⺰  ᢥෳᾖὐଐሽဳㆬᅢߦࠃࠆⅣႺ⹏ଔߦ㑐ߔࠆ⠨ኤᨋ ጊ ᵏ ਭ*᧲ർᄢቇᄢቇ㒮⚻ᷣቇ⎇ⓥ⑼ᢎ᝼ ᅏ ጊ ᔘ ⵨**᡽╷⎇ⓥᄢቇ㒮ᄢቇഥᚻ 㧝㧚ߪߓ߼ߦ
ෘ↢⚻ᷣቇߦၮߠߊ੐ᬺ⹏ଔᚻᴺߢߪ㧘୘ੱߩല↪߇⽷߽ߒߊߪ␠ળ⾗ᧄߩ⛘ኻ㊂߆ࠄ᳿ቯߐࠇࠆ⛘ኻ⹏ଔၮḰࠍ઒ቯߒߡ޿ࠆ‫߼ߚߩߘޕ‬㧘ታ㛎⚻ᷣቇ߿ࡐࠬ࠻ᦼᓙല↪ℂ⺰ߦ߅޿ߡ㧘ᬌ⸽߇ㅴ߼ࠄࠇߡ޿ࠆ
ㆬᅢߩᄌೣᕈߦኻᔕߒߚ੐ᬺ⹏ଔࠍᬌ⸽࡮ታᣉߔࠆߎߣ߇ߢ߈ߥ޿ߩ߇⃻⁁ߢ޽ࠆ‫ޕ‬ㆬᅢߩᄌೣᕈߦ㑐ߔࠆ⎇ⓥᚑᨐߩ৻ߟߣߒߡ㧘ታ㛎⚻ᷣቇߢߪ㧘୘ੱߩല↪㧔ଔ୯㧕ߪ⥄りߩ㧔⽷㧕ᶖ⾌ߣ૗ࠄ߆ߩᲧセኻ⽎㧔ෳᾖὐ㧕ߣߩᲧセ߆ࠄᓧࠄࠇࠆߣ޿߁⋧ኻ⹏ଔၮḰߦࠃߞߡ᳿ቯߐࠇߡ޿ࠆߣ޿
߁ታ⸽⚿ᨐࠍႎ๔ߒߡ޿ࠆ‫⋧ޕ‬ኻ⹏ଔߦၮߠߊㆬᅢ㑐ଥࠍ⋧ኻ⹏ଔဳㆬᅢߣ޿޿㧘⛘ኻ⹏ଔဳㆬᅢߩ઒ቯ
ߢߪ㧘⺑᣿߇࿎㔍ߥ⏕₸ߦ㑐ߔࠆㆬᅢ㑐ଥߩቯᑼൻ߿ࠕࡦࠤ࡯࠻⺞ᩏᤨߩ⾰໧ౝኈߩ᭴ᚑ㧔ࡈ࡟࡯ࡓ㧕ߦࠃߞߡ㧘⹏ଔ୯߇⇣ߥࠆࡈ࡟࡯ࡒࡦࠣലᨐߥߤߩಽᨆᚻᲑߣߒߡ㧘ࡐࠬ࠻ᦼᓙല↪ℂ⺰߿⹏ଔ⺰ߩಽ㊁ߢᵈ⋡ߐࠇߡ޿ࠆ‫౒౏ޕ‬੐ᬺ⹏ଔߦ߅޿ߡߪ㧘଀߃߫㧘㓸ਛ⽕㔎߿࿾㔡ߣ޿ߞߚ࡝ࠬࠢߦ㑐ㅪߒߚ౏౒ᛩ⾗ߩᔅⷐᕈࠍ␠ળ߇ߤߩࠃ߁ߦ⹺⼂ߒߡ޿ࠆ߆㧘߹ߚ㧘ߘߩ⹺⼂ࠍߤߩࠃ߁ߦ౏౒੐ᬺ⹏ଔߦ෻ᤋߐߖࠆ߆
ࠍ⠨ኤߔࠆ਄ߢ߽㧘⋧ኻ⹏ଔဳㆬᅢߦ㑐ㅪߒߚ⎇ⓥߪਇนᰳߢ޽ࠆ‫ޕ‬ታ㛎⚻ᷣቇߩಽ㊁ߦ߅޿ߡ㧘Kahneman and Tversky㧔1979㧕ߪ㧘୘ੱߩല↪㧔ଔ୯㧕߇૗ࠄ߆ߩෳᾖὐߣᲧセߒߚ⋧ኻ⹏ଔၮḰ߆ࠄᓧࠄࠇࠆߎߣࠍ␜ߒ㧘୘ੱߩ⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐วߪಳ㧘៊ᄬߦ޽ࠆ
႐วߪಲ㑐ᢙߦߥࠆߣ޿߁․ᕈࠍᬌ⸽ߒߚ‫ߥ߁ࠃߩߎޕ‬ෳᾖὐߣߩᲧセ߆ࠄଔ୯߇⊒↢ߔࠆㆬᅢ㑐ଥࠍෳᾖὐଐሽဳㆬᅢ㧔Reference Dependant Preference㧕ߣ޿߁‫ޕ‬Kahneman and Tversky㧔1979㧕ࠄߩ⎇ⓥࠍ⢛᥊ߦ㧘ࡑ࡯ࠤ࠹ࠖࡦࠣ࡮࡝ࠨ࡯࠴ߩಽ㊁ߢߪ㧘Sherif㧔1963㧕ߩ Assimilation Contrast Theory㧘Helson㧔1964㧕ߩ Adaptation Level Theory ߆ࠄ㧘Winter㧔1986㧕߇ෳᾖଔᩰࡕ࠺࡞㧔Reference PriceModel㧕ࠍឭ໒ߒ㧘Lattin and Bucklin㧔1989㧕
㧘Greenleaf㧔1995㧕ߥߤߦࠃߞߡ㧘ࡉ࡜ࡦ࠼ຠߩ⾼⾈ⴕ
േߩಽᨆ߇ⴕࠊࠇߡ޿ࠆ‫߅ߥޕ‬㧘Putler㧔1992㧕ߪᶖ⾌ߩᗧᕁ᳿ቯߦ㑐ߔࠆℂ⺰⊛⢛᥊߇ή߆ߞߚߎࠇࠄ
৻ㅪߩ⎇ⓥߦኻߒ㧘વ⛔⊛⚻ᷣℂ⺰ߦ߅ߌࠆല↪ᦨᄢൻⴕേߩⷰὐ߆ࠄℂ⺰⊛⸃⺑ࠍਈ߃ߚ໑৻ߩ⎇ⓥߢ
޽ࠆ‫ޕ‬
৻ᣇ㧘
ⅣႺ⹏ଔ⺰ߢߪ㧘Tversky and Kahneman㧔1981㧕ߦࠃࠆࡈ࡟࡯ࡒࡦࠣലᨐ㧔Framing Effect㧕㧘Kahneman, Knetsch and Thaler㧔1990㧕ߩᚲ᦭ലᨐ㧔Endowment Effect㧕╬߇ෳᾖὐଐሽဳㆬᅢ߆ࠄ

* 1962 ᐕ↢߹ࠇ‫ޕ‬
1993 ᐕ᧲੩Ꮏᬺᄢቇᄢቇ㒮ℂᎿቇ⎇ⓥ⑼ඳ჻ᓟᦼ⺖⒟තᬺ‫ޕ‬㧔⽷㧕⸘㊂⸘↹⎇ⓥᚲ⎇ⓥຬ
㧔1987㧙91㧕㧘᧲੩Ꮏᬺᄢቇഥᚻ
㧔1993
㧙97㧕㧘᧲ർᄢቇᄢቇ㒮⚻ᷣቇ⎇ⓥ⑼ഥᢎ᝼㧔1997㧙2004㧕ࠍ⚻ߡ⃻⡯‫ߩߎޕ‬㑆㧘ࠞ࡝ࡈࠜ࡞࠾ࠕᄢቇࡃ࡯ࠢ࡟࡯ᩞቴຬ⎇ⓥຬ㧔2003㧙04 ᐕ㧕‫ޕ‬ඳ჻㧔Ꮏቇ㧕
‫ޕ‬ኾ㐷ߪ㧘ⅣႺ⚻ᷣቇ㧘࿯ᧁ⸘↹ቇ‫ޕ‬** 1977 ᐕ↢߹ࠇ‫ޕ‬2006 ᐕ᧲ർᄢቇᄢቇ㒮⚻ᷣቇ⎇ⓥ⑼ඳ჻ᓟᦼ⺖⒟තᬺ‫ޕ‬2005 ᐕࠃࠅ⃻⡯‫ޕ‬ඳ჻㧔⚻ᷣቇ㧕‫ޕ‬ኾ㐷ߪ㧘ⅣႺ⚻ᷣቇ㧘ᢥൻ⚻ᷣቇ‫ޕ‬㧙㧙ળ⸘ᬌᩏ⎇ⓥ No.34㧔2006.9㧕

