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u78ba\u7387\u5bc6\u5ea6\u306e\u7d2f\u7a4d\u5206\u5e03\u304c\u73fe\u308c\u307e\u3059\u3002<\/li>\n<li><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> \u30672\u56de\u5fae\u5206\u3059\u308b\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:1.0913em;vertical-align:-0.25em;\"><\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u3001\u5bc6\u5ea6\u95a2\u6570\u305d\u306e\u3082\u306e\u304c\u53d6\u308a\u51fa\u305b\u307e\u3059\u3002\u3053\u308c\u306f\u30d6\u30ea\u30fc\u30c7\u30f3\u30fb\u30ea\u30c3\u30c4\u30a7\u30f3\u30d0\u30fc\u30ac\u30fc\u306e\u7d50\u679c\u3067\u3059\u3002<\/li>\n<li>\u3053\u306e\u5bc6\u5ea6\u3092\u4f7f\u3063\u3066 (4.2) \u306e\u62e1\u6563\u4fc2\u6570 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><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=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3092\u89e3\u304f\u3068 (2.1) \u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n<p><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\">&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>\uff08\u5bc6\u5ea6\u304c\u6b63\uff09\u3067\u3042\u308c\u3070\u5206\u6bcd\u306f\u6b63\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:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u304c\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002 \u220e<\/p>\n<h3>THM-LV-2 \u306e\u8a3c\u660e<\/h3>\n<p>(1.1) \u306e\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u306f\u30d6\u30e9\u30a6\u30f3\u904b\u52d5 <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:0.1389em;\">W<\/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:-0.1389em;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><\/eq> \u306e1\u672c\u3060\u3051\u3067\u3059\u3002\u53d6\u5f15\u53ef\u80fd\u306a\u8cc7\u7523\u306f\u539f\u8cc7\u7523 <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:0.2806em;\"><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><\/eq> \u3068\u5b89\u5168\u8cc7\u7523\u306e2\u3064\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u304c1\u3064\u306b\u5bfe\u3057\u3066\u53d6\u5f15\u53ef\u80fd\u306a\u8cc7\u7523\u304c2\u3064\u3067\u3059\u304b\u3089\u3001\u4efb\u610f\u306e\u30da\u30a4\u30aa\u30d5\u3092\u8907\u88fd\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u6b63\u78ba\u306b\u8ff0\u3079\u307e\u3059\u3002\u4efb\u610f\u306e\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> \u306e\u81ea\u4e57\u53ef\u7a4d\u5206\u30da\u30a4\u30aa\u30d5 <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:0.0785em;\">X<\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3057\u3001\u30de\u30eb\u30c1\u30f3\u30b2\u30fc\u30eb\u8868\u73fe\u5b9a\u7406\uff08\u7b2c66\u56de\uff09\u3088\u308a\u3001\u9069\u5408\u904e\u7a0b <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\"><span class=\"mord mathnormal\">\u03d5<\/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:0em;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><\/eq> \u304c\u5b58\u5728\u3057\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:0.8913em;\"><\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">X<\/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:1.1452em;vertical-align:-0.25em;\"><\/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 mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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:0.0785em;\">X<\/span><span class=\"mclose\">]<\/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:2.5032em;vertical-align:-0.9119em;\"><\/span><span class=\"mop\"><span class=\"mop op-symbol large-op\" style=\"margin-right:0.4445em;position:relative;top:-0.0011em;\">\u222b<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.5912em;\"><span style=\"top:-1.7881em;margin-left:-0.4445em;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 style=\"top:-3.8129em;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\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9119em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">\u03d5<\/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:0em;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=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/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:-0.1389em;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=\"mord\">.<\/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:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/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:-0.1389em;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><\/eq> \u306f (1.1) \u304b\u3089 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">W<\/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:-0.1389em;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=\"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=\"mopen\">(<\/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:0.2806em;\"><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=\"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:0.0278em;\">r<\/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=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\/<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/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:0.2806em;\"><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=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/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> \u3068\u66f8\u3051\u307e\u3059\u3002<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;\">\u03c3<\/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:0.2806em;\"><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=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/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\u5272\u308c\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:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">\u03d5<\/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:0em;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><\/eq> \u3092 <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:0.2806em;\"><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><\/eq> \u306e\u30dd\u30b8\u30b7\u30e7\u30f3 <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\">\u0394<\/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:0em;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=\"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\"><span class=\"mord mathnormal\">\u03d5<\/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:0em;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=\"mord\">\/<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/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:0.2806em;\"><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=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/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> \u306b\u7ffb\u8a33\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e <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\">\u0394<\/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:0em;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><\/eq> \u682a\u3068\u5b89\u5168\u8cc7\u7523\u306e\u7d44\u307f\u5408\u308f\u305b\u3067 <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:0.0785em;\">X<\/span><\/span><\/span><\/span><\/eq> \u3092\u8907\u88fd\u3067\u304d\u307e\u3059\u3002\u30dd\u30a4\u30f3\u30c8\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\" style=\"margin-right:0.0359em;\">\u03c3<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/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:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/eq> \u306e\u95a2\u6570\u3067\u3042\u3063\u3066\u3082<strong>\u30e9\u30f3\u30c0\u30e0\u306a\u72ec\u7acb\u5909\u6570\u304c <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:0.1389em;\">W<\/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:-0.1389em;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><\/eq> \u306e1\u672c\u3060\u3051<\/strong>\u306a\u306e\u3067\u3001\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u69cb\u6210\u3067\u304d\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u3068\u540c\u3058\u8ad6\u6cd5\u304c\u305d\u306e\u307e\u307e\u901a\u308a\u307e\u3059\u3002 \u220e<\/p>\n<h3>THM-LV-3 \u306e\u7406\u7531\uff08\u5b9a\u6027\u7684\u306a\u8aac\u660e\uff09<\/h3>\n<p>\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u3067\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 mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u304c\u4e8b\u524d\u306b\u78ba\u5b9a\u3057\u305f\u95a2\u6570\u3067\u3059\u3002\u6642\u9593\u304c\u7d4c\u3063\u3066 <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:0.0576em;\">S<\/span><\/span><\/span><\/span><\/eq> \u304c\u52d5\u304f\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\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u306e\u5024\u306f\u65b0\u3057\u3044 <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:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306e\u4f4d\u7f6e\u3067\u8aad\u307f\u53d6\u308a\u307e\u3059\u3002<\/p>\n<p>\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\u304c\u30ab\u30c3\u30d7\u578b\uff08ATM\u304c\u5e95\uff09\u3067\u3042\u308b\u3068\u304d\u3001(2.1) \u304b\u3089\u6c42\u307e\u308b <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;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><\/span><\/span><\/span><\/eq> \u304c\u9ad8\u3044\u3068\u3053\u308d\u3067\u3082\u4f4e\u3044\u3068\u3053\u308d\u3067\u3082\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u5f62\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057<strong>\u5c06\u6765\u306e\u6642\u70b9\u3067 <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:0.0576em;\">S<\/span><\/span><\/span><\/span><\/eq> \u304c\u305f\u3068\u3048\u3070110\u306b\u79fb\u52d5\u3057\u305f\u5834\u5408<\/strong>\u3001\u305d\u306e\u6642\u70b9\u3067\u306eATM\u306f110\u306e\u8fd1\u8fba\u3067\u3059\u3002\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570\u306f\u4e8b\u524d\u306b\u56fa\u5b9a\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001110\u8fd1\u8fba\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\" style=\"margin-right:0.0359em;\">\u03c3<\/span><\/span><\/span><\/span><\/eq> \u306e\u5024\u304c\u5c06\u6765\u306eATM\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u6c7a\u3081\u307e\u3059\u3002\u7d50\u679c\u3068\u3057\u3066\u3001\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306e\u5f62\u306f\u3001\u4eca\u65e5\u306e\u884c\u4f7f\u4fa1\u683c\u306e\u4f4d\u7f6e\u306b\u7d50\u3073\u3064\u3044\u305f\u307e\u307e\u6c7a\u307e\u3063\u3066\u3057\u307e\u3044\u3001\u682a\u4fa1\u3068\u4e00\u7dd2\u306b\u52d5\u304f\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002\u306a\u304a\u3001\u4eca\u65e5\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u6e80\u671f\u3068\u3068\u3082\u306b\u4e0b\u304c\u3063\u3066\u3044\u308b\u3068\u304d\u306f\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306e\u6c34\u6e96\u3082\u4eca\u65e5\u3088\u308a\u4f4e\u304f\u51fa\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u304c\u542b\u3080\u5c06\u6765\u306e\u5e73\u5747\u7684\u306a\u5206\u6563\u304b\u3089\u6c7a\u307e\u308b\u5206\u3067\u3042\u308a\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u3092\u518d\u73fe\u3059\u308b\u30e2\u30c7\u30eb\u306a\u3089\u3069\u308c\u3067\u3082\u540c\u3058\u306a\u306e\u3067\u3001\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u56fa\u6709\u306e\u554f\u984c\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u3001\u30b9\u30de\u30a4\u30eb\u306e\u5f62\u306f\u682a\u4fa1\u304c\u52d5\u3051\u3070\u304a\u304a\u3080\u306d\u682a\u4fa1\u306b\u3064\u3044\u3066\u3044\u304d\u3001\u6642\u9593\u304c\u7d4c\u3063\u3066\u3082\u6301\u7d9a\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\uff08\u30b9\u30c6\u30a3\u30c3\u30ad\u30fc\u30c7\u30eb\u30bf\u7684\u306a\u52d5\u304d\uff09\u3002\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306f\u3053\u306e\u52d5\u304d\u3092\u518d\u73fe\u3067\u304d\u307e\u305b\u3093\u3002\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u3074\u3063\u305f\u308a\u5408\u308f\u305b\u305f\u4ee3\u511f\u3068\u3057\u3066\u3001\u5c06\u6765\u306e\u52d5\u304d\u306e\u4e88\u6e2c\u304c\u72a0\u7272\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u6570\u5024\u4f8b\u306e\u7bc0\u3067\u3001\u3053\u306e\u305a\u308c\u3092\u5177\u4f53\u7684\u306a\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n<h2 class=\"wp-block-heading\">5. \u53cd\u4f8b \u2015 \u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306f\u5f53\u305f\u3089\u306a\u3044<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">CEX-LV-1: \u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u304c\u682a\u4fa1\u306b\u3064\u3044\u3066\u3044\u304b\u306a\u3044<\/h3>\n\n\n\n<p>\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u304c\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\u3092\u518d\u73fe\u3057\u305f\u5f8c\u30011\u5e74\u534a\u5f8c\u306e\u6642\u70b9\u306e\u30b9\u30de\u30a4\u30eb\u3092\u3069\u3046\u4e88\u6e2c\u3059\u308b\u304b\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:0.8333em;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>\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:0.0278em;\">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\">0.03<\/span><\/span><\/span><\/span><\/eq>\u3001\u30b9\u30de\u30a4\u30eb\u306f2\u6b21\u95a2\u6570 <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\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/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:-0.0359em;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 text mtight\"><span class=\"mord mtight\">iv<\/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=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">0.20<\/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\">0.15<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:0.3011em;\"><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\">\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:0.2222em;\"><\/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\">0.02<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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><\/eq> \u3067\u4e0e\u3048\u307e\u3059\u3002\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\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 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> \u3092\u5e95\u306b\u3057\u305f\u5de6\u53f3\u5bfe\u79f0\u306e\u5f62\u3067\u3059\u3002<\/p>\n\n\n\n<p>1\u5e74\u534a\u5f8c\uff08<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/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:0.6444em;\"><\/span><span