36
37
38 P r R P
39 (1+r ) P =R+P g P r g P = R r g r g == ==
40
41
42 τ R P = r g+τ
43 τ (1+r ) P τ ( P P ) = R+P τ ( P P ) n P P r P P g P
44 R τ P P = (1 τ )(r g) (1 τ )P R τ
45 R R σ u R= R +u u~ (0,σ ) u
46 σ Var ( P )= (r g) σ Var ( P )= (r g+τ ) σ Var ( P )= (1 τ ) (r g) Var ( P ) Var ( P ) = 1 (1 τ ) >1
47 τ =
48
49
50
51 x > x
52 W W
53 =
54 W W Q W W
55 Q Q W +(1 t )(1 τ )(1 τ )(100Q )=W τ τ t (1 t ) (100Q ) Q Q = W W (1 t )(1 τ )(1 τ ) Q Q Q Q Q W W
56 τ τ W W X W W
57
58
59
60
61
62
63
64
65
66
67
68
69
70 =
71 = = =
72
73
74
75
76
77