⊒↢ߔࠆࡃࠗࠕࠬߣߒߡ᜼ߍࠄࠇ㧘ߘߩᬌ⸽߇ⴕࠊࠇߡ޿ࠆ‫ޕ‬⋧ኻ⹏ଔߦ㑐ߔࠆᣢሽ⎇ⓥߢߪ㧘ታ㛎⚻ᷣߦࠃࠆ୘ੱߩㆬᅢ࡮ଔ୯⹏ଔߩಽᨆ㧘⽷⾼౉ᤨߩᶖ⾌⠪ߩᗧᕁ᳿ቯ߇ⴕࠊࠇߡ޿ࠆ߽ߩߩ㧘ෳᾖὐଐሽဳㆬᅢࠍ઒ቯߒߚෘ↢㧔ଢ⋉㧕⸘᷹ℂ⺰ߦ㑐ߔࠆࡕ࠺࡞ߪ߶ߣ
ࠎߤሽ࿷ߒߥ޿‫߼ߚߩߘޕ‬㧘ᧄ⎇ⓥߢߪ㧘ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚଢ⋉⹏ଔℂ⺰ߦ㑐ߔࠆಽᨆࠍⴕ߁
߽ߩߣߔࠆ‫ߢߎߎޕ‬㧘୘ੱߩ⹏ଔၮḰ߇⛘ኻ⹏ଔ߆㧘⋧ኻ⹏ଔ߆㧘ߣ޿߁໧㗴ߦߟ޿ߡ㧘⋧ኻ⹏ଔߪᲧセኻ⽎߇޽ࠆ႐วߦߩߺ㧘ᬌ⸽ߐࠇࠆ⃻⽎ߢ޽ࠆߣ޿߁ߎߣߦᵈᗧߒߥߌࠇ߫ߥࠄߥ޿‫⃻ޕ‬ታ⊛ߦߪ㧘Ყセኻ⽎߇ߥ޿⽷࡮␠ળ⾗ᧄߦߟ޿ߡߪ㧘ㅢᏱߩ⛘ኻ⹏ଔဳㆬᅢࠍ઒ቯߔࠆߎߣ߇⥄ὼߣ⠨߃ࠄࠇࠆ‫ޕ‬ ߘߎߢ㧘ᧄ⎇ⓥߢߪ㧘୘ੱߩല↪㑐ᢙߦ⛘ኻ⹏ଔၮḰߣ⋧ኻ⹏ଔၮḰࠍ૬↪ߒߚല↪㑐ᢙࠍ᭴▽ߒ㧘⋧ኻ⹏ଔဳㆬᅢࠍ⠨ᘦߒߚ╬ଔ⊛ᄌಽ߅ࠃ߮⵬ఘ⊛ᄌಽߩ᭎ᔨࠍቯ⟵㧘વ⛔⊛⚻ᷣℂ⺰ߣߩᏅ⇣ߦߟ޿ߡಽ
ᨆߔࠆ‫ޕ‬ᰴߦ㧘⋧ኻ⹏ଔࠍ⠨ᘦߒߚⅣႺ⾰ߩଢ⋉ࠍቯ⟵ߒ㧘ᢙ୯ࠪࡒࡘ࡟࡯࡚ࠪࡦߦࠃߞߡ㧘⋧ኻ⹏ଔ߇ᄌൻߒߚ႐ว㧘ࡈ࡟࡯ࡒࡦࠣലᨐߥߤߩᣢሽ⎇ⓥߩ⺰ὐࠍ෻ᤋߒߡ޿ࠆ߆㧘ߦߟ޿ߡᬌ⸽ߔࠆ‫ޕ‬㧞㧚ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚᶖ⾌⠪ⴕേߩၮ␆ℂ⺰
2.1. ෳᾖὐଐሽဳㆬᅢߩቯᑼൻ
ߎߎߢߪ㧘Putler㧔1992㧕ߦࠃࠆℂ⺰⊛ߥ⸃ᨆࠍ߽ߣߦ㧘୘ੱߩ⋧ኻ⹏ଔࠍቯᑼൻߔࠆ‫ޕ‬ⅣႺ⾰ࠍ q 㧘ෳᾖὐࠍ q ref ߣߔࠆ‫⎇ᧄޕ‬ⓥߢߪ㧘୘ੱ߇⃻࿷ߩⅣႺ⾰ q ߣෳᾖὐ q ref ߣߩᲧセࠍߘߩ‫ޟ‬Ꮕಽ‫ߡߞࠃߦޠ‬ⴕ߁߽ߩߣ઒ቯߔࠆ‫ߚ߹ޕ‬㧘Ყセߣߪ㧘୘ੱߦߣߞߡ㧘⃻࿷ߩⅣႺ⾰ߩ᳓Ḱ߇ෳᾖὐࠍ਄࿁ࠇ߫೑ᓧ㧘╬ߒߌࠇ߫࠯ࡠ㧘߅ࠃ߮ਅ࿁ࠇ߫៊ᄬߦ޽ࠆߣ޿߁್ᢿ߇ਅߐࠇࠆߎߣࠍᗧ๧ߔࠆ߽ߩߣߔࠆ‫ޕ‬୘ੱߩ╙ i ⅣႺ⾰ߦኻߔࠆ⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐ว㧘ߘߩ㒢⇇⊛೑ᓧ(Marginal Gain)ࠍ g ߣߒ㧘ᑼ(1)ߣߒߡ⴫⃻ߔࠆ‫ޕ‬ห᭽ߦ㧘៊ᄬߦ޽ࠆ႐วࠍ㒢⇇⊛៊ᄬ㧔Marginal Loss㧕l ߣߒ㧘ᑼ(2)ߣߒߡ⴫⃻ߔࠆ‫ޕ‬ߐࠄߦ㧘╙ i ⅣႺ⾰߅ࠃ߮୘ੱߩෳᾖὐߪߔߢߦ᳿ቯߐࠇߡ޿ࠆߎߣ߆ࠄ㧘╙ i ⅣႺ⾰ߩᲧセߦߟ޿ߡ୘ੱ
߇೑ᓧ࡮៊ᄬࠍหᤨߦ⚻㛎ߔࠆߎߣߪߥ޿ߎߣߦᵈᗧߔࠆߣ㧘ⅣႺ⾰ߩ⋧ኻ⹏ଔ߇೑ᓧ߽ߒߊߪ࠯ࡠߦ޽
ࠆ႐วࠍ I1 㧘៊ᄬߦ޽ࠆ႐วࠍ I

0 ߥࠆ㑐ᢙߦࠃߞߡ⴫⃻ߒ㧘ᑼ(3)ߣߒߡቯ⟵ߔࠆ‫ޕ‬g

I (q  q ref )(1)l(1  I )(q ref  q )

(2)

ref

I

­°1, q t q®
°̄0, q  q ref(3)

ᑼ(1)̆ᑼ(3)ߪ㧘ⅣႺ⾰ q ߇ෳᾖὐ q ref ࠍ਄࿁ߞߚ႐ว㧘⋧ኻ⹏ଔ߇೑ᓧ g ߦ޽ࠅ㧘ਅ࿁ߞߚ႐ว㧘⋧ኻ⹏ଔ߇៊ᄬߦ޽ࠆߎߣࠍ␜ߒߡ޿ࠆ‫߅ߥޕ‬㧘 q  q ref ߩ႐วߪ I

1 ߦ฽߼㧘୘ੱߩ⋧ኻ⹏ଔߪ࠯ࡠߣߥ

ࠆߎߣࠍᗧ๧ߔࠆ‫ޕ‬ᰴߦ㧘೑ᓧ࡮៊ᄬߦኻߔࠆ⹏ଔ E (㨯) ࠍᑼ(4)ߣߒߡ⴫⃻ߒ㧘ᑼ(5)ࠍ᧦ઙߣߒߡਈ߃ࠆ‫ޕ‬
ᑼ(4)ߪ୘ੱߩ⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐วߪ E g (㨯) 㧘៊ᄬߦ޽ࠆ႐วߪ E l (㨯) ߥࠆ೑ᓧ࡮៊ᄬߦኻߔࠆ୘ੱ
ߩ⹏ଔࠍ⴫⃻ߒߚ㑐ᢙߢ޽ࠆ‫ߚ߹ޕ‬㧘ᑼ(5)ߪ୘ੱߩ⋧ኻ⹏ଔ߇࠯ࡠߦㄭߠ޿ߚ႐ว㧘⹏ଔ E (㨯) ߽࠯ࡠߣߥ
ࠆߎߣ␜ߔ᧦ઙߢ޽ࠆ‫ޕ‬㧙㧙ෳᾖὐଐሽဳㆬᅢߦࠃࠆⅣႺ⹏ଔߦ㑐ߔࠆ⠨ኤ­ E g ( g ), q ! q ref°°
E ( g , l ) ®0, q q ref°ref°¯ E l (l ), q  q
E g ( g ) ! 0, lim E g ( g ) 0, E l (l ) ! 0, lim E l (l ) 0
g o0

(4)
(5)

l o0

ᰴߦ㧘୘ੱ߇࡟ࠢ࡝ࠛ࡯࡚ࠪࡦᵴേ╬ߦࠃࠅ⋧ኻ⹏ଔ E (㨯) ߥࠆⅣႺ⾰ࠍ x z න૏㔛ⷐߒߚ㓙㧘޽ࠆ⋧ኻ⹏ଔ E (㨯) ߩ߽ߣߢ㧘 x z න૏ߩ⽷㔛ⷐ߆ࠄ୘ੱ߇ᓧࠆ✚⹏ଔ୯ߪ x z E (㨯) ߣߥࠆ‫ޕ‬೑ᓧ߅ࠃ߮៊ᄬߩ෺ᣇߩ
႐วߦኻߒ㧘ⅣႺ⾰ߩ೑↪߆ࠄᓧࠄࠇࠆ✚೑ᓧࠍ G 㧘✚៊ᄬࠍ L ߣߒ㧘ᑼ(6)ߣߒߡ⴫⃻ߔࠆ‫ޕ‬x z E g (㨯), L

G

(6)

x z E l (㨯)
2.2. ല↪㑐ᢙߩቯᑼൻߣᓸಽ᧦ઙ
วᚑ⽷ x c ߅ࠃ߮ᑼ(6)߆ࠄෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚല↪㑐ᢙߩ৻⥸ᒻࠍᑼ(7)ߣߒߡቯ⟵ߔࠆ‫߅ߥޕ‬㧘x( x c , x z ) ߢ޽ࠆ‫ޕ‬ᰴߦ㧘i z j ߣߒ㧘ᑼ(5)ߣߒߡ⴫⃻ߐࠇߚല↪㑐ᢙߦ㑐ߔࠆᓸಽ᧦ઙࠍᑼ(8)߅ࠃ߮ᑼ

(9)ߣߒߡਈ߃ࠆ‫ޕ‬(7)

U { u ( x , q, G , L )wU / w x i ! 0, w U / w x i d 0, w U / w x i x j d 0, wU / wq ! 0, w U / w q d 0, w U / w x i wq t 0   (8)
2

