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V<br />
=<br />
n<br />
[ ]<br />
Dt , PDt ,<br />
nPD<br />
[ ,( t−1)<br />
]<br />
i=<br />
1<br />
nPD<br />
[ ,( t−2)<br />
]<br />
i=<br />
1<br />
nPD [ ,( t−( h−1))<br />
]<br />
i=<br />
1<br />
[ ,( −1)<br />
]<br />
+ (1 + R )<br />
PD t<br />
i,( t−1)<br />
[ − ]<br />
[ ]<br />
[ − ]<br />
+ (1 + R ) ⋅ (1 + R )<br />
+<br />
<br />
∑<br />
∑<br />
∑<br />
PD,( t 2) PD,( t 2)<br />
i,( t−2) i,( t−1)<br />
[ ]<br />
+ (1 + R ) ⋅ (1 + R ) ⋅... ⋅ (1+<br />
R<br />
[ ]<br />
PD,( t−( h−1)) PD,( t−( h−1)) PD,( t−(<br />
h −1))<br />
i,( t−( h−1)) i,( t−( h−2)) i,( t−1)<br />
)<br />
(A4)<br />
48
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