class=\"mord\">1.5<\/span><\/span><\/span><\/span><\/eq>\uff09\u306b\u539f\u8cc7\u7523\u304c <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\">110<\/span><\/span><\/span><\/span><\/eq> \u306b\u52d5\u3044\u3066\u3044\u305f\u3068\u3057\u307e\u3059\u3002\u305d\u3053\u304b\u3089\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 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\">2<\/span><\/span><\/span><\/span><\/eq>\uff08\u6b8b\u308a\u534a\u5e74\uff09\u306e\u30b3\u30fc\u30eb\u3092\u3001\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570 <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;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3082\u3068\u3067\u4fa1\u683c\u306e\u504f\u5fae\u5206\u65b9\u7a0b\u5f0f\u3092\u6570\u5024\u7684\u306b\u89e3\u3044\u3066\u6c42\u3081\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u76f4\u3057\u307e\u3059\u3002\u6bd4\u8f03\u306e\u76f8\u624b\u306f\u3001\u73fe\u5b9f\u306b\u3088\u304f\u898b\u3089\u308c\u308b\u300c\u30b9\u30de\u30a4\u30eb\u306e\u5f62\u304c\u682a\u4fa1\u306b\u3064\u3044\u3066\u3044\u304f\u300d\u52d5\u304d\u3001\u3064\u307e\u308a\u65b0\u3057\u3044 ATM\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 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\">110<\/span><\/span><\/span><\/span><\/eq>\uff09\u3092\u5e95\u306b\u3001\u4eca\u65e5\u306e\u6b8b\u308a\u534a\u5e74\u306e\u30b9\u30de\u30a4\u30eb\u3068\u540c\u3058\u5f62\u3092\u4fdd\u3064\u5834\u5408\u3067\u3059\u3002\u6c34\u6e96\u306f\u5f8c\u3067\u8ff0\u3079\u308b\u7406\u7531\u3067\u5225\u306b\u6271\u3046\u306e\u3067\u3001\u5404\u884c\u4f7f\u4fa1\u683c\u306e\u5024\u304b\u3089 ATM \u306e\u5024\u3092\u5f15\u3044\u305f\u5dee\u3067\u5f62\u3092\u6bd4\u3079\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\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><\/th>\n<th>LV\u4e88\u6e2c<\/th>\n<th>LV\u306eATM\u3068\u306e\u5dee<\/th>\n<th>\u5f62\u304c\u3064\u3044\u3066\u3044\u304f\u5834\u5408\u306eATM\u3068\u306e\u5dee<\/th>\n<th>\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>88<\/td>\n<td><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\">0.1422<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">\u2212<\/span><span class=\"mord\">0.0003<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0060<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">\u2212<\/span><span class=\"mord\">0.0063<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>99<\/td>\n<td><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\">0.1406<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">\u2212<\/span><span class=\"mord\">0.0019<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0015<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">\u2212<\/span><span class=\"mord\">0.0034<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>110<\/td>\n<td><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\">0.1425<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0000<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0000<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0000<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>121<\/td>\n<td><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\">0.1476<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0051<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0015<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0036<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>132<\/td>\n<td><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\">0.1553<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0128<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0060<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0068<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u5f62\u304c\u3064\u3044\u3066\u3044\u304f\u306a\u3089 <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\">110<\/span><\/span><\/span><\/span><\/eq> \u304c\u5e95\u3067\u5de6\u53f3\u5bfe\u79f0\u306b\u306a\u308b\u306f\u305a\u3067\u3059\u304c\u3001\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306e\u4e88\u6e2c\u3067\u306f\u6700\u5c0f\u5024 <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\">0.1406<\/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: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\">99<\/span><\/span><\/span><\/span><\/eq> \u306b\u3042\u308a\u3001\u5e95\u306f\u4eca\u65e5\u306e <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> \u306e\u8fd1\u304f\u306b\u6b8b\u3063\u3066\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:0.6833em;\"><\/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\">132<\/span><\/span><\/span><\/span><\/eq> \u306e\u5074\u306f ATM \u3088\u308a <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\">0.0128<\/span><\/span><\/span><\/span><\/eq> \u9ad8\u3044\u306e\u306b\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:0.0715em;\">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\">88<\/span><\/span><\/span><\/span><\/eq> \u306e\u5074\u306f ATM \u3068\u307b\u307c\u540c\u3058\uff08<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\">\u2212<\/span><span class=\"mord\">0.0003<\/span><\/span><\/span><\/span><\/eq>\uff09\u3067\u3001\u5de6\u53f3\u304c\u5927\u304d\u304f\u975e\u5bfe\u79f0\u3067\u3059\u3002\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570\u304c\u4eca\u65e5\u306e\u884c\u4f7f\u4fa1\u683c\u306e\u4f4d\u7f6e\u306b\u7d50\u3073\u3064\u3044\u3066\u56fa\u5b9a\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u30b9\u30de\u30a4\u30eb\u304c\u682a\u4fa1\u3068\u4e00\u7dd2\u306b\u52d5\u3051\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5168\u4f53\u306e\u6c34\u6e96\u3082\u3001\u4eca\u65e5\u306e\u6b8b\u308a\u534a\u5e74\u306e ATM \u306e\u5024 <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\">0.21<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u4f4e\u3044 <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\">0.1425<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u3053\u308c\u306f\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u56fa\u6709\u306e\u305a\u308c\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4eca\u65e5\u306e ATM \u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304b\u3089\u30011\u5e74\u534a\u5f8c\u304b\u30892\u5e74\u5f8c\u307e\u3067\u306e\u5e73\u5747\u7684\u306a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u7dcf\u5206\u6563\u306e\u5dee <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.24em;vertical-align:-0.305em;\"><\/span><span class=\"mord sqrt\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.935em;\"><span class=\"svg-align\" style=\"top:-3.2em;\"><span class=\"pstrut\" style=\"height:3.2em;\"><\/span><span class=\"mord\" style=\"padding-left:1em;\"><span class=\"mopen\">(<\/span><span class=\"mord\">0.1<\/span><span class=\"mord\"><span class=\"mord\">8<\/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 class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">2<\/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\">0.1<\/span><span class=\"mord\"><span class=\"mord\">9<\/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 