170  7

   

  (1.1) . 1        
  :

        
 =--, (1.1)

                 

         
     / = 0 (,    -
),         
    t = 1        -
  (   )     / = 0  -
 /= 1.

7.1.1        

       , 
     :

W,-W,

"^w                            <7-1)

"

 Wy       ,   -
   / = 0; ^         -
 t= 1 ,  ,       
   t= 0   t= 1.  (7.1)   
     :

W, (1 + ,) = W,.                             (7.2)
  (7.2)  ,    (initial wealth), 
    (^),       -
 ,      (W ),   -
 (terminal wealth).

 ,       , -
     t = 0.  ,   ,   -
       -
,     ,       -
2.  ,  ,     , -
     ,   (random variable). 
   ,      ( ) -
 (expected value),      (standard deviation)^.

 ,        -
        .
 ,        
  ,      ,  
   .      .
        -
,    ,     
 ,    .  ,  ,  -
         ,
   ,      -
.