2

2

2

2

2

wU / wG  0, w 2 U / w G 2 t 0, w 2 U / w x i wG t 0, w 2 U / wqwG t 0, wU / wL  0, w 2 U / w L 2 t 0, w 2 U / w x i wL d 0, w 2 U / wqwL d 0(9)ᑼ(8)ߪવ⛔⊛⚻ᷣቇߦ߅ߌࠆ⑳⊛⽷߅ࠃ߮ⅣႺ⾰ߦ㑐ߔࠆᓸಽ᧦ઙߢ޽ࠅ㧘ᑼ(9)ߪ Kahneman andTversky㧔1979㧕ߦࠃߞߡታ⸽ߐࠇߚല↪㑐ᢙ߇៊ᄬ㗔ၞߢಲ㑐ᢙߦߥࠆߣ޿߁៊ᄬ࿁ㆱ㧔Loss Aversion㧕ߩ᭎ᔨߦၮߠ޿ߚᓸಽ᧦ઙߢ޽ࠆ‫ߚ߹ޕ‬㧘ᑼ(7)ߩല↪㑐ᢙߩᄌᢙߪ㧘⛘ኻ⹏ଔߦၮߠ޿ߚ ( x c , x z , q ) ߅ࠃ߮⋧ኻ⹏ଔߦၮߠ޿ߚ (G , L) ߦಽ㘃ߐࠇࠆ‫ߜࠊߥߔޕ‬㧘ᑼ(7)ߪ୘ੱ߇⛘ኻ⹏ଔၮḰ߽ߒߊߪ⋧ኻ⹏ଔၮḰߩ෺ᣇ߆ࠄᓧࠄࠇࠆല↪᳓Ḱࠍ⠨ᘦߒ㧘⽷ᶖ⾌ߦ㑐ߔࠆᗧᕁ᳿ቯࠍⴕ߁ᶖ⾌⠪ࠍᗐቯߒߡ޿ࠆ‫߅ߥޕ‬㧘୘ੱߩ⋧ኻ⹏ଔ߇៊ᄬߦ޽ࠆ႐ว㧘⽷ᶖ⾌߆ࠄᓧࠄࠇࠆല↪ࠍ⠨ᘦߒߡ߽㧘ല↪᳓Ḱ߇⽶ߩ୯ࠍߣࠆ႐ว߇
⠨߃ࠄࠇࠆ‫ߩߎޕ‬ὐߦߟ޿ߡߪ㧘੹ᓟߩ⺖㗴ߣߒ㧘ᧄ⎇ⓥߢߪ㧘⛘ኻ⹏ଔ߅ࠃ߮⋧ኻ⹏ଔ߆ࠄᓧࠄࠇࠆ✚ല↪᳓Ḱ߇Ᏹߦᱜߩ㗔ၞߦ޽ࠆ▸࿐ߦ߅޿ߡ⠨ኤࠍⴕ߁߽ߩߣߔࠆ‫ޕ‬
2.3. ᶖ⾌⠪ⴕേࡕ࠺࡞
୘ੱߩᚲᓧ᳓Ḱࠍ y 㧘ଔᩰࡌࠢ࠻࡞ࠍ p( p c , p z ) ߣߔࠆߣ୘ੱߩ੍▚೙⚂᧦ઙ ypxc ߅ࠃ߮ᑼ(7)߆

ࠄല↪ᦨᄢൻ໧㗴߇ᑼ(10)ߣߒߡቯ⟵ߐࠇࠆ‫ޕ‬ല↪ᦨᄢൻ໧㗴ࠍ⸃ߊߎߣߦࠃߞߡ㧘╙ i ⽷ߦኻߔࠆࡑ࡯ࠪ
ࡖ࡞ߩ㔛ⷐ㑐ᢙ x i m (㨯) ߇ᑼ(11)ߣߒߡᓧࠄࠇ㧘ᑼ(11)ࠍ⋡⊛㑐ᢙߦઍ౉ߔࠆߎߣߦࠃߞߡ㧘㑆ធല↪㑐ᢙV (㨯) ߇ᑼ(12)ߣߒߡᓧࠄࠇࠆ‫ߦࠄߐޕ‬㧘㑆ធല↪㑐ᢙࠍᚲᓧߦߟ޿ߡ⸃ߊߎߣߦࠃߞߡ㧘ᡰ಴㑐ᢙ e(㨯) ߇ᑼ(13)ߣߒߡᓧࠄࠇࠆ‫߅ߥޕ‬㧘㔛ⷐ㑐ᢙ߅ࠃ߮㑆ធല↪㑐ᢙߦᑼ(14)ߣߒߡቯᑼൻߐࠇࠆࡠࠕߩᕡ╬ᑼ߇ᚑ┙ߒߡ޿ࠆ߽ߩߣߔࠆ‫ޕ‬㧙㧙ળ⸘ᬌᩏ⎇ⓥ No.34㧔2006.9㧕

s.t. ypx c(10)x i (p, q, g , l , y ), i
V v ( p, q , g , l , y )

c, z

(11)

Max .u ( x , q, G , L)
x

xi

m

m

y

(12)
(13)

e(p,U , q, g , l ) (wV / wpi ) /(wV / wy )(14)mx i (㨯)ᰴߦ㧘ല↪ᦨᄢൻ໧㗴ߩ෺ኻ໧㗴ߣߒߡ⾌↪ᦨዊൻ໧㗴ࠍᑼ(15)ߣߒߡቯ⟵ߔࠆ‫ᦨ↪⾌ޕ‬ዊൻ໧㗴ࠍ⸃ߊߎߣߦࠃߞߡ╙ i ⽷ߦኻߔࠆࡅ࠶ࠢࠬߩ⵬ఘ㔛ⷐ㑐ᢙ x i h (㨯) ߇ᑼ(16)ߣߒߡᓧࠄࠇࠆ‫ߦࠄߐޕ‬㧘ࡅ࠶ࠢࠬߩ⵬ఘ㔛ⷐ㑐ᢙࠍ⋡⊛㑐ᢙߦઍ౉ߔࠆߎߣߦࠃߞߡᡰ಴㑐ᢙ߇ᑼ(13)ߣߒߡᓧࠄࠇࠆ‫ޕ‬

Min pxc s.t.U(15)u ( x , q, G , L)

x
h
h
xi
x i (p,U , q, g , l )p c x c h (㨯)  p z x z h (㨯) e(p,U , q, g , l )y(16)  (13) [ౣឝ]
2.4. ⋧ኻ⹏ଔߣᦨㆡᶖ⾌᳓Ḱߎߎߢߪ㧘ⅣႺ᳓Ḱߩᄌൻ߇⽷ߩઍᦧ㑐ଥߦ෸߷ߔᓇ㗀ߦߟ޿ߡ⸃⺑ߔࠆ‫ߕ߹ޕ‬㧘ᑼ(7)ߦࠃߞߡቯ⟵ߐࠇߚല↪㑐ᢙࠍ╙ i ⽷ߦߟ޿ߡᓸಽߔࠆߎߣߦࠃߞߡᑼ(17)߇ᓧࠄࠇࠆ‫ޕ‬ᰴߦ㧘⽷ߩᦨㆡᶖ⾌᳓Ḱࠍ x z * ߣߔࠆ‫ᤨߩߎޕ‬㧘ᑼ(8)߅ࠃ߮ᑼ(9)߆ࠄ㧘୘ੱߩ⋧ኻ⹏ଔ߇೑ᓧ㧘៊ᄬ߅ࠃ߮࠯ࡠߦ޽ࠆ႐ว㧘ല↪ߩ㒢⇇ઍᦧ₸ߩ㑐ଥ߇ᑼ(18)ߣߒߡ⴫⃻ߐࠇࠆ‫ޕ‬

U

z

wU
x xz
wxz

wu (㨯)wu (㨯) wH (㨯)wu (㨯) wH (㨯) w
 IEg (㨯) (1  I ) El (㨯)wxz
wG wxzwL wxz w(17)

u z  IEg (㨯)u z ,G  (1  I ) El (㨯)u z , L
u z  El (㨯)u z , L u z u z  E g (㨯)u z , G


Uc
Uc
Uc
ߎߎߢ㧘U c(18)

wU / wxc ߢ޽ࠆ‫ޕ‬ᰴߦ㧘Putler(1992)߆ࠄ⋧ኻ⹏ଔߣ⽷㔛ⷐ㊂ߩ㑐ଥߦߟ޿ߡ⠨ኤߔࠆ‫ޕ‬⋧ኻ⹏ଔ߇࠯ࡠߦ޽ࠆ႐วߩല↪᳓ḰࠍU 0 㧘⽷㈩ಽࠍ ( x c 0 , x z 0 ) ߣߔࠆ‫⋧ޕ‬ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐วߩല
↪᳓ḰࠍU G 㧘⽷㈩ಽࠍ ( x c G , x z G ) 㧘៊ᄬߦ޽ࠆ႐วߩല↪᳓ḰࠍU L 㧘⽷㈩ಽࠍ ( x c L , x z L ) ߣߔࠆ‫ߩߎޕ‬ᤨ㧘ᑼ(18)߆ࠄ ( x c 0 , x z 0 ) ߦ߅ߌࠆ㒢⇇ല↪ߩᄢዊࠍ࿑㧝㧚ߣߒߡ␜ߔ‫ޕ‬࿑㧝㧚ߪ⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐
ว㧘ⅣႺ⾰ߣᒙ⵬ቢ㑐ଥߦ޽ࠆ⽷ߩ㔛ⷐ㊂ߪ㧘⋧ኻ⹏ଔ߇࠯ࡠߩ႐วߩ⽷㈩ಽࠃࠅ߽ᄢ߈ߊ ( x z G ! x z 0 ) 㧘߹ߚ㧘⋧ኻ⹏ଔ߇៊ᄬߦ޽ࠆ႐ว㧘࠯ࡠߩ႐วߩ⽷㈩ಽࠃࠅ߽ዊߐߊߥࠆ ( x z 0 ! x z L ) ߎߣࠍ␜ߒߡ޿ࠆ‫ޕ‬㧙㧙ෳᾖὐଐሽဳㆬᅢߦࠃࠆⅣႺ⹏ଔߦ㑐ߔࠆ⠨ኤ