class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">1.5<\/span><span class=\"mclose\">)<\/span><span class=\"mord\">\/0.5<\/span><\/span><\/span><span style=\"top:-2.895em;\"><span class=\"pstrut\" style=\"height:3.2em;\"><\/span><span class=\"hide-tail\" style=\"min-width:1.02em;height:1.28em;\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"400em\" height=\"1.28em\" viewBox=\"0 0 400000 1296\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M263,681c0.7,0,18,39.7,52,119\nc34,79.3,68.167,158.7,102.5,238c34.3,79.3,51.8,119.3,52.5,120\nc340,-704.7,510.7,-1060.3,512,-1067\nl0 -0\nc4.7,-7.3,11,-11,19,-11\nH40000v40H1012.3\ns-271.3,567,-271.3,567c-38.7,80.7,-84,175,-136,283c-52,108,-89.167,185.3,-111.5,232\nc-22.3,46.7,-33.8,70.3,-34.5,71c-4.7,4.7,-12.3,7,-23,7s-12,-1,-12,-1\ns-109,-253,-109,-253c-72.7,-168,-109.3,-252,-110,-252c-10.7,8,-22,16.7,-34,26\nc-22,17.3,-33.3,26,-34,26s-26,-26,-26,-26s76,-59,76,-59s76,-60,76,-60z\nM1001 80h400000v40h-400000z\"\/><\/svg><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.305em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u6c42\u3081\u308b\u3068 <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0.1459<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u3092\u518d\u73fe\u3059\u308b\u30e2\u30c7\u30eb\u306a\u3089\u3069\u308c\u3067\u3082\u6c34\u6e96\u306f\u3053\u306e\u7a0b\u5ea6\u306b\u4e0b\u304c\u308a\u307e\u3059\u3002\u5b9f\u969b\u3001\u539f\u8cc7\u7523\u304c <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\">100<\/span><\/span><\/span><\/span><\/eq> \u306e\u307e\u307e\u306a\u3089\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306e ATM \u306e\u5024\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\">0.1398<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u3053\u306e\u5024\u306b\u8fd1\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306f\u300c\u4eca\u65e5\u5408\u3063\u3066\u3044\u308c\u3070\u5c06\u6765\u3082\u5408\u3046\u300d\u3068\u3044\u3046\u671f\u5f85\u304c\u9593\u9055\u3044\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u30b9\u30de\u30a4\u30eb\u306e\u518d\u73fe\u80fd\u529b\u3068\u5c06\u6765\u306e\u4e88\u6e2c\u80fd\u529b\u306f\u5225\u7269\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CEX-LV-2: \u88dc\u9593\u306e\u4ed5\u65b9\u3067\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u5909\u308f\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306e\u5e02\u5834\u3067\u306f\u3001\u5168\u3066\u306e\u884c\u4f7f\u4fa1\u683c\u306b\u30b3\u30fc\u30eb\u4fa1\u683c\u304c\u3042\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u89b3\u6e2c\u3067\u304d\u308b\u306e\u306f\u98db\u3073\u98db\u3073\u306e\u884c\u4f7f\u4fa1\u683c\u3060\u3051\u3067\u3059\u3002\u89b3\u6e2c\u3055\u308c\u3066\u3044\u306a\u3044\u884c\u4f7f\u4fa1\u683c\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u88dc\u9593\u3067\u57cb\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\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:0.6833em;\"><\/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:0.8389em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\">90<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">100<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\">110<\/span><\/span><\/span><\/span><\/eq> \u306e3\u70b9\u3060\u3051\u304c\u89b3\u6e2c\u3055\u308c\u3066\u3044\u308b\u3068\u3057\u3001\u7dda\u5f62\u88dc\u9593\u30682\u6b21\u88dc\u9593\uff08\u3082\u3068\u306e\u30b9\u30de\u30a4\u30eb\u95a2\u6570\uff09\u3067\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u6bd4\u8f03\u3092\u88dc\u9593\u306e\u9055\u3044\u3060\u3051\u306b\u7d5e\u308b\u305f\u3081\u3001\u3069\u3061\u3089\u3082\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u6e80\u671f\u306b\u3088\u3089\u305a <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\u5024\u3067\u4e00\u5b9a\u3068\u3057\u307e\u3059\uff08\u305d\u306e\u305f\u30812\u6b21\u88dc\u9593\u306e\u5024\u306f\u7b2c6\u7bc0\u306e <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\u5024\u3068\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\uff09\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\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><\/th>\n<th>\u7dda\u5f62\u88dc\u9593<\/th>\n<th>2\u6b21\u88dc\u9593<\/th>\n<th>\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>92<\/td>\n<td><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\">0.2027<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1982<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0045<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>95<\/td>\n<td><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\">0.2018<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1961<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0057<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>100<\/td>\n<td><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\">0.1349<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1943<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0594<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>105<\/td>\n<td><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\">0.2012<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1945<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0067<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>108<\/td>\n<td><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\">0.2021<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1956<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0065<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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:0.6833em;\"><\/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> \u3067\u5dee\u304c <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\">0.0594<\/span><\/span><\/span><\/span><\/eq> \u3068\u6975\u7aef\u306b\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u7dda\u5f62\u88dc\u9593\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 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> \u304c\u6298\u308c\u70b9\u306b\u306a\u308a\u3001<eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0641em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\u5024\u304c2\u6b21\u88dc\u9593\u3068\u306f\u5927\u304d\u304f\u7570\u306a\u308b\u305f\u3081\u3067\u3059\u3002\u30c7\u30e5\u30d4\u30fc\u30eb\u306e\u5f0f\u306f<strong>2\u968e\u5fae\u5206<\/strong>\u3092\u542b\u3080\u305f\u3081\u3001\u88dc\u9593\u95a2\u6570\u306e\u6ed1\u3089\u304b\u3055\u304c\u7d50\u679c\u3092\u6c7a\u5b9a\u7684\u306b\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CEX-LV-3: \u4fa1\u683c\u306e\u5c0f\u3055\u306a\u8aa4\u5dee\u304c2\u968e\u5fae\u5206\u3067\u5897\u5e45\u3055\u308c\u308b<\/h3>\n\n\n\n<p>\u30b3\u30fc\u30eb\u4fa1\u683c\u306b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">0.1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u8aa4\u5dee\uff08\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u7a0b\u5ea6\uff09\u3092\u52a0\u3048\u3001\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u3069\u308c\u3060\u3051\u5909\u5316\u3059\u308b\u304b\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n<table>\n<thead>\n<tr>\n<th>\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><\/th>\n<th>\u8aa4\u5dee\u306a\u3057<\/th>\n<th>0.1%\u8aa4\u5dee<\/th>\n<th>\u5909\u5316\u7387<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>90<\/td>\n<td><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\">0.1788<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0934<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">47.8%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>100<\/td>\n<td><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\">0.1738<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1149<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">33.9%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>110<\/td>\n<td><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\">0.1764<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1300<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">26.3%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u308f\u305a\u304b <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">0.1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u4fa1\u683c\u8aa4\u5dee\u3067\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c <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\">26<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u223c<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"><\/span><span class=\"mord\">48%<\/span><\/span><\/span><\/span><\/eq> \u3082\u5909\u52d5\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f<strong>2\u968e\u5fae\u5206\u306e\u4e0d\u5b89\u5b9a\u6027<\/strong>\u304c\u539f\u56e0\u3067\u3059\u3002\u6570\u5024\u5fae\u5206\u30672\u56de\u5fae\u5206\u3059\u308b\u3068\u3001\u30c7\u30fc\u30bf\u306e\u5c0f\u3055\u306a\u30ce\u30a4\u30ba\u304c\u5927\u304d\u304f\u5897\u5e45\u3055\u308c\u307e\u3059\u3002\u5b9f\u52d9\u3067\u306f\u5e73\u6ed1\u5316\u3084\u30d1\u30e9\u30e1\u30c8\u30ea\u30c3\u30af\u88dc\u9593\u3067\u5bfe\u51e6\u3057\u307e\u3059\u304c\u3001\u672c\u8cea\u7684\u306b\u4e0d\u5b89\u5b9a\u306a\u64cd\u4f5c\u3067\u3042\u308b\u3053\u3068\u306b\u5909\u308f\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. \u6570\u5024\u4f8b \u2015 \u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u6570\u5024\u3067\u51fa\u3059<\/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>\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:0.0278em;\">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\">0.03<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u3001\u30b9\u30de\u30a4\u30eb <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\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">\u03c3<\/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:-0.0359em;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 text mtight\"><span class=\"mord mtight\">iv<\/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=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">0.20<\/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\">0.15<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mord\">\/100<\/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:0.2222em;\"><\/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\">0.02<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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><\/eq> \u304b\u3089\u30c7\u30e5\u30d4\u30fc\u30eb\u306e\u5f0f\u3067\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u5fae\u5206\u306f\u3059\u3079\u3066\u6709\u9650\u5dee\u5206\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\" 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\">0.5<\/span><\/span><\/span><\/span><\/eq>\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\" 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\">0.01<\/span><\/span><\/span><\/span><\/eq>\uff09\u3067\u8a55\u4fa1\u3057\u3066\u3044\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:0.6833em;\"><\/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\">0.5<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b9\u30e9\u30a4\u30b9\u3002<\/strong><\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9Vol<\/th>\n<th>\u5c40\u6240Vol<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>80<\/td>\n<td><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\">0.216<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.2146<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>90<\/td>\n<td><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\">0.212<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.2016<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>100<\/td>\n<td><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\">0.210<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1967<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>110<\/td>\n<td><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\">0.212<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.2001<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>120<\/td>\n<td><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\">0.216<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.2127<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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:0.6833em;\"><\/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\">1.0<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b9\u30e9\u30a4\u30b9\u3002<\/strong><\/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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9Vol<\/th>\n<th>\u5c40\u6240Vol<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>80<\/td>\n<td><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\">0.206<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1916<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>90<\/td>\n<td><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\">0.202<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1788<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>100<\/td>\n<td><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\">0.200<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1738<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>110<\/td>\n<td><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\">0.202<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1764<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>120<\/td>\n<td><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\">0.206<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.1873<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3088\u308a\u3082\u5168\u4f53\u306b\u4f4e\u3044\u5024\u3092\u53d6\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u300c\u305d\u306e\u77ac\u9593\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u300c\u6e80\u671f\u307e\u3067\u306e\u5e73\u5747\u7684\u306a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d\u3067\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong>\u30c7\u30e5\u30d4\u30fc\u30eb\u306ePDE\u306e\u691c\u8a3c\u3002<\/strong> \u30b3\u30fc\u30eb\u4fa1\u683c\u306b\u5bfe\u3057\u3001(2.1) \u306e\u5206\u5b50 <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\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/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;\">r<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq> \u3068\u5206\u6bcd <eq><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1901em;vertical-align:-0.345em;\"><\/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:0.8451em;\"><span