572                                                    18

           -
    -.

         -
     k*,      DDM.
     .

,        
   $1,10  .      (..  -
) ,     $1,0   .  , -
     .

,        ,  
       10%.    ,
,     .0/0,10 = 10-0,.  ,    -
  ,      .  -
           $ 1,00  ,
    $10  .   ,    
$1,10/0,10 = $11,0,     ,     $1.

18.3.1      

          -
  $1,10/$10,0 = 11%.       , 
     ,      ?  -
        (rate of
convergence of investors' predictions).  ,     
   , ,   ,  .

,   . 18.1,     
       .  -
,     ,      
   $1,10  .

 18.1

   

  

	0%	100%	50%
	()	()	()
  0^			
  	1,00	1,10	1,05
 	1,10	1,10	1,10
   ,	10,00	11,00	10,50
 			
  0,/	11%	11%	11%
   (, - )/		10	5
  	11%	21%	16%
  	10	10	10
	1%	11%	6%

:/3,            f= 1,
     10%.   ,   
    $10      t= ,   ,  -
   $1,00  ,  ,   ,    
f=0 $1,10.