㫏㪺

㫏㫑

㪬㪣

㪬
D
E

㪬㪞

L
㫏x㪺㪣c

C

㫏x㪺0c㪇
㫏x㪺㪞GcA
B

x㫏 㫑ZL㪣㫏x㫑Z㪇0㫏㫑㫏x㫑㪞GZ㫈㪇࿑㧝㧚 ήᏅ೎ᦛ✢ಽᨆ

㫈㪈

㫈

㫈㪉

࿑㧞㧚ⅣႺ⾰ߣ㔛ⷐ㊂ߩᄌൻ ࿑㧝㧚߆ࠄ㧘ෳᾖὐ q ref ࠍ৻ቯߣߒ㧘ⅣႺ⾰ߩᄌൻߦࠃߞߡ㧘⋧ኻ⹏ଔ߇៊ᄬ߆ࠄ೑ᓧ߳ߣᄌൻߒߚ႐
วߦ߅ߌࠆ㔛ⷐ㊂ߩᄌൻࠍಽᨆߒߚ߽ߩ߇࿑㧞㧚ߢ޽ࠆ‫ޕ‬ೋᦼߦ㧘ⅣႺ⾰߇ q 0 ߥࠆ᳓Ḱߦ޽ࠆ߽ߩߣߒ㧘ⅣႺ⾰ߣෳᾖὐ߇╬ߒ޿႐ว㧘⽷ᶖ⾌㊂ߣⅣႺ⾰ߩࡌࠢ࠻࡞ߪ A ὐߦ޽ࠆ߽ߩߣߔࠆߣ㧘╙ i ⅣႺ⾰߇ෳᾖὐࠃࠅ߽ૐ޿᳓Ḱߦ޽ߞߚߥࠄ߫㧘⽷ᶖ⾌㊂ߪ A ὐࠃࠅ߽ૐ޿ B ὐߦ޽ࠆߎߣߦߥࠆ‫ޕ‬ᰴߦ㧘ⅣႺ᳓Ḱ߇਄᣹ߒ㧘 q1 ߦ߅޿ߡ q ref

q1 ߣߥࠅ㧘ߘࠇࠍ C ὐߣߔࠆ‫ޕ‬ෳᾖὐ q ref ߪ৻ቯߢ޽ࠆ߆ࠄ㧘ߐࠄߦⅣႺ᳓Ḱ߇਄᣹ߒ㧘q 2 ߣߥߞߚ႐ว㧘୘ੱߩ⋧ኻ⹏ଔߪ೑ᓧߦ޽ࠅ㧘⽷ߣⅣႺ⾰ߩ⚵ߺวࠊߖߪ D ὐߣߥࠆ‫ޕ‬ෳᾖὐ߇৻ቯ୯ࠍߣࠅ㧘ⅣႺ⾰ߣෳᾖὐ߇╬ߒ޿ὐࠍE ὐߣߔࠆߣ㧘ⅣႺ⾰߇ q 0 ߆ࠄ q 2 ߦᄌൻߒߚ႐ว㧘߆ߟ q1 ߦ߅޿ߡ⋧ኻ⹏ଔ߇࠯ࡠ᳓Ḱߦ޽ࠆ߽ߩߣߔࠆߣ㧘㔛ⷐ㑐ᢙߪ B ὐ߆ࠄ C ὐࠍㅢࠅ㧘D ὐ ߳ߣ⥋ࠆ㑐ᢙߣߥࠆ‫߅ߥޕ‬㧘C ὐߦ߅޿ߡ kink ߔࠆᒻ⁁ߣߥࠆ႐ว߇޽ࠆߎߣߦᵈᗧߐࠇߚ޿‫ޕ‬

2.5. 㒢⇇⊛೑ᓧ࡮៊ᄬߦ㑐ߔࠆᓸಽ᧦ઙ ᧄ▵ߢߪ㧘㒢⇇⊛೑ᓧ g ߅ࠃ߮៊ᄬ l ߦ㑐ߔࠆᓸಽ᧦ઙߦߟ޿ߡ⠨ኤߔࠆ‫ ╙ޕ‬i ⽷ߩࡑ࡯ࠪࡖ࡞ߩ㔛ⷐ㑐ᢙ߇╙ i ⅣႺ⾰ߩ⋧ኻ⹏ଔߣᒙ⵬ቢ⊛ߥ㑐ଥߦ޽ߞߚ႐ว㧘㒢⇇⊛೑ᓧߩ਄᣹ߪ╙ i ⅣႺ⾰ߩ㔛ⷐ㊂ࠍ਄
᣹ߐߖ㧘㒢⇇⊛៊ᄬߩ਄᣹ߪ╙ i ⅣႺ⾰ߩ㔛ⷐ㊂ࠍᷫዋߐߖࠆߎߣߣߥࠆ‫ߚ߹ޕ‬㧘ᑼ(9)߆ࠄല↪㑐ᢙߦ߅ߌࠆ✚೑ᓧߦ㑐ߔࠆੑ㓏ߩᓸಽ᧦ઙ߇㕖ᱜ㧘✚៊ᄬߦ㑐ߔࠆੑ㓏ߩᓸಽ᧦ઙ߇㕖⽶ߢ޽ࠆߎߣࠍ⠨ᘦߔࠆߣ㧘ࡑ࡯ࠪࡖ࡞ߩ㔛ⷐ㑐ᢙߦ߅ߌࠆੑ㓏ߩᓸಽ᧦ઙߣߒߡ㧘㒢⇇⊛೑ᓧߦ㑐ߔࠆᓸಽ᧦ઙߪ㕖ᱜ㧘㒢⇇⊛៊ᄬߦ㑐ߔࠆᓸಽ᧦ઙߪ㕖⽶ࠍ઒ቯߒ㧘ᑼ(19)ߣߒߡਈ߃ࠆ‫ޕ‬ ᰴߦ㧘ฦ⽷ߪઍᦧ⊛ߥ㑐ଥߦ޽ࠆ߽ߩߣߒ㧘ᑼ(20)ࠍ઒ቯߔࠆ‫ߦࠄߐޕ‬㧘ല↪㑐ᢙߩᓸಽ᧦ઙ㧘ᑼ(12)߅ࠃ߮ᑼ(19)߆ࠄ㧘㑆ធല↪㑐ᢙߩ৻㓏ߩᓸಽ᧦ઙ߇ᑼ(21)ߣߒߡਈ߃ࠄࠇ㧘ੑ㓏ߩᓸಽ᧦ઙࠍᑼ(22)ߣߒ
ߡ઒ቯߔࠆ‫ߦࠄߐޕ‬㧘৻⥸⊛ߦ㧘 wV / wy ! 0 ߢ޽ࠆߎߣ㧘߹ߚ㧘ᑼ(21)߅ࠃ߮ᑼ(22)߆ࠄᡰ಴㑐ᢙߦ㑐ߔࠆᓸಽ᧦ઙ߇ᑼ(23)ߣߒߡਈ߃ࠄࠇࠆ‫ޕ‬w x i m / wg ! 0, w 2 x i m / wg 2 d 0, w x i m / wl  0, w 2 x i m / wl 2 t 0
m

2

m

2

m

2

m

2

w x i / wg d 0, w x i / wg d 0, w x i / wl t 0, w x i / wl t 0
wV / wg ! 0, wV / wl  0㧙㧙

(19)
(20)
(21)

ળ⸘ᬌᩏ⎇ⓥ No.34㧔2006.9㧕

w 2V / wg 2 d 0, w 2V / wl 2 t 0(22)wy / wg  0, w 2 y / wg 2 t 0, wy / wl ! 0, w 2 y / wl 2 d 0

(23)



㧟㧚ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚଢ⋉ቯ⟵ߣෘ↢᷹ᐲߦਈ߃ࠆᓇ㗀
3.1. ࡊࡠࠫࠚࠢ࠻᦭ήߦ߅ߌࠆല↪᳓Ḱߩ⴫⃻߹ߕ㧘ࡊࡠࠫࠚࠢ࠻᦭ήߦ߅ߌࠆ⋧ኻ⹏ଔߩᄌൻࠍ g s , l s , G s , Ls ߣߒߡ⴫⸥ߒ㧘sࠚࠢ࠻ήߒ㧘 swo ߩ႐ว߇ࡊࡠࠫ

w ߩ႐ว߇ࡊࡠࠫࠚࠢ࠻᦭ࠅߩ⋧ኻ⹏ଔߩ᳓Ḱࠍ␜ߔ߽ߩߣߔࠆ‫߅ߥޕ‬㧘⋧ኻ⹏ଔߪ㧘ࡊࡠࠫࠚࠢ࠻ߩ᦭ήߦ߅޿ߡ㧘Ԙ៊ᄬ㧔೑ᓧ㧕߆ࠄ೑ᓧ㧔៊ᄬ㧕㧘ԙ೑ᓧ㧔៊ᄬ㧕߆ࠄ࠯ࡠ㧘Ԛ࠯ࡠ߆ࠄ೑ᓧ㧔៊ᄬ㧕㧘ԛ೑ᓧ㧔៊ᄬ㧕ౝߦ߅ߌࠆᄌൻ㧘ߣ޿ߞߚᐞߟ߆ߩ႐ว߇⠨߃ࠄࠇࠆ߽ߩߩ㧘ᧄ⎇ⓥߦ߅޿ߡ
s

s

s

s

ߪ㧘 ( g , l ), (G , L ) ߦࠃߞߡࡊࡠࠫࠚࠢ࠻ߩ᦭ήߦ߅ߌࠆ⋧ኻ⹏ଔߩછᗧߩ⁁ᘒࠍ␜ߔ߽ߩߣߔࠆ‫ޕ‬એ਄ߩ⸳ቯ߆ࠄ㧘⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐วߩല↪᳓Ḱ߇ᑼ(24)㧘៊ᄬߦ޽ࠆ႐ว߇ᑼ(25)㧘࠯ࡠߩ႐ว߇
ᑼ(26)ߣߒߡ⴫⃻ߐࠇࠆ‫ޕ‬Usu ( x s , q s , G s ,0) U gs

