完备市场下亏空风险的最小化.pdf

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ֻėĝज`ֻę௹ࣜ`࠶`ඔ`࿐ͣͼ͹ēėĝđ͛ͼēęėĕĖĖ୍Ėėᄅ͎͙͓͎͖͎͖͚͖͗͛͛ͣ͒͒͐͛͐͑͜͢͟͜͢͜͜͞͡͡͡͠ͲͰēėĕĖĖӐປС൧ӆ༯঄ॢڄག֥ቋཬ߄ဗᄉڃđࣁ`ݽč༆ν॓࠯ն࿐৘࿐ჽđ೻༆༆ν`ĜĖĕĕĚęĎ``ᅋ`ေ`ࡌקܢௐࡎ۬ڛՖ๋ঔ೛ݖӱđᄝປС൧ӆ่֥ࡱ༯đษંਔཬح๧ሧದ๧ሧྛູ֥ڄགၛࠣ঄ॢڄགቋཬ߄֥ҍڶႪ߄໙ีđ০Ⴈෛࠏٳ༅֥ٚمᆣૼਔթᄝႪ߄๧ሧቆކ൐ڄགቋཬ߄đ۳ԛਔႪ߄๧ሧቆކaႪ߄ҍڶݖӱaቋᇔࡎᆴēܱ࡯Ս`๋ঔ೛ݖӱĠ֩ࡎ᷉ҩ؇ĠҍڶႪ߄ᇏ๭ٳোݼ`͜ėĖĖēě``````````````໓ངѓ്઒`͎͚ͶͻͶͺͶ·Ͷͻʹͼͳ͠͵ͼͿ΁ͳͮ͹͹͟Ͷ΀͸΂ͻͱͲͿ͐ͼͺͽ͹Ͳ΁Ͳ͓ͶͻͮͻͰͶͮ͹͚ͮͿ͸Ͳ΁΀͎͔ͦ͛ͦ΂ͻ✢ͳͲͻʹđ͖͕͗͛ͮͼč͠Ͱ͵ͼͼ͹ͼ͠ͰͶͲͻͰͲđͥͶČͮͻ͢ͻͶ΃ͲͿ΀Ͷ΁ͼ͠ͰͶͲͮͰͲ̳͡ͲͰ͵ͻͼ͹ͼͥͶČͮͻđ͠͵ͮͻͻ΅`ĜĖĕĕĚęđ͐͵ͶͻͮĎͳΆͳʹΆ``͎ͯ΀΁ͿͮͰ΁`ͤͲͰͼͻ΀ͶͱͲͿ΁͵ͲͽͿͼͯ͹ͲͺͼͳͺͶͻͶͺͶ·ͮ΁Ͷͼͻͼͳ΀͵ͼͿ΁ͳͮ͹͹ͿͶ΀͸΂ͻͱͲͿͰͼͺͽ͹Ͳ΁ͲͳͶͻͮͻͰͶͮ͹ͺͮͿ͸Ͳ΁΀΄͵Ͳͻ΁͵ͲͿͲͮͿͲͺͮͿ͸Ͳ΁ͿͶ΀͸΀ͮͻͱ΄Ͳͮ͹΁͵ͼͽ΁ͶͺͶ·ͮ΁Ͷͼͻē͖ͻͽͲͿͳͼͿͺͶͻʹ΁͵ͲͲ΅Ͷ΀΁ͲͻͰͲͼͳͮͻͼͽ΁Ͷͺͮ͹ͽͼͿ΁ͳͼ͹Ͷͼđ΄ͲͲͺͽ͹ͼΆ΁͵ͲͰͼͻ΃Ͳͻ΁Ͷͼͻͮ͹΀΁ͼͰ͵ͮ΀✢΁ͶͰͮͻͮ͹Ά΀Ͷ΀ͺͲ΁͵ͼͱ΀ē͓΂Ϳ΁͵ͲͿͺͼͿͲđ΁͵Ͳͼͽ΁Ͷͺͮ͹ͽͼͿ΁ͳͼ͹Ͷͼđ΁͵Ͳ΃ͮ͹΂Ͳͳ΂ͻͰ΁Ͷͼͻͮͻͱ΁͵Ͳͼͽ΁Ͷͺͮ͹΁ͲͿͺͶͻͮ͹΄Ͳͮ͹΁͵ͮͿͲͱͲͱ΂