style=\"top:-2.655em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">2<\/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:-3.394em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.345em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/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:0.0715em;\">C<\/span><span class=\"mord\">\/<\/span><span class=\"mord\" style=\"margin-right:0.0556em;\">\u2202<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/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\">\u22c5<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><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><\/span><\/span><\/eq> \u304c\u7b49\u3057\u3044\u3053\u3068\u3092\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:0.6833em;\"><\/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\">1.0<\/span><\/span><\/span><\/span><\/eq>\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:0.0715em;\">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> \u306e\u3068\u304d\u3001\u4e21\u8fba\u3068\u3082\u306b <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\">3.0934<\/span><\/span><\/span><\/span><\/eq> \u3067\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u4ed6\u306e <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:0.0715em;\">K<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3082PDE\u8aa4\u5dee\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\">0.0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u305f\u3060\u3057\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u3053\u306e\u7b49\u5f0f\u304b\u3089\u9006\u7b97\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u3053\u3053\u3067\u4e21\u8fba\u304c\u4e00\u81f4\u3059\u308b\u306e\u306f\u4f5c\u308a\u65b9\u304b\u3089\u3057\u3066\u5f53\u7136\u3067\u3001\u3053\u308c\u3060\u3051\u3067\u306f\u4fa1\u683c\u306e\u518d\u73fe\u306e\u78ba\u8a8d\u306b\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p><strong>\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u3067\u306e\u518d\u8a08\u7b97\u3002<\/strong> \u305d\u3053\u3067\u3001\u6c42\u3081\u305f\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570 <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;\">\u03c3<\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">S<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3063\u3066\u4fa1\u683c\u306e\u504f\u5fae\u5206\u65b9\u7a0b\u5f0f\u3092\u6570\u5024\u7684\u306b\u89e3\u304d\u3001\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 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\u30b3\u30fc\u30eb\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u76f4\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:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/eq><\/th>\n<th>\u5e02\u5834\u4fa1\u683c<\/th>\n<th>LV\u30e2\u30c7\u30eb\u3067\u306e\u518d\u8a08\u7b97<\/th>\n<th>\u8aa4\u5dee<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>90<\/td>\n<td><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\">15.4736<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">15.4744<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0008<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>100<\/td>\n<td><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\">9.4134<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">9.4140<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0006<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<tr>\n<td>110<\/td>\n<td><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\">5.3517<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">5.3544<\/span><\/span><\/span><\/span><\/eq><\/td>\n<td><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\">0.0027<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u8aa4\u5dee\u306f\u5dee\u5206\u306e\u523b\u307f\u306b\u3088\u308b <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\">0.003<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u4e0b\u306b\u3068\u3069\u307e\u308a\u3001\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u304c\u5e02\u5834\u4fa1\u683c\u3092\u518d\u73fe\u3059\u308b\u3053\u3068\u3092\u6570\u5024\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u304c THM-LV-1 \u306e\u4e3b\u5f35\u306e\u6570\u5024\u7684\u306a\u88cf\u3065\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. \u6b21\u56de\u3078 \u2015 \u5225\u306e\u65b9\u5411\u304b\u3089\u8aac\u660e\u3059\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u56de\u306e\u7d50\u8ad6\u306f\u300c\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306f\u4eca\u65e5\u306e\u30b9\u30de\u30a4\u30eb\u3092\u5b8c\u5168\u306b\u518d\u73fe\u3059\u308b\u304c\u3001\u5c06\u6765\u306e\u30b9\u30de\u30a4\u30eb\u306e\u4e88\u6e2c\u306f\u5f53\u305f\u3089\u306a\u3044\u300d\u3067\u3057\u305f\u3002\u30e2\u30c7\u30eb\u304c\u5b8c\u5099\u3067\u3042\u308b\u3053\u3068\u306f\u5229\u70b9\u3067\u3059\u304c\u3001\u5c06\u6765\u306e\u52d5\u304d\u65b9\u3092\u554f\u3046\u5546\u54c1\uff08\u30d0\u30ea\u30a2\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30af\u30ea\u30b1\u30c3\u30c8\u306a\u3069\uff09\u3067\u306f\u30d8\u30c3\u30b8\u306e\u7cbe\u5ea6\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b21\u56de\uff08\u7b2c88\u56de\uff09\u3067\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u81ea\u4f53\u3092\u78ba\u7387\u904e\u7a0b\u306b\u3059\u308b\u3068\u3044\u3046\u5225\u306e\u65b9\u5411\u304b\u3089\u30b9\u30de\u30a4\u30eb\u3092\u8aac\u660e\u3057\u307e\u3059\u3002\u5b8c\u5168\u306a\u518d\u73fe\u3092\u8ae6\u3081\u308b\u4ee3\u308f\u308a\u306b\u3001\u30b9\u30de\u30a4\u30eb\u306e\u52d5\u304d\u306e\u6027\u8cea\u3092\u6349\u3048\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\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>\u5b8c\u5168\u306b\u5408\u3046\u306a\u3089\u826f\u3044\u30e2\u30c7\u30eb\u3067\u306f\u306a\u3044\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u306f\u5408\u3044\u307e\u3059\u304c\u3001\u660e\u65e5\u4ee5\u964d\u306e\u52d5\u304d\u65b9\u304c\u73fe\u5b9f\u3068\u9055\u3044\u307e\u3059\u3002\u30d8\u30c3\u30b8\u306e\u6027\u80fd\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u306a\u305c\u6570\u5024\u5fae\u5206\u304c\u4e0d\u5b89\u5b9a\u306a\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2\u56de\u5fae\u5206\u3059\u308b\u304b\u3089\u3067\u3059\u3002\u30c7\u30fc\u30bf\u306e\u5c0f\u3055\u306a\u8aa4\u5dee\u304c\u5927\u304d\u304f\u5897\u5e45\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5b9f\u52d9\u3067\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u5c06\u6765\u306e\u52d5\u304d\u3092\u554f\u3046\u5546\u54c1\u3067\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u81ea\u4f53\u3082\u78ba\u7387\u7684\u306b\u52d5\u304f\u30e2\u30c7\u30eb\uff08\u7b2c88\u56de\uff09\u304c\u597d\u307e\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>Dupire B.\u3001Pricing with a Smile\u3001Risk\u30011994\u5e74<\/li>\n\n\n<li>Gatheral J.