(24)

Us

u ( x s , q s ,0, Ls ) U ls

(25)

Us

u ( x s , q s ,0,0) U 0s

(26)

3.2. ⋧ኻ⹏ଔဳㆬᅢࠍ⠨ᘦߒߚ EV࡮CV ߩቯᑼൻෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚଢ⋉ࠍ╬ଔ⊛ᄌಽ㧔Equivalent Valuation㧧એਅ㧘EV ߣ⇛ߔ㧕߅ࠃ߮⵬ఘ⊛ᄌಽ㧔Compensating Valuation㧧એਅ㧘CV ߣ⇛ߔ㧕ߩ᭎ᔨߦࠃߞߡቯ⟵ߔࠆ‫ߕ߹ޕ‬㧘EV ߩ᭎ᔨࠍ↪޿ߚ⋧ኻ⹏ଔࠍ⠨ᘦߒߚଢ⋉ቯ⟵ߦߟ޿ߡ⠨ኤߔࠆ‫ޕ‬ㅢᏱ㧘EV ߪࡊࡠࠫࠚࠢ࠻ήߒߩല↪᳓Ḱߦኻߒ㧘EV ಽߩᚲᓧࠍㅊടߔࠆߎߣߦࠃߞߡࡊࡠࠫࠚࠢ࠻᦭ࠅߩല↪᳓Ḱࠍ㆐ᚑߔࠆߎߣ߇ߢ߈ࠆᚲᓧߩᄌಽߣ
ቯ⟵ߐࠇ㧘㑆ធല↪㑐ᢙࠍ↪޿ࠆߎߣߦࠃߞߡᑼ(27)㧘ᡰ಴㑐ᢙࠍ↪޿ࠆߎߣߦࠃߞߡᑼ(28)ߣߒߡቯ⟵ߐࠇࠆ‫ޕ‬

Vm
EV

wo

(27)

V ( x wo , q wo , g wo , l wo , y wo  EV )

w

wo

wo

wo

wo

e ( p , U , q , g , l )  e( p , U

wo

wo

wo

wo

, q , g ,l )

(28)



ᑼ(27)߅ࠃ߮ᑼ(28)ߣߒߡቯ⟵ߐࠇߚ EV ߪ⋧ኻ⹏ଔࠍ⠨ᘦߒߚࡊࡠࠫࠚࠢ࠻ήߒߦ߅ߌࠆല↪᳓Ḱߦኻߒ㧘 EV ಽߩㅊട⊛ߥᚲᓧࠍട߃ࠆߎߣߦࠃߞߡ⋧ኻ⹏ଔࠍ⠨ᘦߒߚࡊࡠࠫࠚࠢ࠻᦭ࠅߩല↪᳓Ḱࠍ㆐ᚑߔࠆߎߣ߇น⢻ߥᡰ಴ߩჇಽߣߒߡቯ⟵ߐࠇߡ޿ࠆ‫ޕ‬ᰴߦ㧘 CV ߪࡊࡠࠫࠚࠢ࠻᦭ࠅߩല↪᳓Ḱ߆ࠄ CV ಽߩᚲᓧࠍប㒰ߔࠆߎߣߦࠃߞߡ㧘ࡊࡠࠫࠚࠢ࠻ή
ߒߩല↪᳓Ḱࠍ㆐ᚑߔࠆߎߣ߇น⢻ߥᚲᓧߩᄌಽߣቯ⟵ߐࠇߡ޿ࠆ‫ޕ‬ᑼ(12)ߣߒߡ⴫⃻ߐࠇߚ㑆ធല↪㑐ᢙࠍ↪޿ࠆߎߣߦࠃߞߡ㧘CV ߪᑼ(29)ߣߒߡቯ⟵ߐࠇ㧘ᑼ(13)ߣߒߡ⴫⃻ߐࠇߚᡰ಴㑐ᢙࠍ↪޿ࠆߎߣߦ
ࠃߞߡ㧘 CV ߪᑼ(30)ߣߒߡቯ⟵ߐࠇࠆ‫ޕ‬V (p w , q w , g w , l w , y w  CV )(29)e(p w ,U w , q w , g w , l w )  e( p w ,U wo , q w , g w , l w )

(30)

V wo
CV

㧙㧙ෳᾖὐଐሽဳㆬᅢߦࠃࠆⅣႺ⹏ଔߦ㑐ߔࠆ⠨ኤߎߎߢ㧘ᑼ(29)߅ࠃ߮ᑼ(30)ߣߒߡቯ⟵ߐࠇߚ CV ߪ⋧ኻ⹏ଔࠍ⠨ᘦߒߚࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅ߌࠆല
↪᳓Ḱ߆ࠄ CV ಽߩᚲᓧࠍប㒰ߔࠆߎߣߦࠃߞߡ⋧ኻ⹏ଔࠍ⠨ᘦߒߚࡊࡠࠫࠚࠢ࠻᦭ࠅߩല↪᳓Ḱࠍ㆐ᚑߔࠆߎߣ߇น⢻ߥᡰ಴ߩჇಽߣߒߡቯ⟵ߐࠇߡ޿ࠆ‫ޕ‬
3.3. ⋧ኻ⹏ଔߣෘ↢᷹ᐲߩᄢዊ
ᧄ▵ߢߪ㧘ⅣႺᡷༀ੐ᬺࠍᗐቯߒ㧘⋧ኻ⹏ଔߩᄌൻ߇ଢ⋉୯ߦਈ߃ࠆᓇ㗀ࠍ⠨ኤߔࠆ‫ ޕ‬EV㧘CV ߩฦෘ↢᷹ᐲߦߟ޿ߡ㧘Ԙࡊࡠࠫࠚࠢ࠻ήߒߩ⋧ኻ⹏ଔ߇࠯ࡠ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ೑ᓧ㧘៊ᄬ㧘࠯ࡠߣߥࠆ႐ว㧘ԙࡊࡠࠫࠚࠢ࠻᦭ࠅߩ⋧ኻ⹏ଔ߇࠯ࡠ㧘ࡊࡠࠫࠚࠢ࠻ήߒߦ߅޿ߡ೑ᓧ㧘៊ᄬ㧘࠯ࡠߣߥࠆ
႐วߩੑߟߩࠤ࡯ࠬߦߟ޿ߡ⠨ኤߔࠆ‫߅ߥޕ‬㧘⋧ኻ⹏ଔߩ᳓Ḱߦ㑐ࠊࠄߕ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߩല↪᳓Ḱߪࡊࡠࠫࠚࠢ࠻ήߒࠃࠅ߽ᄢ߈ߊߥࠆߎߣࠍ઒ቯߒ㧘ᑼ(31)ߣߒߡ⴫⃻ߔࠆ‫ޕ‬(31)

Ul w ! Ug woԘࡊࡠࠫࠚࠢ࠻ήߒߩ⋧ኻ⹏ଔ߇࠯ࡠ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ೑ᓧ㧘៊ᄬ㧘࠯ࡠߣߥࠆ႐ว
ⅣႺᡷༀ੐ᬺࠍᗐቯߒߡ޿ࠆߦ߽㑐ࠊࠄߕ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ⋧ኻ⹏ଔ߇៊ᄬߦ޽ࠆߣߪ޿ߐ
ߐ߆ᄸ⇣ߦᗵߓࠆ߆߽ߒࠇߥ޿߇㧘⃻࿷㧘ࡊࡠࠫࠚࠢ࠻ߩ᦭ήߦ߅ߌࠆෳᾖὐߩᄌൻߦߟ޿ߡߪ⸒෸ߒߡ
޿ߥ޿ߎߣ߆ࠄ㧘ߎߩࠤ࡯ࠬߩሽ࿷ࠍ઒ቯߔࠆ‫ޕ‬߹ߕ㧘ࡊࡠࠫࠚࠢ࠻ήߒߦ߅޿ߡ㧘⋧ኻ⹏ଔ߇࠯ࡠߩ႐วߩ㑆ធല↪᳓ḰࠍVowoߣߒ㧘ࡊࡠࠫࠚࠢ࠻᦭

ࠅߦ߅޿ߡⅣႺ⾰ߩ⋧ኻ⹏ଔ߇࠯ࡠߩ႐วߩଢ⋉ ( EV0 ) ࠍᑼ(32)㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ೑ᓧߦ޽ࠆ
႐ว ( EVgw ) ࠍᑼ(33)㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ៊ᄬߦ޽ࠆ႐ว ( EVl w ) ࠍᑼ(34)ߣߒߡ⴫⃻ߔࠆ‫ߦࠄߐޕ‬㧘
ᑼ(32)㧙ᑼ(34)ߪ㧘Ꮐㄝ߇V0w ߢ޽ࠅ㧘߆ߟⅣႺᡷༀ੐ᬺߩ႐ว㧘wV / wl  0 ߢ޽ࠆߎߣ߆ࠄ㧘ᑼ(35)߇ᚑ┙
ߔࠆ‫ޕ‬
V0w

V ( x wo , q wo ,0,0, y wo  EV0 )

(32)

V

V ( x , q , g ,0, ywg EV )(33)

V0w

V ( x wo , q wo ,0, l wo , y wo  EVl w )

(34)

w
0

wo

wo

wo

wo

w
g

EV ! EV0 ! EVl

w

(35)