ͰͲͱē͘ͲΆ΄ͼͿͱ΀`΂ͺͽ✢ͱͶͳͳ΂΀ͶͼͻͽͿͼͰͲ΀΀ĠͲ;΂Ͷ΃ͮ͹Ͳͻ΁ͺͮͿ΁Ͷͻʹͮ͹ͲͺͲͮ΀΂ͿͲĠ΄Ͳͮ͹΁͵ͼͽ΁ͶͺͶ·ͮ΁Ͷͼͻͷڶቋն߄֥Ⴊ߄໙ีđؓႿЧ໓֥Ⴊ߄໙ีŀĘł̾`ႄ`࿽͓ͼ͹͹ͺͲͿބ͙Ͳ΂͸ͲͿ΁ษંਔ϶᷉ଆ྘đ͝͵ͮͺษંŀęłŀĚłਔ৵࿃൧ӆଆ྘đ͛ͮ͸ͮͻͼษંਔ๋ঔ೛ଆ྘ēҍڶႪ߄໙ี൞ࣁವඔ࿐֥ނྏ໙ีᆭ၂đЧЧ໓ࣉ၂҄ษં๋ঔ೛ଆ྘đࡼ๋ݖӱ၂Ϯ߄ູ࠹໓ษં༯૫֥Ⴊ߄໙ีğŀěłඔݖӱē΅đȴͣč΅ĎĢͶͻͳ͒ŀ͢čč͕Ēͥč͡ĎĎĐĎłđȴ‰͎΅đȴఃᇏ͢č΅Ď൞ིႨݦඔđͥč΁Ď൞๧ሧᆀ֥ҍڶݖ̿`ࠎЧࡌഡაଆ྘ӱđ΅൞ҍڶԚᆴđ͕൞ໃקಃၭđ͎൞ॖಸྸ๧ሧࡌקᄝປС֥ࣁವ൧ӆࠣఃੲѯॢࡗቆކ֥ࠢކēഡ΅ູ͕͕֥گᇅࡎᆴđೂݔ΅œ΅͕đȤđ͓đ͝đč΁͓Ďĕ›΁›͡ᇏđͤ΁đđĕ›΁›͡൞קၬᄝᄝປС֥൧ӆᇏđ๧ሧᆀିીႵڄག֥͕ؓࣉྛؓۀੱॢࡗȤđ͓đ͝ഈ֥ѓሙ͏Ϳͼ΄ͻᄎ׮đॉ੮ᄝԊđೂݔ΅ġ΅͕đ๧ሧᆀࡼ૫ؓ঄ॢ֥ڄགđՎൈ๧΅đȴŀĕđ͡łଽ৵࿃ࢌၞ֥ሧӁđ၂ᇕ൞໭ڄགሧӁđӫູሧᆀሱಖ༐ຬ঄ॢڄག͒ŀ͢čč͕Ēͥč͡ĎĎĐĎłቋཬēোරՎ໙ี֥ҍڶႪ߄໙ีྸ؟࿐ᆀࣉྛਔษᅏಊđఃࡎ۬ݖӱ͏΁ડቀັٳٚӱŀĖłŀėłંđೂ͚ͲͿ΁ͼͻa͗Ͳͮͻͯ͹ͮͻͰބ͝ͼͻ΁ͶͲͿษંਔҍͱ͏č΁ĎĢ͏č΁ĎͿč΁Ďͱ΁đ͏ĕĢĖđčĖĎӐ൬۠ರ௹ğėĕĖĖ✢ĕĚ✢ėĝࠎࣁཛଢğݓࡅሱಖ॓࿐ࠎࣁሧᇹཛଢčĜĖĖĕĘĖęĘĎĠ೻༆സሱಖ॓࿐ࠎࣁሧᇹཛଢčėĕĖĖ͗͞ĖĕĖěĎĠ೻༆സ॓࠯࠹߃ሧᇹཛଢčėĕĕĞ͚͘͟ĞĞĎቔᆀࡥࢺğဗᄉڃčĖĞĜĝiĎđଳđ೻༆Ⴅ൰ದđࢃഽđණൖ͒✢ͺͮͶ͹ğΆͮͻʹΆ΂ͻͳͲͻʹńĖĞĜĝĥĖėěēͰͼͺ 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