\u3001The Volatility Surface\u3001Wiley\u30012006\u5e74<\/li>\n\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u6570\u5024\u4f8b\u306f <code>compute.py<\/code> \u306b\u3088\u308a\u8a08\u7b97\u6e08\u307f\uff08BS\u516c\u5f0f\u306b\u6307\u6570\u30fb\u5bfe\u6570\u3092\u4f7f\u3046\u305f\u3081 float\uff09\u3002\u4e71\u6570\u306f\u4f7f\u7528\u3057\u3066\u3044\u306a\u3044\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u4eca\u65e5\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u5408\u308f\u305b\u3001\u305d\u306e\u5c06\u6765\u306e\u5f62\u304c\u5916\u308c\u308b\u4ed5\u7d44\u307f\u3092\u8aac [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":209187,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[168],"class_list":["post-208593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part8-volatility"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\" \/>\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\" href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.4\" \/>\n\t\t<meta property=\"og:locale\" content=\"ja_JP\" \/>\n\t\t<meta property=\"og:site_name\" content=\"ICHIZEN CAPITAL - \u6b63\u3057\u3044\u77e5\u8b58\u30fb\u904b\u7528\u3067\u4eee\u60f3\u901a\u8ca8\u3092\u3082\u3063\u3068\u8eab\u8fd1\u306b\u3002\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL\" \/>\n\t\t<meta property=\"og:description\" content=\"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-10-08T09:50:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-09-25T10:37:47+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#blogposting\",\"name\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f - ICHIZEN CAPITAL\",\"headline\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f\",\"author\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/local-volatility.png\",\"width\":1600,\"height\":900,\"caption\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f\"},\"datePublished\":\"2026-10-08T18:50:00+09:00\",\"dateModified\":\"2026-09-25T19:37:47+09:00\",\"inLanguage\":\"ja\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#webpage\"},\"articleSection\":\"\\u91d1\\u878d\\u5de5\\u5b66, \\u91d1\\u878d\\u5de5\\u5b66\\uff5c\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/#listItem\",\"name\":\"\\u30c8\\u30ec\\u30fc\\u30c9\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/#listItem\",\"position\":2,\"name\":\"\\u30c8\\u30ec\\u30fc\\u30c9\",\"item\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/financial-engineering\\\/#listItem\",\"name\":\"\\u91d1\\u878d\\u5de5\\u5b66\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/financial-engineering\\\/#listItem\",\"position\":3,\"name\":\"\\u91d1\\u878d\\u5de5\\u5b66\",\"item\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/financial-engineering\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#listItem\",\"name\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/#listItem\",\"name\":\"\\u30c8\\u30ec\\u30fc\\u30c9\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#listItem\",\"position\":4,\"name\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/financial-engineering\\\/#listItem\",\"name\":\"\\u91d1\\u878d\\u5de5\\u5b66\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#organization\",\"name\":\"\\u682a\\u5f0f\\u4f1a\\u793eICHIZEN HOLDINGS\",\"description\":\"\\u682a\\u5f0f\\u4f1a\\u793eICHIZEN HOLDINGS\\u306f\\u3001WEB3.0\\u4e8b\\u696d\\u30920\\u304b\\u3089\\u69cb\\u7bc9\\u30fb\\u30de\\u30fc\\u30b1\\u30c6\\u30a3\\u30f3\\u30b0\\u304c\\u884c\\u3048\\u308bWEB3.0\\u7279\\u5316\\u306e\\u30b3\\u30f3\\u30b5\\u30eb\\u30c6\\u30a3\\u30f3\\u30b0\\u4f01\\u696d\\u3067\\u3059\\u3002 BTC\\u306e\\u8ad6\\u6587\\u8aad\\u307f\\u89e3\\u304d\\u304b\\u3089\\u59cb\\u307e\\u308b\\u7814\\u4fee\\u30fb\\u30af\\u30ea\\u30d7\\u30c8\\u306e\\u672c\\u8cea\\u3092\\u6349\\u3048\\u305f\\u4e8b\\u696d\\u4f01\\u753b\\\/\\u30c8\\u30fc\\u30af\\u30f3\\u30a8\\u30b3\\u30ce\\u30df\\u30af\\u30b9\\u8a2d\\u8a08\\u30fb\\u8fc5\\u901f\\u304b\\u3064\\u30c8\\u30ec\\u30f3\\u30c9\\u3092\\u6291\\u3048\\u305f\\u30b7\\u30b9\\u30c6\\u30e0\\u958b\\u767a\\u30fb\\u4eba\\u3005\\u306e\\u6b32\\u6c42\\u3092\\u72d9\\u3044\\u6483\\u3064\\u30de\\u30fc\\u30b1\\u30c6\\u30a3\\u30f3\\u30b0\\u3002 \\u4e00\\u6c17\\u901a\\u8cab\\u3067\\u8cb4\\u793e\\u306eWEB3.0\\u4e8b\\u696d\\u3092\\u652f\\u63f4\\u3057\\u307e\\u3059\\u3002\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/\",\"telephone\":\"+817083005851\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/ICHIZEN\\u3055\\u307e\\u3000\\u7e26\\u7d44\\u307f\\u3000\\u9ed2\\u30ed\\u30b4-scaled.png\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#organizationLogo\",\"width\":2560,\"height\":2081},\"image\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/\",\"name\":\"\\u6c34\\u91ce\\u502b\\u592a\\u90ce\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ac998cf8a93769ce2f57435607bed3edc869d6bfa37d71ba56d60bf2252bd058?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"\\u6c34\\u91ce\\u502b\\u592a\\u90ce\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#webpage\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/\",\"name\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f - ICHIZEN CAPITAL\",\"description\":\"\\u4f4d\\u7f6e: \\u7b2c8\\u90e8 \\u7b2c87\\u56de \\\/ \\u524d\\u63d0: \\u7b2c66\\u56de\\u3001\\u7b2c86\\u56de \\\/ \\u6570\\u5b66\\u7de8: M26\\u3001M27 \\\/ \\u3053\\u306e\\u56de\\u3067\\u3067\\u304d\\u308b\\u3088\\u3046\",\"inLanguage\":\"ja\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/local-volatility.png\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#mainImage\",\"width\":1600,\"height\":900,\"caption\":\"\\u7b2c87\\u56de \\u30ed\\u30fc\\u30ab\\u30eb\\u30dc\\u30e9\\u30c6\\u30a3\\u30ea\\u30c6\\u30a3 \\u2015 \\u30b5\\u30fc\\u30d5\\u30a7\\u30b9\\u306b\\u5b8c\\u5168\\u306b\\u5408\\u308f\\u305b\\u308b\\u4ee3\\u511f\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/financial-engineering\\\/local-volatility\\\/#mainImage\"},\"datePublished\":\"2026-10-08T18:50:00+09:00\",\"dateModified\":\"2026-09-25T19:37:47+09:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#website\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/\",\"name\":\"ICHIZEN CAPITAL\",\"description\":\"\\u6b63\\u3057\\u3044\\u77e5\\u8b58\\u30fb\\u904b\\u7528\\u3067\\u4eee\\u60f3\\u901a\\u8ca8\\u3092\\u3082\\u3063\\u3068\\u8eab\\u8fd1\\u306b\\u3002\",\"inLanguage\":\"ja\",\"publisher\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL","description":"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046","canonical_url":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#blogposting","name":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL","headline":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f","author":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author"},"publisher":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/09\/local-volatility.png","width":1600,"height":900,"caption":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f"},"datePublished":"2026-10-08T18:50:00+09:00","dateModified":"2026-09-25T19:37:47+09:00","inLanguage":"ja","mainEntityOfPage":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#webpage"},"isPartOf":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#webpage"},"articleSection":"\u91d1\u878d\u5de5\u5b66, \u91d1\u878d\u5de5\u5b66\uff5c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3"},{"@type":"BreadcrumbList","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/#listItem","position":1,"name":"Home","item":"https:\/\/ichizenholdings.co.jp\/media\/","nextItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/#listItem","name":"\u30c8\u30ec\u30fc\u30c9"}},{