ᑼ(35)ߪࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅ߌࠆ⋧ኻ⹏ଔ߇៊ᄬߦ޽ࠆ႐วࠃࠅ߽㧘࠯ࡠߦ޽ࠆᣇ߇ᄢ߈ߊ㧘࠯ࡠࠃࠅ߽೑ᓧߦ޽ࠆ႐วߩᣇ߇ᄢ߈޿ߎߣࠍ␜ߒߡ޿ࠆ‫࠻ࠢࠚࠫࡠࡊߪࠇߎޕ‬ήߒߦ߅ߌࠆല↪᳓Ḱ߇ోߡ╬ߒ޿ߎߣ߆ࠄ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅ߌࠆ⋧ኻ⹏ଔ߇㜞޿㧔೑ᓧ߇ᄢ߈޿㧕߶ߤ㧘ࡊࡠࠫࠚࠢ࠻ߩ⹏ଔ୯
߇ᄢ߈ߊߥࠆߎߣࠍᗧ๧ߒߡ޿ࠆ‫ޕ‬ᰴߦ㧘⵬ఘ⊛ᄌಽߦߟ޿ߡ⼏⺰ࠍⴕ߁‫ߕ߹ޕ‬㧘ࡊࡠࠫࠚࠢ࠻ήߒߩ⋧ኻ⹏ଔߪ࠯ࡠߦ޽ࠆ߽ߩߣߒ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡⅣႺ⾰ߩ⋧ኻ⹏ଔ߇࠯ࡠߩ႐ว (CV0 ) ࠍᑼ(36)㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ೑ᓧ
ߦ޽ࠆ႐ว (CVgw ) ࠍᑼ(37)㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ៊ᄬߦ޽ࠆ႐ว (CVl w ) ࠍᑼ(38)ߣߒߡ⴫⃻ߔࠆ‫ޕ‬ߎߎߢ㧘ฦᑼߦ߅޿ߡᏀㄝ߇╬ߒ޿ߎߣ㧘߅ࠃ߮Vgs ! V0s ! Vl s ߢ޽ࠆߎߣ߆ࠄ㧘ᑼ(39)߇ᚑ┙ߔࠆ‫ޕ‬EV ߣห᭽ߦ㧘ᑼ(39)ߪࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅ߌࠆ⋧ኻ⹏ଔ߇⇣ߥࠆ႐ว㧘೑ᓧߦ޽ࠆ႐ว߇࠯ࡠߦ޽

ࠆ႐วࠃࠅ߽ᄢ߈ߊ㧘࠯ࡠߦ޽ࠆ႐วߪ៊ᄬߦ޽ࠆ႐วࠃࠅ߽ᄢ߈޿ߎߣࠍ␜ߒߡ޿ࠆ‫ޕ‬㧙㧙ળ⸘ᬌᩏ⎇ⓥ No.34㧔2006.9㧕

V0wo

V (p w , q w , g w , l w , y w  CV0 )

(36)

V0wo

V (p w , q w , g w ,0, y w  CVgw )(37)

V (p , q ,0, l , y  CVl )(38)

CVgw ! CV0w ! CVl w

(39)

wo
0

w

V

w

w

w

w

ԙࡊࡠࠫࠚࠢ࠻᦭ࠅߩ⋧ኻ⹏ଔ߇࠯ࡠ㧘ࡊࡠࠫࠚࠢ࠻ήߒߦ߅޿ߡ೑ᓧ㧘៊ᄬ㧘࠯ࡠߣߥࠆ႐ว
ᰴߦ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡ⋧ኻ⹏ଔߪ࠯ࡠߦ⺞ᢛߐࠇࠆߎߣࠍ઒ቯߔࠆ‫࠻ࠢࠚࠫࡠࡊޕ‬ήߒߦ߅޿ߡ⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐ว ( EV gwo ) ࠍᑼ(40)㧘៊ᄬߦ޽ࠆ႐ว ( EVl wo ) ࠍᑼ(41)ߣߔࠆߣ㧘ฝㄝߦ߅޿
ߡ㧘V gwo ! V0wo ! Vl wo ߢ޽ࠆߎߣ߆ࠄᑼ(42)߇ᚑ┙ߔࠆ‫߅ߥޕ‬㧘࠯ࡠߦߥࠆ႐วߪᑼ(32)ߦ╬ߒ޿‫ޕ‬V gw

V ( x wo , q wo ,0,0, y wo  EV gwo )

(40)

Vl w

V ( x wo , q wo ,0, l wo , y wo  EVl wo )

(41)

EVl

wo

! EV0 ! EV

(42)

wo
g

ᑼ(42)߆ࠄ㧘ࡊࡠࠫࠚࠢ࠻ήߒߦ߅ߌࠆ⋧ኻ⹏ଔ߇೑ᓧߦ޽ߞߚ႐วࠃࠅ߽࠯ࡠߩ႐วߩᣇ߇⹏ଔ୯ߪ
ᄢ߈ߊ㧘߹ߚ㧘࠯ࡠߦ޽ߞߚ႐วࠃࠅ߽៊ᄬߦ޽ߞߚ႐วߩᣇ߇ᄢ߈޿‫ߪࠇߎޕ‬㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅
ߌࠆᡰ಴㊂߇ߔߴߡ╬ߒ޿ߎߣ߆ࠄ㧘ࡊࡠࠫࠚࠢ࠻ήߒߦ߅ߌࠆ⋧ኻ⹏ଔ߇ૐ޿㧔៊ᄬߦ޽ࠆ㧕߶ߤ㧘ࡊࡠࠫࠚࠢ࠻ߩ⹏ଔ୯߇ᄢ߈ߊߥࠆߎߣࠍ␜ߒߡ޿ࠆ‫ ޕ‬ᰴߦ㧘⵬ఘ⊛ᄌಽߦߟ޿ߡ⠨ኤߔࠆ‫࠻ࠢࠚࠫࡠࡊޕ‬ήߒߦ߅޿ߡ⋧ኻ⹏ଔ߇೑ᓧߦ޽ࠆ႐ว (CVgwo ) ࠍᑼ(43)㧘៊ᄬߦ޽ࠆ႐ว (CVl wo ) ࠍᑼ(44)ߣߒߡ⴫⃻ߔࠆߣ㧘V gwo ! V0wo ! Vl wo ߆ࠄᑼ(45)߇ᚑ┙ߔࠆ‫ޕ‬
V gwo
Vl

wo

V (p w , q w ,0,0, y w  CV gwo )
w

w

w

wo

V (p , q ,0,0, y  CVl )CVl wo ! CV0wo ! CV gwo

(43)
(44)
(45)

 ߒߚ߇ߞߡ㧘 EV0㧘CV0 ࠍ B0 㧘Ԙߩ႐วߩ EV gw㧘CV gw ࠍ Bgw 㧘 EVl w㧘CVl w ࠍ Blw 㧘ԙߩ႐วߩ
EVgwo㧘CVgwo ࠍ Bgwo 㧘 EVl wo㧘CVl wo ࠍ Blwo ߣߔࠆߣ㧘Ԙߩ႐วߪᑼ(46)㧘ԙߩ႐วߪᑼ(47)߇ᚑ┙ߔࠆ‫ޕ‬

Bgw ! B0 ! Blw(46)

Blwo ! B0 ! Bgwo(47)

 ᑼ(46)߅ࠃ߮ᑼ(47)ߪࡊࡠࠫࠚࠢ࠻᦭ήߦ߅ߌࠆ⋧ኻ⹏ଔߦ㑐ߔࠆല↪᳓ḰߩᏅ߇ᄢ߈޿႐ว߶ߤ㧘ଢ⋉߇ᄢ߈ߊߥࠆߎߣࠍ␜ߒߡ޿ࠆ‫ࠅ߹ߟޕ‬㧘ࡊࡠࠫࠚࠢ࠻⹏ଔߦ߅޿ߡ㧘୘ੱߩ⋧ኻ⹏ଔ߇៊ᄬψ೑ᓧߦᄌൻߔࠆ႐วߩଢ⋉߇ᦨ߽ᄢ߈ߊ㧘ઁᣇ㧘೑ᓧψ៊ᄬߦᄌൻߔࠆ႐วߩଢ⋉߇ᦨ߽ዊߐߊߥࠆߎߣࠍᗧ๧
ߒߡ޿ࠆ‫ޕ‬ଢ⋉߇ᦨዊ୯ࠍߣࠆ႐วߪ㧘ࡊࡠࠫࠚࠢ࠻ߩᄌᦝ߿ㆊᄢ⹏ଔࠍ↢߻ᖱႎឭଏߦࠃߞߡ㧘ࡊࡠࠫࠚࠢ࠻᦭ࠅߦ߅޿ߡቢᚑߒߚ␠ળ⾗ᧄߦኻߔࠆ⋧ኻ⹏ଔ߇៊ᄬߣߥߞߚ႐ว㧘ࡊࡠࠫࠚࠢ࠻ߩ⹏ଔ୯߇ૐ
ߊߥࠆߎߣࠍᜰ៰ߒߡ޿ࠆ‫ޕ‬㧙㧙ෳᾖὐଐሽဳㆬᅢߦࠃࠆⅣႺ⹏ଔߦ㑐ߔࠆ⠨ኤ㧠㧚⋧ኻ⹏ଔࠍ⠨ᘦߒߚⅣႺ⾰ߩ✚ଔ୯ߩቯ⟵ߣᢙ୯ࠪࡒࡘ࡟࡯࡚ࠪࡦ
4.1. ⅣႺ⾰ߩଢ⋉ቯ⟵ᧄ▵ߢߪ㧘ᨋጊ߶߆㧔1999㧕ߦᓥ޿㧘 EV࡮CV ࠍ߽ߣߦⅣႺ⾰ߩଢ⋉ቯ⟵ࠍⴕ߁‫ߕ߹ޕ‬㧘 EV ߦߟ޿ߡ⠨ኤߔࠆ‫ޕ‬ᑼ(28)ߣߒߡቯ⟵ߐࠇߚ EV ߪⅣႺ⾰ߩᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ࠍ⴫⃻ߔࠆᑼ(48)㧘ଔᩰᄌൻ߆ࠄ
ᓧࠄࠇࠆଢ⋉ࠍ⴫⃻ߔࠆᑼ(49)㧘ᚲᓧᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ࠍ⴫⃻ߔࠆᑼ(50)ߣߒߡടᴺಽ㔌ߐࠇࠆ‫ޕ‬EV>e p ,U , q , g , l  e p ,U , q , g , l @>e p ,U , q , g , l  e p ,U , q , g , l @ >e p , U , q , g , l  e p , U , q , g , l @ >e p , U , q , g , l  e p , U , q , g , l @
wo

w

wo

wo

wo

wo

wo

wo

wo

wo

w

wo

wo

wo

wo

w

w

w

wo

w

w

w

w

w

w

w

w

w

w

w

w

w

w

wo

wo

wo

wo

(28)[ౣឝ]

wo

w

(48)

