ãèå€ãŸã§ã«æãã²ãšã€âæ°·ã®æ°åŒã溶ããå€âã第4ç« ããè¿ã¥ããŠããã®ã«ã確å®ããªãã
第4ç« ããŒãã¯ãäžç¢ºå®æ§äžã®äŸ¡å€å¢å¹
广ïŒUncertainty-Induced ValuationïŒ
äžç¢ºå®æ§äžã®äŸ¡å€å¢å¹
广ã¯ããåãããªãããããã䟡å€ãèšããã ãšããçŸè±¡ããšãããã®ã§ã
ããããå¿çåŠã«æ²¿ããªããããå·éã«èãããšããããè¡åãã«ãªãå ŽåããããŸã
ããã§ã¯ã第4ç« ããè¿ã¥ããŠããã®ã«ã確å®ããªãããã€ã¡ãŒãžæ¥œæ²ãšå ±ã«ã楜ãã¿äžãã
â第4ç« ã®ã€ã¡ãŒãžæ¥œæ²â
ååã®ãããã
æè¿ã氷宀å
茩ãšã®è·é¢ãæããã«è¿ã
ç©ççãªè©±ã
å»äžã§äžŠã¹ã°è©ãè§Šãã
åžã«åº§ãã°ãèŠã蟌ãè·é¢ãçã
話ããããããé »åºŠããå®å
šã«å¢ããŠãã
ãããŠâåšå²ããããã€ããŠããâ
ãããããä»ãåã£ãŠãªãã®ïŒã
ãã§ããã»ãŒæäººãããïŒã
ïŒç¥ããã俺ãããæãïŒ
å 茩ã¯ä»æ¥ãåœç¶ã®ããã«é£ã«åº§ããããŒããéã
ãæè¿ãåšå²ã®èŠç·ãå¢ããŠããŸãã
ãèªèŠãããã§ããã
ããããŸããæåçãžã®åœ±é¿ãæžå¿µãããŸãã
ãŸã èšç®ããŠããã âŠâŠ
ãã§ãä»ã©ãããããªãã§ãïŒã
èããšãå 茩ã¯äžæçœ®ããŠçãã
ãâŠâŠäžãã£ãŠããŸãã
ãäžããïŒïŒã
ãã¯ããçè«äžã¯äžæããã¯ããªã®ã§ããã
ïŒçè«äžããïŒ
å
茩ã¯å°ãäžæ©å«ããã«ãã³ãåã
ãã®ä»èã ãã§ã俺ã®ç解床ã¯ååã ã£ã
ãå
茩ã
ãã¯ãã
ã俺ãäœããããããŸããïŒã
ããããããããé©åã§ãã
ããããããªãã§ã
å 茩ã¯ããŒããæå·®ã
ãå®å¿æãçè§£åºŠãæ¥è§Šé »åºŠ
ãã©ããåºæºå€ãè¶
ããŠããŸãã
ããªãè¯ããªãã§ããã
ãåé¡ã¯âŠâŠã
å 茩ã¯å°ãã ã声ãèœãšãã
ãæ±ºå®æããããŸããã
ïŒæ±ºå®æã£ãŠäœïŒ
ãâŠâŠå
·äœçã«ã¯ïŒã
ãâŠâŠæäººè¡åã§ãã
èšãåã£ã
ãæãç¹ããç¬å ãã
ã第äžè
ã«å¯ŸããŠæç¢ºãªé¢ä¿æ§ã瀺ãã
ïŒãã§ãã¯ãªã¹ãã¿ããã«èšããªïŒ
ãã§ãã俺ãããŠãªãã§ãããã
ãã¯ããããŠããŸããã
ããããäžæºïŒã
ãâŠâŠåæå¯Ÿè±¡ã§ãã
éãããª
俺ã¯ç«ã¡äžãããå
茩ã®åã«åã蟌ã
ãå
茩ã
ãã¯ãã
ã俺ãæãç¹ããŸãããã
ãâŠâŠææ¡ããŠããŸãã
ãç¬å ãããŸããã
ãâŠâŠããã§ããã
ãã§ãã
äžæçœ®ã
ãå 茩ã®è©±ã¯ã誰ãããèããŸãã