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/#listItem","position":2,"name":"\u30c8\u30ec\u30fc\u30c9","item":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/","nextItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/financial-engineering\/#listItem","name":"\u91d1\u878d\u5de5\u5b66"},"previousItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/financial-engineering\/#listItem","position":3,"name":"\u91d1\u878d\u5de5\u5b66","item":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/financial-engineering\/","nextItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#listItem","name":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f"},"previousItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/#listItem","name":"\u30c8\u30ec\u30fc\u30c9"}},{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#listItem","position":4,"name":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f","previousItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/financial-engineering\/#listItem","name":"\u91d1\u878d\u5de5\u5b66"}}]},{"@type":"Organization","@id":"https:\/\/ichizenholdings.co.jp\/media\/#organization","name":"\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS","description":"\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306f\u3001WEB3.0\u4e8b\u696d\u30920\u304b\u3089\u69cb\u7bc9\u30fb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u304c\u884c\u3048\u308bWEB3.0\u7279\u5316\u306e\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u4f01\u696d\u3067\u3059\u3002 BTC\u306e\u8ad6\u6587\u8aad\u307f\u89e3\u304d\u304b\u3089\u59cb\u307e\u308b\u7814\u4fee\u30fb\u30af\u30ea\u30d7\u30c8\u306e\u672c\u8cea\u3092\u6349\u3048\u305f\u4e8b\u696d\u4f01\u753b\/\u30c8\u30fc\u30af\u30f3\u30a8\u30b3\u30ce\u30df\u30af\u30b9\u8a2d\u8a08\u30fb\u8fc5\u901f\u304b\u3064\u30c8\u30ec\u30f3\u30c9\u3092\u6291\u3048\u305f\u30b7\u30b9\u30c6\u30e0\u958b\u767a\u30fb\u4eba\u3005\u306e\u6b32\u6c42\u3092\u72d9\u3044\u6483\u3064\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3002 \u4e00\u6c17\u901a\u8cab\u3067\u8cb4\u793e\u306eWEB3.0\u4e8b\u696d\u3092\u652f\u63f4\u3057\u307e\u3059\u3002","url":"https:\/\/ichizenholdings.co.jp\/media\/","telephone":"+817083005851","logo":{"@type":"ImageObject","url":"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/07\/ICHIZEN\u3055\u307e\u3000\u7e26\u7d44\u307f\u3000\u9ed2\u30ed\u30b4-scaled.png","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#organizationLogo","width":2560,"height":2081},"image":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#organizationLogo"}},{"@type":"Person","@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author","url":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/","name":"\u6c34\u91ce\u502b\u592a\u90ce","image":{"@type":"ImageObject","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#authorImage","url":"https:\/\/secure.gravatar.com\/avatar\/ac998cf8a93769ce2f57435607bed3edc869d6bfa37d71ba56d60bf2252bd058?s=96&d=mm&r=g","width":96,"height":96,"caption":"\u6c34\u91ce\u502b\u592a\u90ce"}},{"@type":"WebPage","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#webpage","url":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/","name":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL","description":"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046","inLanguage":"ja","isPartOf":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/#website"},"breadcrumb":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#breadcrumblist"},"author":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author"},"creator":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/09\/local-volatility.png","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#mainImage","width":1600,"height":900,"caption":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f"},"primaryImageOfPage":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/#mainImage"},"datePublished":"2026-10-08T18:50:00+09:00","dateModified":"2026-09-25T19:37:47+09:00"},{"@type":"WebSite","@id":"https:\/\/ichizenholdings.co.jp\/media\/#website","url":"https:\/\/ichizenholdings.co.jp\/media\/","name":"ICHIZEN CAPITAL","description":"\u6b63\u3057\u3044\u77e5\u8b58\u30fb\u904b\u7528\u3067\u4eee\u60f3\u901a\u8ca8\u3092\u3082\u3063\u3068\u8eab\u8fd1\u306b\u3002","inLanguage":"ja","publisher":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/#organization"}}]},"og:locale":"ja_JP","og:site_name":"ICHIZEN CAPITAL - \u6b63\u3057\u3044\u77e5\u8b58\u30fb\u904b\u7528\u3067\u4eee\u60f3\u901a\u8ca8\u3092\u3082\u3063\u3068\u8eab\u8fd1\u306b\u3002","og:type":"article","og:title":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL","og:description":"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046","og:url":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/","article:published_time":"2026-10-08T09:50:00+00:00","article:modified_time":"2026-09-25T10:37:47+00:00","twitter:card":"summary_large_image","twitter:title":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f - ICHIZEN CAPITAL","twitter:description":"\u4f4d\u7f6e: \u7b2c8\u90e8 \u7b2c87\u56de \/ \u524d\u63d0: \u7b2c66\u56de\u3001\u7b2c86\u56de \/ \u6570\u5b66\u7de8: M26\u3001M27 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046"},"aioseo_meta_data":{"post_id":"208593","title":null,"description":null,"keywords":null,"keyphrases":{"focus":[],"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":null,"created":"2026-09-17 07:49:27","updated":"2026-10-08 09:55:46","seo_analyzer_scan_date":null,"focus_keyword":null,"additional_keywords":null,"truseo_locale":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/ichizenholdings.co.jp\/media\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/\" title=\"\u30c8\u30ec\u30fc\u30c9\">\u30c8\u30ec\u30fc\u30c9<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/financial-engineering\/\" title=\"\u91d1\u878d\u5de5\u5b66\">\u91d1\u878d\u5de5\u5b66<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/ichizenholdings.co.jp\/media\/"},{"label":"\u30c8\u30ec\u30fc\u30c9","link":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/"},{"label":"\u91d1\u878d\u5de5\u5b66","link":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/financial-engineering\/"},{"label":"\u7b2c87\u56de \u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 \u2015 \u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u5b8c\u5168\u306b\u5408\u308f\u305b\u308b\u4ee3\u511f","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/local-volatility\/"}],"_links":{"self":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/208593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/comments?post=208593"}],"version-history":[{"count":4,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/208593\/revisions"}],"predecessor-version":[{"id":209005,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/208593\/revisions\/209005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/media\/209187"}],"wp:attachment":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/media?parent=208593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/categories?post=208593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/tags?post=208593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}