 

(49)
(50)

wo

ᑼ(48)ߪଔᩰ߅ࠃ߮ല↪᳓Ḱࠍ৻ቯߣߒ㧘ⅣႺ⾰߅ࠃ߮ⅣႺ⾰ߩᄌൻߦ઻߁೑ᓧ࡮៊ᄬߩᄌൻߦኻߔࠆ
ᡰ಴㊂ߩᏅಽߢ޽ࠆߎߣ߆ࠄⅣႺ⾰ߩ⛘ኻ㊂ߩᄌൻ߅ࠃ߮⋧ኻ⹏ଔߩᄌൻࠍ⠨ᘦߒߚⅣႺ⾰ߩଢ⋉ߩቯ⟵ߢ޽ࠆߣ⠨߃ࠄࠇࠆ‫ޕ‬ᰴߦ㧘ᑼ(49)ߪઁߩᄌᢙࠍ৻ቯߣߒ㧘ଔᩰ᳓Ḱߩᄌൻߦኻߔࠆᡰ಴㊂ߩᏅಽߢ޽ࠆ
ߎߣ߆ࠄଔᩰᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ߢ޽ࠆߣ⸃㉼ߐࠇࠆ‫ᦨޕ‬ᓟߦ㧘ᑼ(50)ߪోߡߩᄌᢙߩᄌൻߦኻߔࠆᡰ
಴㊂ߩᏅಽߢ޽ࠆߎߣ߆ࠄ㧘⋧ኻ⹏ଔࠍ⠨ᘦߒߚᚲᓧᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ߢ޽ࠆߣ⸃㉼ߐࠇࠆ‫ޕ‬EV ห᭽㧘CV ߦߟ޿ߡⅣႺ⾰ߩᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ࠍ␜ߔᑼ(51)㧘ଔᩰᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ࠍ␜ߔ

ᑼ(52)㧘ᚲᓧᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ࠍ␜ߔᑼ(53)ߣߒߡടᴺಽ㔌ߔࠆ‫ޕ‬CV(30)[ౣឝ]e p w , U w , q w , g w , l w  e p w , U wo , q w , g w , l w>e p ,U , q , g , l  e p ,U , q , g , l @ >e p , U , q , g , l  e p , U , q , g , l @ >e p , U , q , g , l  e p , U , q , g , l @
wo

wo

wo

wo

wo

wo

w

w

w

w

w

w

wo

w

w

wo

wo

w

w

w

(51)

w

wo

w

w

w

(52)

wo

wo

wo

wo

wo

(53)

ᧄ⎇ⓥߢߪ㧘ⅣႺ⾰ߩᄌൻ߆ࠄᓧࠄࠇࠆଢ⋉ߩߺߦᵈ⋡ߒߡ޿ࠆߎߣ߆ࠄ㧘ᑼ(48)߅ࠃ߮ᑼ(51)ߣߒߡ
⴫⃻ߐࠇߚⅣႺ⾰ߩଢ⋉ࠍⅣႺ⾰ߩ✚ଔ୯㧔Total Value㧕ߣߒߡ⛔৻⊛ߦ⴫⃻ߔࠆ‫߅ߥޕ‬㧘s߇ CV ߦࠃࠆଢ⋉ߢ޽ࠅ㧘 swo ߩ႐ว

w ߩ႐ว߇ EV ߦࠃࠆଢ⋉ߢ޽ࠆ‫ޕ‬Total ‫ޓ‬
Value e ps , U s , Q wo , l wo , g wo  e ps , U s , Q w , l w , g w(54)

4.2. 㑐ᢙᒻߩ․ቯൻ
 ߎߎߢߪ㧘ᢙ୯ࠪࡒࡘ࡟࡯࡚ࠪࡦߦࠃߞߡ⋧ኻ⹏ଔ߇ⅣႺ⾰ߩ✚ଔ୯ߦਈ߃ࠆᓇ㗀ߦߟ޿ߡಽᨆߔࠆ‫ޕ‬◲⇛ൻߩߚ߼ 1 ⽷ 1 ⅣႺ⾰ߩ႐วࠍᗐቯߔࠆ‫ޕ‬Palmquist㧔2005㧕߆ࠄ㧘ᑼ(12)ߣߒߡ⴫⃻ߐࠇߚ㑆ធല↪㑐ᢙࠍᑼ(55)ߣߒߡ․ቯൻߒ㧘ᑼ(14)ߣߒߡ⴫⃻ߐࠇߚࡠࠕߩᕡ╬ᑼ߆ࠄ㔛ⷐ㑐ᢙ߇ᑼ(56)ߣߒߡ㧘㑆ធല↪㑐ᢙࠍᚲᓧߦߟ޿ߡ⸃ߊߎߣߦࠃߞߡᡰ಴㑐ᢙ߇ᑼ(58)ߣߒߡᓧࠄࠇࠆ‫ޕ‬v ( p, q, g , l , y )lny  ln㧙㧙

A
p

(55)

ળ⸘ᬌᩏ⎇ⓥ No.34㧔2006.9㧕

Ay( A  p) p
exp(U )e( p, U , q, g , l )A / p 1(56)

xim ( p, q, g , l , y )

1

A

(57)

1

(58)

q 2  I (q  q ref ) 2  (1  I )(q ref  q)

4.3. ᢙ୯ࠪࡒࡘ࡟࡯࡚ࠪࡦ
߹ߕ㧘ଔᩰ᳓Ḱࠍ p 30 㧘ᚲᓧ᳓Ḱࠍ y200 㧘ⅣႺ᳓Ḱ q ࠍ 0-60㧘୘ੱߩෳᾖὐߣߥࠆⅣႺ᳓Ḱ q ref30ߣߒߡછᗧߦ⸳ቯߒߚ‫᧦ߩߎޕ‬ઙߩ߽ߣߢ㧘ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚല↪᳓Ḱߩᄌൻࠍ࿑㧟㧚ߦ␜ߔ‫ޕ‬࿑㧟㧚߆ࠄ㧘⃻࿷ߩⅣႺ᳓Ḱ߇ෳᾖὐࠃࠅૐ޿႐ว (q0 : 29) ߩ႐ว㧘ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚല↪

᳓Ḱߪ⛘ኻ⹏ଔဳㆬᅢߦၮߠ޿ߚല↪᳓Ḱ㧔⋧ኻ⹏ଔ߇Ᏹߦ࠯ࡠߣߥࠆ႐ว㧕ࠃࠅ߽ૐߊߥࠅ㧘หߓ႐ว(q30) ߪ╬ߒߊ㧘㜞޿႐ว (q31 : 60) ߪ㜞ߊߥࠆ‫ޕ‬





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࿑㧟㧚ല↪᳓Ḱߩᄌൻ4

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࿑㧠㧚㔛ⷐ㊂ߩᄌൻ㧙㧙ෳᾖὐଐሽဳㆬᅢߦࠃࠆⅣႺ⹏ଔߦ㑐ߔࠆ⠨ኤ