å 茩ã®ãã³ãæ¢ãŸã£ã
ãããããªããšããããæããšããã
ãå
šéšãŸãšããŠçè§£ããããšã¯ããŠãŸãã
ããã¯ãåãããªã
ãããã§ãããã¡ã§ããïŒã
å
茩ã¯ãã°ããé»ã蟌ã
çãããçããé
ã
ãâŠâŠäžåçã§ãã
ãã§ãããã
ãæäººè¡åããªãã®ã«ãè·é¢ã¯è¿ãã
ãã¯ãã
ãé¢ä¿æ§ã確å®ããªãã
ãã¯ãã
å 茩ã¯ããŒãã«äœããæžã蟌ã¿ããããã£ãšæ¶ãã
ïŒæ¶ããªãâŠâŠïŒ
ã倩ã¶ç¬ããã
ãã¯ãã
ãããªãã¯âŠâŠã
èšããããŠãæ¢ãŸã
ãâŠâŠããã
ãŸãåŒã£èŸŒãã
ïŒè¿ã¥ããŠãã®ã«ã確å®ããªãïŒ
ãã®ç©ºæ°ããåŠã«åŒµãè©°ããŠãã
æŸèª²åŸ
å
茩ãšäºäººã§åž°ãé
䞊ãã§æ©ãè·é¢ã¯è¿ãã®ã«ãæã¯è§Šããªã
ãå
茩ã
ãã¯ãã
ãæ¥ãããã§ããã
å 茩ãç«ã¡æ¢ãŸã
ãâŠâŠäœãã§ããã
ãçãã
éããªå€çŒãã®äžã§ãå 茩ã¯èšèã倱ã£ã
俺ã¯ç¶ãã
ãè¿ãããã£ãŠãããæ±ºããªããŠãããšæããŸãã
å 茩ã®ç®ããæºãã
ïŒããïŒ
ïŒããã俺ãèšããšããªãã ïŒ
ã§ããèšããã«ã¯ããããªãã£ã
ãå
茩ãçŽåŸãããŸã§
ã俺ã¯ãã®è·é¢ã®ãŸãŸã§ããŸãã
å
茩ã¯ãäœãèšããªãã£ã
ãã ãããŒããåŒ·ãæ±ãããŸãŸ
ïŒâŠâŠãŸããæåçäžãããªïŒ
ããæã£ãŠãå°ãã ãèŠç¬ãã

ç¿æ¥ãããæ°·å®€å
èŒ©ã®æ§åããããã
ãã€ãããããïŒãããã¯ãã
ã§ã仿¥ã¯ãçš®é¡ãéã
æã®å»äžã§åæµããç¬éãè·é¢ãããã«è©°ãŸã£ã
è¿ãããããã«è¿ã
ãå
茩ãè¿ããªãã§ããã
ã誀差ã§ãã
誀差ã§è©ãè§Šããäžçãæã
æŒäŒã¿
俺ãåžãç«ã€ãšãå
茩ãç«ã€
俺ãçªéã«è¡ããšãå
èŒ©ãæ¥ã
ãâŠâŠå°Ÿè¡ã§ããïŒã
ãåè¡ã§ãã
èšãåããª
åšå²ã®èŠç·ããå®å
šã«â確å®åŸ
ã¡âã®ããã«ãªã
ããããããä»ãåã£ãŠããã ããïŒã
ãããããŸã âŠâŠã
ïŒä¿ºãåŠå®ããŠãã®ãã ãã¶ç°åžžã ãªïŒ
æŸèª²åŸãçåŸäŒå®€
å
茩ã¯ããŒããéããäœåºŠãåãããŒãžãèŠè¿ããŠãã
ãâŠâŠããããã
äœã声
ãäœãã§ãïŒã
ãæåçã§ãã
ãŸãããã
ãæšæ¥ãããããã«äžãã£ãŠããŸãã
ãããäžããç¶ããŠãïŒã
ãã¯ããè·é¢ã¯è¿ããäŒè©±éãå¢ããŠãã
ãåšå²ã®èªèããã»ãŒç¢ºå®ã§ãã
ããããããªãã§ã
å 茩ã¯ãã³ãåŒ·ãæ¡ã
ãâŠâŠããªããã確å®ãããªãããã§ãã
ïŒåºãïŒ
ãâŠâŠä¿ºãïŒã
ãã¯ããããªãã¯ãçè§£ããŠããã
ãåªãããåŠå®ããªã
ãã§ãââã
èšèãè©°ãŸã
ãâŠâŠæäººã®è¡åããããªãã
責ãã声ãããªã
å°ã£ãŠãã声ã
ãå
茩ã
ãã¯ãã
ã俺ãå€ã§ããã
ãâŠâŠå€ã§ãã
å³ç
ããããªã«è·é¢è¿ãã®ã«ãæãç¹ããªãã
ãâŠâŠç¹ãã§ã»ãããã§ããïŒã
ãâŠâŠåæäžã§ãã
ãŸãéãã
俺ã¯ããããšäžæ©ã ãåŸãã«äžãã£ã
è·é¢ããã»ãã®å°ã空ã
å 茩ã®çãããŽãã£ãšåã
ãã»ãã
ãâŠâŠäœã§ããã
ãä»ãæ°ã«ãªããŸããããã
ãâŠâŠæ°å€åã§ããŸããã
ãããã§ãããšæããŸãã
å 茩ã¯ãèç«ã£ãããã«ããŒããéãã
ã倩ã¶ç¬ããã
ãã¯ãã
ãããªãã¯ãç§ãã©ããããã®ã§ããïŒã
çãããçæ£é¢ããæ¥ã
俺ã¯ãå°ãèããŠããçãã
ãæ¥ãããããªãã§ãã
ãâŠâŠçç±ã¯ïŒã
ãå
茩ãçãåºããšã
ãèªåã眮ããŠããŒãã«ããããã
å 茩ã®ç®ããæºãã
ãæåçãšããåšå²ãšã
ãå
šéšã¡ãããšèããã®ã«ã
äžæ
ãå
茩èªèº«ã®æ°æã¡ã ã
ãåŸåãã«ããŠãæ°ãããŠã
æ²é»
ãã®æ²é»ãã仿¥ã¯é·ã
å
茩ã¯ããŒããéããæåçã®æ¬ãèŠã€ãã
ããã«ãäœåºŠãæžãçŽãããæ°å
âãããŠâ
äžæ°ã«ãäºéç·ã§æ¶ãã
ãããããšããé³
ãâŠâŠèšç®ãããããŸãã
ããã
ãæ£ç¢ºã«åºããŸããã
çãããææ ããã®ãŸãŸåºãŠãã
ãããªãããè¿ãã®ã«é ãã
ãè¿ãã§ããïŒã
ãâŠâŠé ãã§ãã
ãã®èšãæ¹ããå°ãå¯ç¬ãããŠ
ã§ããç¬ããªãã£ã
ãå
茩ã
ãã¯ãã
ã俺ãéããŸããããã
å 茩ãé¡ãäžãã
ãã§ãã確å®ãããŸããã
ãâŠâŠã
ãå
茩ããèªåã§âããâã£ãŠæããŸã§ã
倿®ãã®å
ããæºã«å·®ã蟌ã
å
茩ã¯ãããŒããèžã«æ±ãã
ãâŠâŠäžç¢ºå®ã§ãã
ãã¯ãã
ãäžå®å®ã§ãã
ãç¥ã£ãŠãŸãã
ãâŠâŠããã§ãïŒã
ãããã§ãã§ãã
å 茩ã¯ãå°ã£ãããã«ãã§ãå°ãã ãç¬ã£ã
ãããªãã¯ãæ¬åœã«ã
äžæ
ãããããã§ãã
ãä»ããã§ããã
ããè¿ããšãå 茩ã¯å°ããæ¯ãåãã
ããŒãã®æåçæ¬
ããã«æ®ã£ããäºéç·ã ãããããã«ç®ç«ã£ãŠãã
ïŒâŠâŠãŸãïŒ
ïŒããã§ããŸãäžæ©ã ïŒ
ããæã£ãç¬éãå 茩ããœã€ããšåã
ãâŠâŠéãå ŽãããªããªããŸããã
ã俺ããããªããšããŠãŸãïŒã
ãã¯ãã
èšãåããª
ã§ãããã®å£°ã¯ãã©ããå®å¿ããŠããããã«ãèããã
æ¬¡ç« ãž