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ෳᾖὐ䈏30䈱႐วෳᾖὐ䈏25䈱႐ว࿑㧢㧚ଢ⋉ߩᄌൻ

࿑㧡㧚ᡰ಴㊂ߩᄌൻᰴߦ㧘࿑㧠㧚ߦⅣႺ᳓Ḱߩᄌൻߦ઻߁㔛ⷐ㊂ߩᄌൻࠍ␜ߒߚ‫ޕ‬࿑㧞㧚ߦ߅޿ߡಽᨆߒߚࠃ߁ߦ㧘⋧ኻ⹏ଔ߇៊ᄬߩ႐วߪ⛘ኻ⹏ଔߩ႐ว㧔⋧ኻ⹏ଔ߇Ᏹߦ࠯ࡠߩ႐ว㧕ࠃࠅ߽㔛ⷐ㊂ߪૐߊ㧘⋧ኻ⹏ଔ߇೑ᓧߩ
႐วߪ㜞ߊߥࠆ‫߅ߥޕ‬㧘⋧ኻ⹏ଔ߇ෳᾖὐߣ╬ߒߊߥࠆ႐ว (q refq30) ߦ߅޿ߡ㧘㔛ⷐ㑐ᢙߪ kink ߔࠆߎߣߦߥࠆ‫ޕ‬࿑㧡㧚ߪ㧘ᡰ಴㊂ߩᄌൻࠍ␜ߒߚ߽ߩߢ޽ࠆ‫ޕ‬ᡰ಴㊂ߪ⋧ኻ⹏ଔ߇៊ᄬߩ႐วߪ⛘ኻ⹏ଔဳㆬᅢࠃࠅ߽
㜞ߊ㧘೑ᓧߩ႐วߪૐߊߥࠆ‫ߪࠇߎޕ‬㧘৻ቯߩല↪᳓Ḱࠍ଻ߟߚ߼ߦߪ㧘⋧ኻ⹏ଔ߇៊ᄬߥࠄ߫㧘ࠃࠅᄙ
޿ᡰ಴㊂߇ᔅⷐߢ޽ࠅ㧘ઁᣇ㧘೑ᓧߥࠄ߫㧘޽߹ࠅᡰ಴ߪᔅⷐߥ޿ߚ߼ߣ⠨߃ࠄࠇࠆ‫ޕ‬ᦨᓟߦ㧘࿑㧢㧚ߦ߅޿ߡ㧘ല↪᳓Ḱࠍ 5㧘ଔᩰᄌൻߪή޿߽ߩߣߒ㧘 CV ߩ᭎ᔨࠍ߽ߣߦ⇣ߥࠆෳᾖὐ
ߦ߅ߌࠆⅣႺ⾰ߩ✚ଔ୯ߩᢙ୯⸃ᨆࠍⴕߞߚ‫ޕ‬ⅣႺ᳓Ḱ߇ 25㧔30㧕ߩ႐วࠍၮḰߣߒ㧘20-24㧔20-29㧕
ߪⅣႺᖡൻࡊࡠࠫࠚࠢ࠻㧘26-40㧔31-40㧕ߪⅣႺᡷༀࡊࡠࠫࠚࠢ࠻ࠍᗧ๧ߒߡ޿ࠆ‫ޕ‬ ᧄ⎇ⓥߦ߅޿ߡ␜ߒߚⅣႺ⹏ଔℂ⺰ߦ߅ߌࠆࡈ࡟࡯ࡒࡦࠣലᨐ߿ᚲ᦭ലᨐߣ޿ߞߚ໧㗴ὐߦኻߒ㧘ᧄ⎇ⓥߦ߅ߌࠆࡕ࠺࡞ࠍ↪޿ߚಽᨆࠍⴕ߁‫߫߃଀ޕ‬㧘㧔⏕₸⺰ߦ㑐ߔࠆ⼏⺰ࠍⴕߞߡ޿ߥ޿߽ߩߩ㧕ࡈ࡟࡯ࡒࡦ
ࠣലᨐߣߪ⾰໧ౝኈߦࠃߞߡෳᾖὐ߇ 25 ߣߥࠆ߆ 30 ߣߥࠆ߆ߣ޿ߞߚ໧㗴ߢ޽ࠆߣ⠨߃ࠄࠇࠆ‫ޕ‬ෳᾖὐߩᏅ⇣߆ࠄ㧘ⅣႺ⾰ࠍ 40 ߦߔࠆߣ޿߁ⅣႺᡷༀࡊࡠࠫࠚࠢ࠻ࠍឭ᩺ߒߚߣߒߡ߽㧘࿑㧢㧚ߦ⷗ࠄࠇࠆࠃ
߁ߦ⹏ଔ୯߇⇣ߥࠆߩߢ޽ࠆ‫ࠣࡦࡒ࡯࡟ࡈߥ߁ࠃߩߎޕ‬ലᨐߦኻߔࠆኻಣᴺߣߒߡߪ㧘ෳᾖὐߩ᭴ᚑߦ㑐ߔࠆಽᨆࠍⴕ޿㧘ෳᾖὐ߇࿕ቯߐࠇࠆࠃ߁ߥ⺞ᩏ␿ߩ⸳⸘ࠍⴕࠊߥߌࠇ߫ߥࠄߥ޿‫ߚ߹ޕ‬㧘ᧄ᧪ߩ⸃㉼ߣߪ⧯ᐓ⇣ߥࠆ߽ߩߩ㧘ᚲ᦭ലᨐߣߪ 30 ߣ޿߁ⅣႺ᳓Ḱࠍᓧߚ⍍㑆ߦߘߩࠃ߁ߥⅣႺ⾰ࠍᄬ޿ߚߊߥ޿ߚ
߼㧘៊ᄬߦኻߒࠃࠅᄢ߈ߥ෻ᔕࠍ␜ߔߎߣߣ⠨߃ࠄࠇࠆ‫ޕ‬࿑㧢㧚߆ࠄ㧘ෳᾖὐ߆ࠄߩਵ㔌ᐲ㧔Ꮕಽߩ⛘ኻ୯㧕߇╬ߒ޿႐ว㧔଀߃߫㧘ⅣႺ᳓Ḱࠍ 30 ߆ࠄ 22 ߦߔࠆⅣႺᖡൻࡊࡠࠫࠚࠢ࠻ߣ 38 ߣߔࠆⅣႺᡷༀࡊࡠࠫࠚࠢ࠻㧕
㧘
ⅣႺᖡൻࡊࡠࠫࠚࠢ࠻ߩᣇ߇ⅣႺᡷༀࡊࡠࠫࠚࠢ࠻ࠃࠅ߽⹏ଔ୯ߩ⛘ኻ୯߇ᄢ߈޿ߎߣ߇ಽ
߆ࠆ‫ࠅ߹ߟޕ‬㧘៊ᄬߦኻߒ㧘ࠃࠅᄢ߈ߥ෻ᔕࠍ␜ߒߡ޿ࠆߩߢ޽ࠆ‫ߪࠇߎޕ‬㧘୘ੱ߇៊ᄬߦኻߒ㧘ࠃࠅᄢ߈ߥ෻ᔕࠍ␜ߔߣ޿ߞߚ៊ᄬ࿁ㆱ㧔Tversky and Kahneman㧔1991㧕㧕ߩ฽ᗧࠍᑼ(9)ߣߒߡቯᑼൻߒ㧘ᑼ(23)ߣߒߡⅣႺ⾰ߩଢ⋉ߦ෻ᤋߐߖߚߚ߼ߢ޽ࠆ‫ޕ‬㧙㧙40ળ⸘ᬌᩏ⎇ⓥ No.34㧔2006.9㧕

㧡㧚߅ࠊࠅߦ ᧄ⎇ⓥߪ㧘⋧ኻ⹏ଔࠍ⠨ᘦߒߚଢ⋉⹏ଔࡕ࠺࡞ߩ᭴▽ࠍⴕ߁ߎߣࠍ⋡⊛ߣߒ㧘ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚኅ⸘ⴕേࠍࡕ࠺࡞ൻ㧘⋧ኻ⹏ଔࠍ⠨ᘦߒߚଢ⋉ቯ⟵㧘ᢙ୯ࠪࡒࡘ࡟࡯࡚ࠪࡦࠍⴕ޿㧘ᣢሽߩታ⸽⎇ⓥ
ߦ߅ߌࠆ⍮⷗ߣᧄ⎇ⓥߩ⍮⷗߇ᢛว⊛ߢ޽ࠆߎߣࠍᬌ⸽ߒߚ‫ޕ‬ ᧄ⎇ⓥߩ⍮⷗ߣߒߡ㧘߹ߕ㧘㧟㧚ߦ߅޿ߡ㧘ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚⅣႺ⾰ߩଢ⋉ቯ⟵ࠍⴕ޿㧘ࡊࡠࠫࠚࠢ࠻᦭ήߦ߅ߌࠆෳᾖὐߩ⁁ᘒߦࠃߞߡ⛘ኻ⹏ଔၮḰߩߺߩଢ⋉ ( EV࡮CV ) ߣߩᏅ⇣߇↢߹ࠇࠆߎߣࠍ␜ߒߚߎߣ㧘ᰴߦ㧘㧠㧚ߦ߅޿ߡ㧘ෳᾖὐଐሽဳㆬᅢࠍ⠨ᘦߒߚ႐วߦ߅ߌࠆⅣႺ⾰ߩଔ୯ቯ⟵߇น⢻ߥߎߣࠍ␜ߒ㧘ᢙ୯ታ㛎ߦࠃࠅ㧘ⅣႺᡷༀࡊࡠࠫࠚࠢ࠻ࠃࠅ߽ⅣႺᖡൻࡊࡠࠫࠚࠢ࠻ߩᣇ߇⹏ଔ୯ߩ⛘ኻ୯ߩᄌേ߇ᄢ߈޿ߣ޿߁ᣢሽ⎇ⓥߣߩᢛวᕈࠍ⏕⹺ߒߚߎߣߢ޽ࠆ‫ޕ‬ ᧄ⎇ⓥߩ੹ᓟߩ⺖㗴ߣߒߡ㧘߹ߕ㧘⋧ኻ⹏ଔࠍ⠨ᘦߒߚ႐ว㧘ല↪᳓Ḱ߇⽶୯ࠍߣࠅ߁ࠆߎߣ߆ࠄ㧘ߎߩὐࠍ⠨ᘦߒߚᶖ⾌⠪ⴕേߩಽᨆ㧘߅ࠃ߮ฦ㑐ᢙᒻߦ㑐ߔࠆㅪ⛯ᕈߩ᧦ઙ╬㧘⚦ኒߥಽᨆࠍⴕ߁ᔅⷐ߇޽
ࠆ‫ޕ‬ᰴߦ㧘ଢ⋉ߦ㑐ߔࠆ⚻〝⁛┙ᕈߩ᧦ઙ╬߇᣿␜ߐࠇߡ޿ߥ޿ߎߣ߆ࠄ㧘ᣢሽߩଢ⋉ℂ⺰ߣߩ㑐ㅪᕈ߅ࠃ߮Ꮕ⇣ࠍࠃࠅ᣿⏕ߦߒߚ⼏⺰߇ᔅⷐߣߥࠆ‫ᦨޕ‬ᓟߦ㧘ታ⸽⊛ߥಽᨆࠍⴕ߁ߚ߼㧘⴫᣿ㆬᅢ࠺࡯࠲߅ࠃ߮
㗼␜ㆬᅢ࠺࡯࠲ߦࠃࠆฦⅣႺ⹏ଔᚻᴺߦኻߒ㧘ෳᾖὐଐሽဳㆬᅢࠍㆡ↪ߔࠆⅣႺ⹏ଔࡕ࠺࡞ߩ᭴▽߇᜼ߍࠄࠇࠃ߁‫ޕ‬ෳ⠨ᢥ₂
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Kahneman, D. and Tversky, A. 1979 : Prospect Theory; An Analysis of Decision under Risk,

Econometrica, 47, pp.263-291.
Kahneman, D., Knetsch, J.L. and Thaler, R. 1990 : Experimental Tests of the Endowment Effect andthe Coase Theorem, Journal of Political Economy, 6, pp.1325-48.
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Palmquist, R.B. 2005 : Weak Complementarity, Path Independence, and the Intuition of the Willig
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Science, 11, pp.287-309.
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ᨋጊᵏਭ࡮᫪᧖ᄈ⧐࡮ዊᛮ๺ᒄ㧔1999㧕:‫ޟ‬㗼␜ㆬᅢ࠺࡯࠲ߦࠃࠆ㕖೑↪ଔ୯ߩ⚻ᷣ⊛ଔ୯ߣߘߩ♖ᐲ‫ޠ‬‫ޡ‬ⅣႺࠪࠬ࠹ࡓ⎇ⓥ‫ోޢ‬ᢥክᩏㇱ㐷⺰ᢥ, 27, pp.33-44.
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